Common use of Damage or Destruction Eminent Domain Clause in Contracts

Damage or Destruction Eminent Domain. Purchaser shall be bound to purchase the Properties as required by the terms of this Agreement without regard to the occurrence or effect of any damage to or destruction of the Properties or condemnation of the Properties by right of eminent domain (other than a Total Condemnation as provided in Section 9.7 below). Notwithstanding the occurrence of damage, destruction or condemnation, then upon the Closing: (i) in the event of damage covered by insurance during the period prior to Closing Date, Purchaser shall receive a credit against the Fixed Purchase Price for such Properties in the amount (net of collection costs and costs of repair reasonably incurred by Sellers and not then reimbursed) of any insurance proceeds or condemnation award collected and retained by Sellers as a result of any such damage, destruction or condemnation, plus (in the case of damage) the amount of the deductible portion of Sellers’ insurance policy, but not more than the Fixed Purchase Price, and Sellers shall assign to Purchaser all rights to such net insurance proceeds or condemnation awards as aforesaid as shall not have been collected prior to the Closing; and (ii) in the event of damage not covered by insurance, Purchaser shall receive a credit in the amount of the estimated cost to repair such damage.

Damage or Destruction Eminent Domain. Purchaser shall be Buyer is bound to purchase the Properties Property as required by the terms of this Agreement without regard to the occurrence or effect of any damage to or destruction of the Properties Property or condemnation of the Properties Property by right of eminent domain domain, provided that the occurrence of any damage or destruction to the Property involves repair costs equal to or less than $500,000 (other than a Total Condemnation as provided in Section 9.7 below“Damage Threshold Amount”), and any condemnation does not materially and adversely affect the use and value of the Property (“Immaterial Condemnation”). Notwithstanding 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, Purchaser Buyer shall receive a credit against the Fixed Purchase Price for such Properties Property in the amount (net of collection costs and costs of repair reasonably incurred by Sellers the Seller and not then reimbursed) of any insurance proceeds or condemnation award collected and retained by Sellers 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 Sellers’ the Seller’s insurance policy, but not more than and the Fixed Purchase Price, and Sellers Seller shall assign to Purchaser Buyer all rights to such net insurance proceeds or condemnation awards as aforesaid as shall not have been collected prior to the Closing; and (ii) in the event of damage not covered by insurance, Purchaser Buyer shall receive a credit (not to exceed $500,000) in the amount of the estimated cost to repair such damage.

Damage or Destruction Eminent Domain. Purchaser shall be Buyer is bound to purchase the Properties Property as required by the terms of this Agreement without regard to the occurrence or effect of any damage to or destruction of the Properties Property or condemnation of the Properties Property by right of eminent domain 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 (other than a Total Condemnation as provided in Section 9.7 below“Damage Threshold Amount”), and any condemnation does not materially and adversely affect the use and value of the Property (“Immaterial Condemnation”). Notwithstanding 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, Purchaser Buyer shall receive a credit against the Fixed Purchase Price for such Properties Property in the amount (net of collection costs and costs of repair reasonably incurred by Sellers the Seller and not then reimbursed) of any insurance proceeds or condemnation award collected and retained by Sellers 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 Sellers’ the Seller’s insurance policy, but not more than and the Fixed Purchase Price, and Sellers Seller shall assign to Purchaser Buyer all rights to such net insurance proceeds or condemnation awards as aforesaid as shall not have been collected prior to the Closing; and (ii) in the event of damage not covered by insurance, Purchaser Buyer shall receive a credit (not to exceed $10,000,000.00) in the amount of the estimated cost to repair such damage.