Condemnation Risk of Loss. 20 7.1 Condemnation.................................................................................. 20 7.2
Condemnation Risk of Loss. 53 8.1 Condemnation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 8.2
Condemnation Risk of Loss. Risk of loss or damage to the Property for each Closing by condemnation, eminent domain or similar proceedings (or deed in lieu thereof), or by fire or any other casualty, from the date hereof through the Closing Date for the applicable tract will be on Purchaser for the first one-half of one percent (0.5%) of the Purchase Price. Thereafter, such risk of loss or damage prior to Closing shall be on Seller. However, should the loss or damage exceed ten percent (10%) of the Purchase Price, either Seller or Purchaser may terminate this Agreement and the Exxxxxx Money shall be returned with neither party having any liability to the other. If, prior to Closing, a portion of the Property has been taken by condemnation or eminent domain proceedings (or deed in lieu thereof) but the ten percent (10%) maximum loss has not been realized, Purchaser shall consummate the transaction and receive an assignment of all proceeds of insurance or condemnation awards attributable to such damage or taking, less reimbursement to Seller of the reasonable costs it incurred in procuring such proceeds or awards. At Closing, the Purchaser assumes all hazards of damage to or destruction of the Property or improvements hereafter placed thereon, and of the taking of the Property or any part thereof for public use; and agrees that no such damage, destruction or taking shall constitute a failure of consideration.
Condemnation Risk of Loss. If, prior to the Closing, any portion of the Land is condemned (or under imminent threat of condemnation) by governmental or other lawful authority or there is material damage to the Property, Purchaser shall have the option of (a) completing the purchase, in which event all condemnation or insurance proceeds or claims thereof shall be assigned to Purchaser, or (b) canceling this Agreement, in which event the Deposit less the Independent Consideration shall be returned to Purchaser, this Agreement shall be terminated, and the parties shall have no further rights, duties or obligations under this Agreement other than those obligations that expressly survive termination of this Agreement. Purchaser must exercise its option by delivering written notice to Seller within 10 business days of receipt of notice of such damage to or condemnation (or threat of condemnation) of the Property, and if Purchaser fails to deliver timely notice, then Purchaser shall be deemed to have elected to terminate this Agreement. If Purchaser waives its right to terminate this Agreement and proceeds to Closing, then at Closing, Seller shall assign its interest in all proceeds of property insurance or condemnation awards to Purchaser, less any reasonable amounts paid by Seller to secure such proceeds or awards and to repair, restore, or clean up the Property and Purchaser will receive a credit against the Purchase Price equal to the amount of any deductible under Seller’s applicable property insurance policy. If Purchaser elects to proceed to Closing, in no event shall Seller negotiate or settle any insurance or condemnation proceeds without Purchaser’s approval.
Condemnation Risk of Loss. 10.1 If, prior to the Closing, the Hotel, or any material part thereof, is destroyed or materially damaged (as defined in SECTION 10.4), Buyer shall have the right, exercisable within fifteen (15) days after receiving written notice describing such destruction or material damage in reasonable detail, either (i) to terminate this Agreement by delivering a Termination Notice, or (ii) to accept the Hotel in its then condition and to proceed with Closing with a reduction in the Purchase Price in the amount of the deductible for the applicable insurance coverage. Buyer's failure to deliver a Termination Notice within said 15-day period shall be deemed Buyer's election to proceed under clause (ii) above. If Buyer elects (or is deemed to elect) to proceed under clause (ii) above, (x) Seller shall promptly and diligently pursue its claim for insurance proceeds and Seller shall not compromise, settle or adjust any claims to such insurance proceeds without Buyer's prior written consent (which consent shall not be unreasonably withheld or delayed), (y) Buyer shall receive at the Closing an assignment of all of Seller's rights to any insurance proceeds payable by reason of such destruction or material damage, and (z) Seller shall have no duty or obligation to repair or restore such destruction or material damage.
Condemnation Risk of Loss. 9.1 PROPERTY DAMAGE. if, prior to closing, any part of the Property is damaged by fire or other casualty to the extent of $50,000 or more, Seller shall repair such damage before the date provided herein for closing. If such damage cannot be repaired by such time, this Agreement may be canceled at the option of the Purchaser. In the event of cancellation as aforesaid, this Agreement shall become null and void and the parties shall be released and all payments made shall be returned. Should Purchaser elect to carry out this Agreement despite such damage Seller shall assign to Purchaser all insurance proceeds arising from such damage and will compensate Purchaser for his pro-rata share as stated in 4.1 of lost rent collections to the extent of insurance proceeds received. Seller shall promptly notify Purchaser in writing upon the occurrence of any such damage.
Condemnation Risk of Loss. (a) In the event all or any portion of the Real Property is taken by eminent domain or becomes subject to a taking by eminent domain or a deed in lieu of condemnation (or Seller obtains actual knowledge that such a taking may be contemplated) prior to the Closing Date, Seller shall immediately notify Buyer in writing of the same (“Eminent Domain Notice”) and Buyer may, at its option to be exercised within five (5) days of receipt of the Eminent Domain Notice, either terminate this Agreement or proceed with the Closing as set forth herein and accept title to the Property subject to such taking or proceeding together with an assignment of all of Seller’s rights and interest in and to any proceeds or compensation which remain unpaid to Seller in connection with such taking and a credit against the Purchase Price for any amounts previously paid to Seller as condemnation proceeds or compensation in connection therewith. If Buyer elects to terminate this Agreement by delivering written notice thereof to Seller, then this Agreement shall terminate, the Exxxxxx Money Deposit shall be returned to Buyer, without the need for obtaining any further consent or instruction from Seller, and neither Party shall have any further rights or obligations hereunder except as otherwise provided herein.
Condemnation Risk of Loss. Notwithstanding anything contained in this Agreement to the contrary, Xxxxx has the option to terminate this Agreement (and the Transaction) by written notice to Seller if, prior to the Closing, (a) the Property is taken by condemnation, eminent domain, and/or is the subject of a pending or contemplated taking which has not been consummated, and/or (b) the Property is destroyed. If Buyer terminates this Agreement under this Section 6.5, the Xxxxxxx Money will be returned to Buyer and thereafter neither party will have any further rights, remedies, and/or obligations with respect to the Property, each other, and/or this Transaction. If Buyer elects not to terminate this Agreement, Seller will assign and turn over to Buyer, and Xxxxx will be entitled to receive and keep, all awards for the taking by condemnation or insurance proceeds and Xxxxx will be deemed to have accepted the Property subject to the taking or loss without reduction in Purchase Price.
Condemnation Risk of Loss. If, prior to the Closing, all or any material portion of the Real Property is taken by condemnation, eminent domain, or is the subject of a pending or contemplated taking which has not been consummated, or if the Real Property is substantially destroyed or rendered unusable, Seller will notify Buyer of such fact in writing. In such event, Buyer will have the option to terminate this Agreement upon written notice to Seller. Upon such termination, neither party will have any further rights or obligations hereunder, other than pursuant to any provision hereof that expressly survives the termination of this Agreement, and the Xxxxxxx Money will be returned to Buyer. If Buyer elects not to terminate this Agreement, Seller will assign and turn over to Buyer, and Xxxxx will be entitled to receive and keep, all awards for the taking by condemnation or insurance proceeds and Buyer will be deemed to have accepted the Real Property subject to the taking or loss without reduction in Purchase Price.
Condemnation Risk of Loss
