Condemnation and Eminent Domain. If, prior to the Closing, all or any portion of the Property shall be subjected to a taking, either total or partial, by eminent domain, condemnation, or for any public or quasi-public use, Buyer shall have the right to either (a) terminate this Agreement by giving written notice of termination to Seller, in which event all funds and documents deposited by Buyer and Seller shall be refunded or returned to the depositing party and neither party shall thereafter be under any further liability to the other and Buyer shall receive the Earnxxx Xxxey Deposit, or (b) proceed to close this transaction in which case Seller shall assign to Buyer at Closing all of the proceeds and/or awards from such condemnation action. Seller and Buyer each agree to forward promptly to the other any notice of intent received pertaining to a taking of all or a portion of the Property by way of condemnation, eminent domain or similar procedure for a taking of the Property in connection with any public or quasi-public use.
Appears in 4 contracts
Samples: Purchase Agreement (Associated Estates Realty Corp), Purchase Agreement (Associated Estates Realty Corp), Purchase Agreement (Associated Estates Realty Corp)
Condemnation and Eminent Domain. If, prior to the Closing, all or any portion of the Property shall be subjected to a taking, either total or partial, by eminent domain, condemnation, or for any public or quasi-public use, Buyer shall have the right to either (a) terminate this Agreement by giving written notice of termination to Seller, in which event all funds and documents deposited by Buyer and Seller shall be refunded or returned to the depositing party and neither party shall thereafter be under any further liability to the other and Buyer shall receive the Earnxxx Xxxey Deposit, or (b) proceed to close this transaction in which case Seller shall assign to Buyer at Closing all of the proceeds and/or awards from such condemnation action. Seller and Buyer each agree to forward promptly to the other any notice of intent received pertaining to a taking of all or a portion of the Property by way of condemnation, eminent domain or similar procedure for a taking of the Property in connection with any public or quasi-public use. 15.
Appears in 3 contracts
Samples: Purchase Agreement (Associated Estates Realty Corp), Purchase Agreement (Associated Estates Realty Corp), Purchase Agreement (Associated Estates Realty Corp)
Condemnation and Eminent Domain. If, prior to the Closing, all or any portion of the Property shall be subjected to a takingt a king, either total or partial, by eminent domain, condemnation, or for any public or quasi-public use, Buyer shall have the right to either (a) terminate this Agreement by giving written notice of termination to Seller, in which event all funds and documents deposited by Buyer and Seller shall be refunded or returned to the depositing party and neither party shall thereafter be under any further liability to the other and Buyer shall receive the Earnxxx Xxxey Xxxxxxx Money Deposit, or (b) proceed to close this transaction in which case Seller shall assign to Buyer at Closing all of the proceeds and/or awards from such condemnation action. Seller and Buyer each agree to forward promptly to the other any notice of intent received pertaining to a taking of all or a portion of the Property by way of condemnation, eminent domain or similar procedure for a taking of the Property in connection with any public or quasi-public use.
Appears in 3 contracts
Samples: Purchase Agreement (Associated Estates Realty Corp), Purchase Agreement (Associated Estates Realty Corp), Purchase Agreement (Associated Estates Realty Corp)
Condemnation and Eminent Domain. If, prior to the Closing, all or any portion of the Property shall be subjected to a taking, either total or partial, by eminent domain, condemnation, or for any public or quasi-public use, Buyer shall have the right to either (a) terminate this Agreement by giving written notice of termination to Seller, in which event all funds and documents deposited by Buyer and Seller shall be refunded or returned to the depositing party and neither party shall thereafter be under any further liability to the other and Buyer shall receive the Earnxxx Xxxey Deposit, or (b) proceed to close this transaction in which case Seller shall assign to Buyer at Closing all of the proceeds and/or awards from such condemnation action. Seller and Buyer each agree to forward promptly to the other any notice of intent received pertaining to a taking of all or a portion of the Property by way of condemnation, eminent domain or similar procedure for a taking of the Property in connection with any public or quasi-public use.domain
Appears in 2 contracts
Samples: Purchase Agreement (Associated Estates Realty Corp), Purchase Agreement (Associated Estates Realty Corp)
Condemnation and Eminent Domain. If, prior to the ClosingClosing Date, all or any portion of the Property Project shall be subjected to a taking, either total or partial, by eminent domain, condemnation, or for any public or quasi-public use, Buyer shall have the right to either (a) terminate this Agreement by giving written notice of termination to Seller, in which event all funds and documents deposited by Buyer and Seller shall be refunded or returned to the depositing party and neither party shall thereafter be under any further liability to the other and Buyer shall receive the Earnxxx Xxxey Deposit, or (b) proceed to close this transaction in which case event Seller shall assign to Buyer at Closing all of the proceeds and/or awards resulting from such condemnation actiontaking. Seller and Buyer each agree to forward promptly to the other any notice of intent received pertaining to a taking of all or a portion of the Property Project by way of condemnation, eminent domain or similar procedure for a taking of the Property Project in connection with any public or quasi-public use.
Appears in 1 contract
Samples: Partnership Interests Purchase Agreement (Associated Estates Realty Corp)
