Casualty Taking Sample Clauses
The 'Casualty; Taking' clause defines the parties' rights and obligations if the property involved in a transaction is damaged (casualty) or subject to government acquisition (taking) before closing. Typically, this clause outlines procedures for notification, repair, or restoration, and may allow the buyer to terminate the agreement or receive compensation if the damage or taking is significant. Its core function is to allocate risk and provide clear remedies in the event of unforeseen property loss or government action, ensuring both parties understand their options and responsibilities.
Casualty Taking. 9.1.1 If at any time during the Term of this Agreement, a material portion of the Property, the Building, the Datacenter, or the Grantee Space shall be (i) damaged or destroyed by fire or other casualty (a “Casualty”) or (ii) taken under the power of eminent domain or condemned by any competent authority for any public or quasi-public use or purpose, or sold to prevent the exercise thereof (a “Taking”), then Grantor shall have the right to elect, in Grantor’s sole and absolute discretion, to either (a) terminate this Agreement by delivery of written notice (a “Termination Notice”) thereof to Grantee or (b) to continue this Agreement, in which case, Grantor shall repair and reconstruct the Grantee Space to substantially the same condition in which they existed immediately prior to such Casualty or Taking. For the avoidance of doubt, however, such repair and reconstruction obligations shall not be deemed to include any obligation on the part of Grantor with regard to any of Grantee’s Personal Property. If as a result of the Casualty, the Grantee Space is unfit for use by Grantee in the ordinary conduct of Grantee’s business and actually is not used by Grantee, then Grantor shall provide written notice (the “Restoration Notice”) to Grantee as soon as practicable after the Casualty of the period of time (the “Stated Restoration Period”) which shall be required for the repair and restoration of the Datacenter to permit use of the Grantee Space in the ordinary conduct of Grantee’s business and Grantee shall have the right, at its election, (i) to terminate this Agreement if either (a) the Stated Restoration Period shall be in excess of one hundred eighty (180) days following the Casualty or Taking, (b) fewer than twenty-four (24) months remain in the Term as of the date of the Taking or Casualty, or (c) fewer than twelve (12) months would remain in the Term upon the expiration of the Stated Restoration Period, and Grantee terminates this Agreement with written notice thereof to Grantor within thirty (30) days following delivery of the Restoration Notice, or (ii) to terminate this Agreement if Grantor shall fail within the Stated Restoration Period to complete the repair and restoration of the Datacenter necessary to allow Grantee’s use of the Grantee Space in the ordinary conduct of Grantee’s business and Grantee delivers written notice of such termination to Grantor within thirty (30) days following the expiration of the restoration deadline.
Casualty Taking. No Casualty has occurred to any portion of any Borrowing Base Property and (i) no Taking of any portion of any Borrowing Base Property, (ii) no Taking or modification, realignment or relocation of any streets or roadways abutting any Borrowing Base Property or (iii) no denial of access to any Borrowing Base Property from any point of access (public or private), has occurred or, to the knowledge of such Credit Party, is threatened or pending.
Casualty Taking. If, prior to the Closing Date, all or a significant portion of the Property is destroyed by fire or casualty or taken by eminent domain (or is the subject of a pending taking which has not yet been consummated), Seller shall notify Buyer of such fact promptly after obtaining knowledge thereof and either Buyer or Seller shall have the right to terminate this Agreement by giving notice to the other not later than ten (10) days after the giving of Seller's notice. For the purposes hereof, a "significant portion" of the Property shall mean such a portion of the Property as shall have a value in excess of $735,687.00. If either party elects to terminate this Agreement as aforesaid, this Agreement shall terminate and be of no further force and effect and neither party shall have any liability to the other hereunder. If neither Seller nor Buyer elects to terminate this Agreement as aforesaid, or if an "insignificant portion" (i.e., anything other than a significant portion) of the Property is destroyed by fire or casualty or taken by eminent domain (or becomes the subject of a pending taking), then the sale of the Property shall be consummated as herein provided at the Purchase Price (without abatement), and Seller shall assign to Buyer, without recourse, at the
Casualty Taking. No Casualty has occurred to any portion of any such Credit Party's Borrowing Base Property and (i) no Taking of any portion of such Borrowing Base Property, (ii) no Taking or modification, realignment or relocation of any streets or roadways abutting such Borrowing Base Property or (iii) no denial of access to such Borrowing Base Property from any point of access (public or private), has occurred or, to the knowledge of such Credit Party, is threatened or pending, except for such Casualties, Takings and denials of access which (y) do not constitute a Material Casualty or Material Taking (as such terms are defined in the Mortgage applicable to such Borrowing Base Property) or (z) have been disclosed to the Administrative Agent in writing and as to which the Administrative Agent has consented in writing.
Casualty Taking. In the event of a casualty or taking to the Project or the Land occurring prior to Final Completion Date, the procedures set forth in Sections 12 and 13 of the Lease (the terms of which are incorporated by reference) shall apply herein (as if effective hereunder) to the extent such procedures are applicable provided, however, (a) Owner shall have no obligation to disburse insurance or taking proceeds if Final Completion cannot be completed in Owner's sole judgment prior to the Final Completion Date or the Extended Completion Date (as defined below) but only if the provisions of paragraph 30.1(d) of the General Conditions set forth on EXHIBIT B have been exercised prior to such casualty or taking or (b) Owner shall have no obligation to rebuild or restore in the case of Major Casualty (as defined in the Lease) in which case Owner may retain all proceeds and awards and this Agreement shall terminate.
Casualty Taking. No Casualty has occurred to any portion of any Real Property since the Borrower’s or the applicable Subsidiary Guarantor’s acquisition thereof which remains unrepaired and (i) no Taking of any portion of any Real Property, (ii) no Taking or modification, realignment or relocation of any streets or roadways abutting any Real Property or (iii) no denial of access to any Real Property from any point of access (public or private), has occurred since Borrower’s or the applicable Subsidiary Guarantor’s acquisition thereof (or to Borrower’s knowledge, prior to such acquisition) or, to the knowledge of Borrower or such Subsidiary Guarantor, is threatened or pending.
Casualty Taking. Landlord agrees that with respect to this Sublease, Tenant shall have the same rights as Landlord regarding the tenant's right to terminate the Prime Lease in the event of a casualty or taking.
Casualty Taking. No Casualty has occurred to any portion of any Borrowing Base Property since the applicable Borrower’s acquisition thereof which remains unrepaired and (i) no Taking of any portion of any Borrowing Base Property, (ii) no Taking or modification, realignment or relocation of any streets or roadways abutting any Borrowing Base Property or (iii) no denial of access to any Borrowing Base Property from any point of access (public or private), has occurred since the applicable Borrower’s acquisition thereof (or to Borrowers’ knowledge, prior to such acquisition) or, to the knowledge of such Credit Party, is threatened or pending.
Casualty Taking