Damage or Destruction Eminent Domain. Buyer is bound to purchase the Property as required by the terms of this Agreement without regard to the occurrence or effect of any damage to or destruction of the Property or condemnation of the Property by right of eminent domain, provided that the occurrence of any damage or destruction to the Property involves repair costs equal to or less than $10,000,000.00 (“Damage Threshold Amount”), and any condemnation does not materially and adversely affect the use and value of the Property (“Immaterial Condemnation”). If Buyer is so bound to purchase the Property notwithstanding the occurrence of damage, destruction or condemnation, then upon the Closing: (i) in the event of damage covered by insurance or an Immaterial Condemnation occurring during the period prior to the Closing Date, Buyer shall receive a credit against the Purchase Price for such Property in the amount (net of collection costs and costs of repair reasonably incurred by the Seller and not then reimbursed) of any insurance proceeds or condemnation award collected and retained by the Seller as a result of any such damage, destruction or condemnation, plus (in the case of damage) the amount of the deductible portion of the Seller’s insurance policy, and the Seller shall assign to Buyer all rights to such net insurance proceeds or condemnation awards as shall not have been collected prior to the Closing; and (ii) in the event of damage not covered by insurance, Buyer shall receive a credit (not to exceed $10,000,000.00) in the amount of the estimated cost to repair such damage.
Damage or Destruction Eminent Domain. Buyer is bound to purchase the Property as required by the terms of this Agreement without regard to the occurrence or effect of any damage to or destruction of the Property or condemnation of the Property by right of eminent domain, provided that the occurrence of any damage or destruction to the Property involves repair costs equal to or less than $1,000,000 (“Damage Threshold Amount”), and any condemnation does not materially and adversely affect the use and value of the Property (“Immaterial Condemnation”). If Buyer is so bound to purchase the Property notwithstanding the occurrence of damage, destruction or condemnation, then upon the Closing, Buyer shall receive a credit against the Purchase Price for such Property in the amount (net of collection costs and costs of repair reasonably incurred by the Seller and not then reimbursed) of any insurance proceeds or condemnation award collected and retained by the Seller as a result of any such damage, destruction or condemnation, plus (in the case of damage) the amount of the deductible portion of the Seller’s insurance policy, and the Seller shall assign to Buyer all rights to such net insurance proceeds or condemnation awards as shall not have been collected prior to the Closing.
Damage or Destruction Eminent Domain. A fire or other casualty or a taking affecting the Ancillary Sites or the Equipment shall not affect the obligations of Tenant under the Lease, and the Lease shall remain in full force and effect, without any abatement of any amounts payable to Landlord hereunder; provided, however, that the foregoing shall not supersede the provisions of Section 16 or 17 of the Lease which are applicable where the fire or other casualty, or the taking, effects other portions of the Premises or the Building. Landlord shall be entitled to all compensation, damages, income, rent awards and interest thereon whatsoever which may be paid or made in connection with any taking of the Ancillary Sites, and Tenant shall have no claim against Landlord or any governmental authority for the value of any unexpired term of its rights under this Paragraph 10; provided, however, that the foregoing shall not prohibit Tenant from prosecuting a separate claim against the taking authority for an amount separately designated for the Equipment, so long as any award to Tenant will not reduce the award to Landlord.
Damage or Destruction Eminent Domain. If, prior to the Closing, all or a part of the Property is damaged or destroyed, or taken or appropriated by any public or quasi-public authority under the power of eminent domain or such an eminent domain action is threatened pursuant to a resolution of intention to condemn filed by any public entity, Purchaser may either (i) terminate this Agreement and receive a refund of the Xxxxxxx Money, or (ii) elect to receive an assignment from Seller in lieu of the part of the Property that has been so damaged or taken of all of Seller’s rights to any award and/or proceeds attributable to said damaged or taken part of the Property, and the parties shall proceed to Closing pursuant to this Agreement.
Damage or Destruction Eminent Domain. (a) In the event that any portion of the Property is damaged or destroyed, and such damage or destruction would otherwise result in an abatement of all or a portion of the Base Rental Payments as provided in Section 3.06 hereof, the City shall either (i) apply sufficient funds from legally available funds to the repair or replacement of such portion of the Property to the condition that existed prior to such damage or destruction, or (ii) apply sufficient funds from legally available funds to the prepayment of Base Rental Payments pursuant to Section 9.01 hereof, which prepayment shall be effected in a manner that results in the maximum amount of Base Rental Payments becoming due under this Sublease Agreement in the then current Rental Period or any subsequent Rental Period, being no greater than the annual fair rental value of the Property after such damage or destruction, and after any repairs or replacements made as a result of such damage or destruction. The City shall give the Corporation written notice of any such damage or destruction as soon as reasonably practicable after the occurrence thereof and shall give the Corporation written notice of its election to proceed under either clause (i) or clause (ii) of the proceeding sentence no later than 60 days after the date of such damage or destruction. If the City elects to proceed under said clause (i), the City shall promptly and diligently repair or replace the affected portion of the Property.
Damage or Destruction Eminent Domain. If prior to the Closing Date any of the Property is damaged or destroyed or if condemnation proceedings are commenced against any of the Property by any entity other than the County, then the rights and obligations of County and Landlord hereunder shall be as follows:
Damage or Destruction Eminent Domain. Buyer shall be bound to purchase the Property as required by the terms of this Agreement without regard to the occurrence or effect of any damage to or destruction of the Property or condemnation of the Property by right of eminent domain, provided that the occurrence of any damage or destruction to the Property involves repair costs equal to or less than $200,000 (“Damage Threshold Amount”), and any condemnation does not materially and adversely affect the use and value of the Property or permit the Tenant to terminate the Lease or reduce the rent payable thereunder (“Immaterial Condemnation”), in Buyer’s reasonable discretion. If Buyer is so bound to purchase the Property notwithstanding the occurrence of damage, destruction or condemnation, then upon the Closing: (i) in the event of damage covered by insurance or an Immaterial Condemnation occurring during the period prior to Closing Date, Buyer shall pay the full Purchase Price for such Property (less the amount of the deductible portion of the Seller’s insurance policy), and the Seller shall assign to Buyer all rights to such net insurance proceeds or condemnation awards; and (ii) in the event of damage not covered by insurance, Buyer shall receive a credit (not to exceed $200,000) in the amount of the estimated cost to repair such damage.
Damage or Destruction Eminent Domain. If any casualty occurs, or if a taking occurs, immediately notify Owner and pay or cause to be paid the insurance proceeds or condemnation award, as the case may be, to Owner alone, to be applied in Owner's discretion, and in such order as Owner may determine, (a) to the reasonable costs of collection of such amounts, (b) to repayment to Owner of the outstanding amount of any loans received by Developer under Paragraph 6.8 of this Agreement, or (c) in accordance with this Agreement, as if payments from such proceeds or awards were Construction Advances hereunder, to the restoration, replacement and rebuilding of the Facility.
Damage or Destruction Eminent Domain. A fire or other casualty or a taking affecting the License Areas or the Equipment shall not affect the obligations of Tenant under this Lease, and this Lease shall remain in full force and effect, without any abatement of any amounts payable to Landlord hereunder. Landlord shall be entitled to all compensation, damages, income, rent awards and interest thereon whatsoever which may be paid or made in connection with any taking of the License Areas, and Tenant shall have no claim against Landlord or any governmental authority for the value of any unexpired term of its rights under this Article 21; provided, however, that the foregoing shall not prohibit Tenant from prosecuting a separate claim against the taking authority for an amount separately designated for the Equipment, so long as any award to Tenant will not reduce the award to Landlord.
Damage or Destruction Eminent Domain. Section 1. If all or part of the Building or the demised premises is materially damaged (as defined in Section 2 below) by fire, earthquake, flood, explosion, the elements, riot or any other casualty, and the damage to the building has rendered the demised premises wholly or partially untenantable, Lessor shall have the right in its discretion to repair or to rebuild the Building or to terminate this Lease (subject to Lessee’s right to repair or rebuild set forth below). Lessor shall within thirty (30) days after the occurrence of such damage notify Lessee in writing of Lessor's intention to repair or to rebuild or to terminate this Lease. Notwithstanding the foregoing, if Lessor notifies Lessee that Lessor will terminate the Lease, Lessee shall have the option, exercisable within fifteen (15) days following Lessee’s receipt of Lessor’s notice, to repair or rebuild the Building at Lessee’s expense. Furthermore, if Lessor shall elect to rebuild or repair the building, but in good faith determines that the building cannot be rebuilt or repaired within one hundred eighty (180) days after the date of the occurrence of the damage, Lessor shall notify Lessee thereof in writing at the time of Lessor's election to rebuild or repair, and Lessee shall thereafter have a period of thirty (30) days within which Lessee may elect to terminate this Lease, upon written notice to Lessor.
