Condemnation or Damage. In case of taking of all or any part of the Premises or the commencement of any proceedings or negotiations which might result in a taking for any public or quasi-public purpose by any lawful power or authority by exercise of the right of condemnation or eminent domain or by agreement between Landlord, Tenant and those authorized to exercise such right (“Taking”), Tenant will promptly give written notice thereof to Landlord, generally describing the nature and extent of such taking and including copies of any documents or notices received in connection therewith.
Condemnation or Damage. In the event the Property or any part thereof is taken or condemned by governmental authority prior to the closing date, or any such proceeding is instituted prior to the closing date, or if the improvements on the Property are substantially damaged to the extent that the cost of repair exceeds $10,000, then Purchaser shall have the option to either (i) terminate this Agreement by written notice to Seller, whereupon this Agreement shall be void, or (ii) accept a conveyance of the Property or the remainder thereof, without abatement of the purchase price, and receive from Seller at closing an assignment of all of Seller's right, title and interest in and to any award made or to be made by reason of such condemnation or taking or any proceeds of insurance received or receivable due to casualty loss (and Seller will pay to Purchaser the amount of any deductible on the property casualty insurance policy for the Property).
Condemnation or Damage. If, prior to the Close of Escrow, there is any actual or threatened taking of all or any part of the Property or any loss or destruction of all or any part of the Property, the repair or replacement of which would cost in excess of $5,000.00, as mutually determined by Buyer and Seller or, if the parties are unable to agree on such amount, then as determined by an engineer employed by Buyer and Seller to make determination, then this Agreement shall be terminated unless Buyer elects to proceed with this transaction by written notice thereof given to Seller and Escrow Agent within five days after (i) Buyer’s receipt of written notice from Seller advising of such taking or such loss or destruction, and (ii) mutual agreement of Buyer and Seller, or Buyer’s receipt of such engineer’s determination, of the amount necessary for such repair or replacement. If this Agreement is terminated pursuant to this paragraph, then the Xxxxxxx Money shall be refunded to Buyer. If buyer elects to proceed with this transaction or the cost of repair or replacement is less than $5,000.00, then Buyer shall be obligated to proceed with this transaction (subject to the other provisions hereof), but Buyer shall be entitled to any and all condemnation proceeds payable as a result of such taking, or any and all insurance proceeds payable as a result of such loss or destruction, or both, and Seller shall assign to Buyer all of Seller’s right, title and interest in and to such condemnation proceeds, or insurance proceeds, or both, on or prior to the Close of Escrow, without any reduction in the Purchase Price. If Buyer shall fail to notify Seller in writing of Buyer’s election within the applicable period to proceed with this transaction, then Buyer shall conclusively be deemed to have elected to terminate this Agreement.
Condemnation or Damage. Mortgagor shall immediately give written notice to Mortgagee of the institution of any proceedings for the taking of the Property or of the occurrence of any damage to the Property, and Mortgagee shall receive all compensation, awards and insurance and other proceeds (collectively, the "Proceeds") distributed in connection with such taking or damage. Each person concerned is authorized and directed to make payments for such taking or damage directly to Mortgagee, instead of to Mortgagee and Mortgagor jointly. Mortgagee may, but shall not be obligated to, commence, appear in and prosecute in its own name any action or proceeding and make any compromise or settlement in connection with such taking or damage. After deducting from the Proceeds all costs and expenses (including attorneys' fees) incurred by Mortgagee in connection with such action, proceeding, compromise or settlement, Mortgagee may use the Proceeds to reduce the Obligations (whether or not then due) or to restore or repair the Property damaged. If Mortgagee determines to use the Proceeds for restoration and repair of the Property, the Proceeds shall be made available to Mortgagor for use in restoring or repairing the Property in accordance with plans and specifications and construction arrangements approved by Mortgagee. Mortgagee or its nominee shall hold the Proceeds and from time to time shall, on compliance with such conditions or requirements as may be imposed by Mortgagee, disburse portions of the Proceeds to Mortgagor or to those entitled to the Proceeds as progress is made on such restoration and repair. If any of the Proceeds remain after the entire costs of such restoration and repair have been paid, Mortgagee may use such remaining Proceeds to reduce the Obligations (whether or not then due) or may remit the same to Mortgagor.
Condemnation or Damage. If all or any portion of the Offered Property to be purchased pursuant to this Article VII is taken by any governmental entity through the exercise of such entity’s power of eminent domain or materially damaged, then within ten (10) days following the date the Campus Subsidiary receives notice of such taking or material damage, the Non-Implementing Member may elect either (i) to terminate the Escrow, or (ii) to purchase the remaining portion of the Offered Property without any reduction in the purchase price therefor (except a credit for the amount of any deductible under any insurance policy providing coverage for the damage to the Offered Property), in which case the Non-Implementing Member shall be entitled to receive any proceeds or payments resulting from such taking or damage.
