Common use of Damage or Condemnation Clause in Contracts

Damage or Condemnation. Risk of loss resulting from any condemnation, eminent domain or expropriation proceeding which is commenced prior to Closing, and risk of loss to the Premises due to any other cause, remains with Seller until Closing. If, prior to the Closing, all or part of the Premises shall be destroyed, damaged or subjected to a bona fide threat of condemnation, expropriation or other proceeding, Seller shall so notify Purchaser, and Purchaser may elect to (i) cancel this Contract, in which event all parties shall be relieved and released of and from any further duties, obligations, rights or liabilities hereunder, or (ii) Purchaser may declare this Contract to remain in full force and effect and the purchase contemplated herein, subject to such damage or less any interest taken by eminent domain, expropriation or condemnation, shall be effected, and at Closing, Seller shall assign, transfer and set over to Purchaser all of the right, title and interest of Seller in and to any awards and insurance proceeds or claims that have been or that may thereafter be made for such taking or damage.

Damage or Condemnation. Risk of loss resulting from any condemnation, eminent domain or expropriation proceeding which is commenced prior to Closing, Closing and risk of loss to the Premises Property due to any other cause, remains with Seller until Closing. If, prior to the Closing, all or part of the Premises Property shall be destroyed, damaged or subjected to a bona fide threat of condemnation, expropriation or other proceeding, Seller shall so notify Purchaser, and Purchaser either may elect to (i) cancel this ContractAgreement, in which event all parties shall be relieved and released of and from any further duties, obligations, rights or liabilities hereunderhereunder and the Deposit, together with all interest earned thereon, shall be returned to Purchaser, or (ii) Purchaser may declare this Contract Agreement to remain in full force and effect and the purchase contemplated herein, subject to such damage or less any interest taken by eminent domain, expropriation or condemnation, shall be effected, and at Closing, Seller shall assign, transfer and set over to Purchaser all of the right, title and interest of Seller in and to any awards and insurance proceeds or claims that have been or that may thereafter be made for such taking or damage. If Purchaser elects to acquire the Property, notwithstanding damage to the Property that is covered by Seller’s insurance, the Purchase Price shall be reduced by the amount of Seller’s insurance deductible.

Damage or Condemnation. Risk of loss resulting from any condemnation, eminent domain or expropriation proceeding which that is commenced prior to Closing, and risk of loss to the Premises Property due to any other cause, remains with Seller until Closing. If, prior to the Closing, all or part of the Premises shall be Property is destroyed, damaged or subjected to a bona fide threat of condemnation, expropriation or other proceeding, Seller shall so must notify PurchaserPurchaser within two (2) Business Days of Seller’s receipt of notice or other knowledge of the same, and Purchaser either may elect to (i) cancel terminate this ContractAgreement, in which event all parties shall will be relieved and released of and from any further duties, obligations, rights or liabilities hereunder, or (ii) Purchaser may declare this Contract Agreement to remain in full force and effect and the purchase contemplated herein, subject to such damage or less any interest taken by eminent domain, expropriation or condemnation, shall will be effected, and at Closing, Seller shall will assign, transfer and set over to Purchaser all of the right, title and interest of Seller in and to any awards and insurance proceeds or claims that have been or that may thereafter be made for such taking or damage. If the Purchaser elects to acquire the Property and Seller has not paid any insurance deductible, the Purchase Price will be reduced by the amount of such deductible.

Damage or Condemnation. Risk of loss resulting from any condemnation, eminent domain or expropriation proceeding which is commenced prior to Closing, and risk of loss to the Premises Property due to any other cause, remains with Seller until Closing. If, prior to the Closing, all or part of the Premises Property shall be destroyed, damaged or subjected to a bona fide threat of condemnation, expropriation or other proceeding, Seller shall so notify Purchaser, and Purchaser either may elect to (i) cancel this ContractAgreement, in which event all parties shall be relieved and released of and from any further duties, obligations, rights or liabilities hereunderhereunder and the Deposit, together with all interest earned thereon, shall be returned to Purchaser, or (ii) Purchaser may declare this Contract Agreement to remain in full force and effect and the purchase contemplated herein, subject to such damage or less any interest taken by eminent domain, expropriation or condemnation, shall be effected, and at Closing, Seller shall assign, transfer and set over to Purchaser all of the right, title and interest of Seller in and to any awards and insurance proceeds or claims that have been or that may thereafter be made for such taking or damage. If Purchaser elects to acquire the Property, notwithstanding damage to the Property that is covered by Seller’s insurance, the Purchase Price shall be reduced by the amount of Seller’s insurance deductible.

Damage or Condemnation. Risk of loss resulting from any condemnation, ---------------------- eminent domain or expropriation proceeding which is commenced prior to Closing, and risk of loss to the Premises Property due to any other cause, remains with Seller Owner until Closing. If, prior to the Closing, all or part of the Premises Property shall be destroyed, damaged or subjected to a bona fide threat of condemnation, expropriation or other proceeding, Seller Owner shall so notify PurchaserHCBI, and Purchaser HCBI may elect to (i) cancel this ContractAgreement, in which event all parties shall be relieved and released of and from any further duties, obligations, rights or liabilities hereunderhereunder except for those which expressly survive the termination of this Agreement, or (ii) Purchaser HCBI may declare this Contract Agreement to remain in full force and effect and the purchase contemplated herein, subject to such damage or less any interest taken by eminent domain, expropriation or condemnation, shall be effected, and at Closing, Seller Owner shall assign, transfer and set over to Purchaser HCBI all of the right, title and interest of Seller Owner in and to any awards and insurance proceeds or claims that have been or that may thereafter be made for such taking or damage. Owner shall notify HCBI of any and all plans, studies or notifications of contemplated eminent domain, expropriation or condemnation within five business days of receipt of such information by owner.