DAMAGE TO TANGIBLE PROPERTY Sample Clauses

DAMAGE TO TANGIBLE PROPERTY. Nemco shall not be liable in respect of any loss or damage of whatsoever kind or howsoever caused whether by reason of Nemco’s negligence or otherwise to premises, plant or other tangible property.
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DAMAGE TO TANGIBLE PROPERTY. If, between the date of this Agreement and the Closing Date, any of the Seller's assets are damaged, the transactions contemplated by this Agreement shall proceed, provided that, at Buyer's option either (A) the amount of Cash being issued hereunder shall be decreased by the fair market value of the affected Property (herein, the "Affected Property") or (B) the proceeds from the Insurance Policies (together with a reimbursement to Buyer of the amount of any deductible thereon), shall be assigned and/or paid to Buyer. Buyer shall have the right to participate in the negotiation and settlement of any insurance claim or condemnation award, as the case may be. If the parties are unable in good faith to agree upon the fair market value of the Affected Property, the Closing Date shall be extended to the fifth business day after the date the appraisal procedure set forth in this Sectxxx
DAMAGE TO TANGIBLE PROPERTY. If, between the date of this Agreement and the Closing Date, any of the Seller 's assets are damaged, the transactions contemplated by this Agreement shall proceed, provided that, at Buyer's option either (A) the amount of Cash being issued hereunder shall be decreased by the fair market value of the affected Property (herein, the "Affected Property") or (B) the proceeds from the Insurance Policies (together with a reimbursement to Buyer of the amount of any deductible thereon), shall be assigned and/or paid to Buyer. Buyer shall have the right to participate in the negotiation and settlement of any insurance claim or condemnation award, as the case may be. If the parties are unable in good faith to agree upon the fair market value of the Affected Property, the Closing Date shall be extended to the fifth business day after the date the appraisal procedure set forth in this Section 10 shall be completed. Within 10 days after such damage or condemnation, the parties shall attempt to agree upon the selection of a disinterested independent qualified appraiser to determine the fair market value of the Affected Property. If the parties are able to agree upon an appraiser, such appraiser shall be instructed to furnish a written appraisal within 30 days of its or his selection. If the parties are unable to agree upon the selection of an appraiser within such 10-day period, the Seller and Buyer shall, within five days thereafter, each select an appraiser to determine the fair market value of the Affected Property. Each appraiser so selected shall furnish the parties with a written appraisal within 30 days of its or his selection. If the two appraisals are within 10% of each other, the fair market value of the Affected Property shall be the average of the two appraisals. If the two appraisals are not within 10% of each other, the appraisers shall, within 10 days after the issuance of their respective reports, select a third appraiser to determine the fair market value of the Affected Property. The third appraiser shall issue a written appraisal within 30 days of its or his selection. The third appraisal shall be averaged with the other two and the appraisal furthest from the average of all three appraisals shall be disregarded. The average of the remaining two appraisals shall be the fair market value of the Affected Property. The Seller and Buyer shall each pay 50% of the total cost of the appraisal(s). The determination of the fair market value of the Affected Pro...

Related to DAMAGE TO TANGIBLE PROPERTY

  • Tangible Property (i) mechanical systems, fixtures and equipment comprising a part of or attached to or located upon the Improvements,

  • DAMAGE TO PROPERTY Exhibitor is liable for any damage caused to building floors, walls or columns, or to standard booth equipment, or to other Exhibitor’s property. Exhibitor may not apply paint, lacquer, adhesives, or other coating to building columns and floors or to standard booth equipment.

  • Intangible Property CPA14 and the CPA14 Subsidiaries own, possess or have adequate rights to use all trademarks, trade names, patents, service marks, brand marks, brand names, computer programs, databases, industrial designs and copyrights necessary for the operation of the businesses of each of CPA14 and the CPA14 Subsidiaries (collectively, the “CPA14 Intangible Property”), except where the failure to possess or have adequate rights to use such properties, individually or in the aggregate, would not reasonably be expected to have a CPA14 Material Adverse Effect. All of the CPA14 Intangible Property is owned or licensed by CPA14 or the CPA14 Subsidiaries free and clear of any and all Liens, except those that, individually or in the aggregate, would not reasonably be expected to have a CPA14 Material Adverse Effect, and neither CPA14 nor any such CPA14 Subsidiary has forfeited or otherwise relinquished any CPA14 Intangible Property which forfeiture has resulted in, individually or in the aggregate, or would reasonably be expected to result in a CPA14 Material Adverse Effect. To the Knowledge of CPA14, the use of CPA14 Intangible Property by CPA14 or the CPA14 Subsidiaries does not, in any material respect, conflict with, infringe upon, violate or interfere with or constitute an appropriation of any right, title, interest or goodwill, including, without limitation, any intellectual property right, trademark, trade name, patent, service xxxx, brand xxxx, brand name, computer program, database, industrial design, copyright or any pending application therefor, of any other Person, and there have been no claims made, and neither CPA14 nor any of the CPA14 Subsidiaries has received any notice of any claims or otherwise has Knowledge of any claims that any of the CPA14 Intangible Property is invalid or conflicts with the asserted rights of any other Person or has not been used or enforced or has failed to have been used or enforced in a manner that would result in the abandonment, cancellation or unenforceability of any of the CPA14 Intangible Property, except for any such conflict, infringement, violation, interference, claim, invalidity, abandonment, cancellation or unenforceability that, individually or in the aggregate, would not reasonably be expected to have a CPA14 Material Adverse Effect.

  • Title to Tangible Personal Property Seller has good and valid title to, or a valid leasehold interest in, all Tangible Personal Property included in the Purchased Assets, free and clear of Encumbrances except for Permitted Encumbrances.

  • Partial Damage to Property (a) Tenant shall notify Landlord in writing immediately upon the occurrence of any damage to the Property. If the Property is only partially damaged (i.e., less than fifty percent (50%) of the Property is untenantable as a result of such damage or less than fifty percent (50%) of Tenant's operations are materially impaired) and if the proceeds received by Landlord from the insurance policies described in Paragraph 4.04(b) are sufficient to pay for the necessary repairs, this Lease shall remain in effect and Landlord shall repair the damage as soon as reasonably possible. Landlord may elect (but is not required) to repair any damage to Tenant's fixtures, equipment, or improvements.

  • DAMAGE TO TENANT'S PROPERTY Landlord shall not be liable for any damage to Tenant's property except for that due to the willful neglect of Landlord. Tenant shall be responsible for the insuring of all personal property. Landlord strongly recommends renters insurance.

  • Title to Tangible Assets The Company and its Subsidiaries have good title to their properties and assets and good title to all their leasehold estates, in each case subject to no mortgage, pledge, lien, lease, encumbrance or charge, other than or resulting from taxes which have not yet become delinquent and minor liens and encumbrances which do not in any case materially detract from the value of the property subject thereto or materially impair the operations of the Company and its Subsidiaries and which have not arisen otherwise than in the ordinary course of business.

  • Damage to Premises In the event the Premises are destroyed or rendered wholly uninhabitable by fire, storm, earthquake, or other casualty not caused by the negligence of Tenant, this Agreement shall terminate from such time except for the purpose of enforcing rights that may have then accrued hereunder. The rental provided for herein shall then be accounted for by and between Landlord and Tenant up to the time of such injury or destruction of the Premises, Tenant paying rentals up to such date and Landlord refunding rentals collected beyond such date. Should a portion of the Premises thereby be rendered uninhabitable, the Landlord shall have the option of either repairing such injured or damaged portion or terminating this Lease. In the event that Landlord exercises its right to repair such uninhabitable portion, the rental shall xxxxx in the proportion that the injured parts bears to the whole Premises, and such part so injured shall be restored by Landlord as speedily as practicable, after which the full rent shall recommence and the Agreement continue according to its terms.

  • Insurance; Damage to or Destruction of Collateral (a) The Credit Parties shall, at their sole cost and expense, maintain the policies of insurance described on Disclosure Schedule (3.18) as in effect on the date hereof or otherwise in form and amounts and with insurers reasonably acceptable to Agent. Such policies of insurance (or the loss payable and additional insured endorsements delivered to Agent) shall contain provisions pursuant to which the insurer agrees to provide 30 days prior written notice to Agent in the event of any non-renewal, cancellation or amendment of any such insurance policy. If any Credit Party at any time or times hereafter shall fail to obtain or maintain any of the policies of insurance required above or to pay all premiums relating thereto, Agent may at any time or times thereafter obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto that Agent deems advisable. Agent shall have no obligation to obtain insurance for any Credit Party or pay any premiums therefor. By doing so, Agent shall not be deemed to have waived any Default or Event of Default arising from any Credit Party's failure to maintain such insurance or pay any premiums therefor. All sums so disbursed, including reasonable attorneys' fees, court costs and other charges related thereto, shall be payable on demand by Borrower to Agent and shall be additional Obligations hereunder secured by the Collateral.

  • Damage to Leased Premises In the event the building housing the Premises shall be destroyed or damaged as a result of any fire or other casualty which is not the result of the intentional acts or neglect of Lessee and which precludes or adversely affects the Lessee’s occupancy of the Premises, then in every such cause, the rent herein set forth shall be abated or adjusted according to the extent to which the leased Premises have been rendered unfit for use and occupation by the Lessee and until the demised Premises have been put in a condition at the expense of the Lessor, at least to the extent of the value and as nearly as possible to the condition of the Premises existing immediately prior to such damage. It is understood, however, in the event of total or substantial destruction to the Premises that in no event shall the Lessor's obligation to restore, replace or rebuild exceed an amount equal to the sum of the insurance proceeds available for reconstruction with respect to said damage.

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