Common use of Destruction, Damage or Condemnation Clause in Contracts

Destruction, Damage or Condemnation. Prior to the Closing Date, risk of loss with regard to the Project and the construction, ownership, operation, management or maintenance thereof shall be borne by Seller. If, prior to the Closing Date, all or a material part of the Project is subjected to a bona fide threat of condemnation by a body having the power of eminent domain, or included in whole or in part in a governmental plan or proposal which may result in the taking of all or a material part of the Project, or is taken by eminent domain or condemnation (or a sale in lieu thereof), or all or a significant (by which term is meant damage or destruction where the estimated costs of restoration exceed $100,000.00) part of the Project is damaged or destroyed by fire or other casualty, Purchaser may, by written notice to Seller, given within thirty (30) days after Purchaser's receiving actual notice of such plan or proposal, threat of condemnation, condemnation, damage, destruction, or sale, elect to rescind and cancel this Agreement, and upon such rescission and cancellation, the Title Company shall return the Xxxxxxx Money to Purchaser and none of the parties shall have any rights, obligations or liabilities hereunder, except as set forth herein. The Closing Date shall be postponed, if necessary, to grant Purchaser such thirty (30) day period. If Purchaser does not elect so to rescind, or if less than a significant part of the Project is damaged or destroyed by fire or other casualty, this Agreement shall remain in full force and effect, and the purchase contemplated herein, less any property destroyed by fire or other casualty or taken by eminent domain or condemnation, or sold in lieu thereof, shall be effected with no further adjustments, and the provisions of the Lease shall govern any actions required to be taken by Purchaser and Seller in connection with such condemnation, damage, destruction, or sale. If this Agreement is not rescinded by Purchaser as set forth above, at such time as all or part of the Project is subject to a bona fide threat of condemnation as hereinabove provided, Purchaser shall be permitted to participate in the proceedings as if Purchaser were a party to the action.

Destruction, Damage or Condemnation. Prior to the Closing Date, risk of loss with regard to the Project and the construction, ownership, operation, management or maintenance thereof shall be borne by Seller. If, prior to the Closing Date, all or a material part of the Project is subjected to a bona fide threat of condemnation by a body having the power of eminent domain, or included in whole or in part in a governmental plan or proposal which may result in the taking of all or a material part of the Project, or is taken by eminent domain or condemnation (or a sale in lieu thereof), or all or a significant (by which term is meant damage or destruction where the estimated costs of restoration exceed $100,000.0025,000.00) part of the Project is damaged or destroyed by fire or other casualty, Purchaser may, by written notice to Seller, given within thirty (30) days after Purchaser's ’s receiving actual notice of such plan or proposal, threat of condemnation, condemnation, damage, destruction, or sale, elect to rescind and cancel this Agreement, and upon such rescission and cancellation, the Title Company shall return the Xxxxxxx Money to Purchaser and none of the parties shall have any rights, obligations or liabilities hereunder, except as set forth herein. The Closing Date shall be postponed, if necessary, to grant Purchaser such thirty (30) day period. If Purchaser does not elect so to rescind, or if less than a significant part of the Project is damaged or destroyed by fire or other casualty, this Agreement shall remain in full force and effect, and the purchase contemplated herein, less any property destroyed by fire or other casualty or taken by eminent domain or condemnation, or sold in lieu thereof, shall be effected with no further adjustments, and the provisions of the Lease shall govern any actions required to be taken by Purchaser and Seller in connection with such condemnation, damage, destruction, or sale. If this Agreement is not rescinded by Purchaser as set forth above, at such time as all or part of the Project is subject to a bona fide threat of condemnation as hereinabove provided, Purchaser shall be permitted to participate in the proceedings as if Purchaser were a party to the action.

Destruction, Damage or Condemnation. Prior 8.01. In the case of fire or other casualty, or the taking of the Premises or any part thereof by eminent domain (collectively a “Casualty/Taking Event”), and in the event the damage, if any, shall not have been repaired by the Closing, the parties agree that the provisions of Section 5-1311 of the General Obligations Law of the State of New York shall apply, except that: (i) A “material” part of the Premises within the meaning of such law shall be deemed to have been taken or damaged only if (x) the cost of repair in the case of fire or casualty or the value of the taking in the case of eminent domain, as the case may be, shall be $10,000,000.00 or more, or (y) the taking materially adversely affects Purchaser’s access to the Closing Date, risk Premises. In the event of loss with regard to the Project and the construction, ownership, operation, management taking or maintenance thereof shall be borne by Seller. If, prior to the Closing Date, all or damage of a material part of the Project is subjected Premises, at Purchaser’s option, Purchaser may terminate this contract upon written notice to Seller and receive a bona fide threat refund of condemnation by a body having the power of eminent domainDownpayment, or included in whole Purchaser may elect to have Seller assign (without representation, warranty and/or recourse, express or in part in a governmental plan implied, other than that Seller has not encumbered or proposal which may result in otherwise assigned the taking hereinafter described insurance and condemnation proceeds) to Purchaser all proceeds and rights with respect to such insurance and condemnation proceeds (net of all collection costs and amounts applied, in accordance with §8.03, to the restoration and protection of the Premises) and Purchaser shall accept same in lieu of any abatement and this contract shall not be terminated. (ii) In the event of a taking or a material damage of an immaterial part of the ProjectPremises, Seller, at Closing, shall assign (without representation, warranty and/or recourse, express or is taken by eminent domain implied, other than that Seller has not encumbered or otherwise assigned the hereinafter described insurance and condemnation proceeds) to Purchaser all proceeds and rights with respect to such insurance and condemnation proceeds (or a sale net of all collection costs and amounts applied, in accordance with §8.03, to the restoration of the Premises) and Purchaser shall accept same in lieu thereof), or all or a significant (by which term is meant damage or destruction where of any abatement. Seller agrees that until the estimated costs of restoration exceed $100,000.00) part of the Project is damaged or destroyed by fire or other casualty, Purchaser may, by written notice to Seller, given within thirty (30) days after Purchaser's receiving actual notice of such plan or proposal, threat of condemnation, condemnation, damage, destruction, or sale, elect to rescind and cancel this Agreement, and upon such rescission and cancellation, the Title Company shall return the Xxxxxxx Money to Purchaser and none of the parties shall have any rights, obligations or liabilities hereunder, except Closing it will maintain in force its existing insurance coverage as set forth herein. The Closing Date shall be postponed, if necessary, to grant Purchaser such thirty (30) day period. If Purchaser does on Schedule F or alternate insurance coverage provided the benefits thereof are not elect so to rescind, or if less than a significant part those of the Project is damaged or destroyed by fire or other casualty, this Agreement shall remain in full force presently existing policies. In the event of casualty and effect, and the purchase contemplated herein, less any property destroyed by fire or other casualty or taken by eminent domain or condemnation, or sold in lieu thereof, shall be effected with no further adjustments, and the provisions of the Lease shall govern any actions required to be taken by Purchaser and Seller in connection with such condemnation, damage, destruction, or sale. If this Agreement is not rescinded by Purchaser as set forth above, at such time as all or part of the Project is subject to a bona fide threat of condemnation as hereinabove providedsubsequent Closing, Purchaser shall be permitted to participate in the proceedings as if Purchaser were a party receive an additional credit at closing equal to the actionamount of any deductible under the policies so maintained by Seller applicable to the Premises, except to the extent Seller has, in accordance with §8.03, applied any deductible amount to collection costs and restoration and protection of the Premises.

Destruction, Damage or Condemnation. Prior to the Closing Date, risk of loss with regard to the Project Realty and the construction, ownership, operation, management or maintenance thereof shall be borne by Seller. If, prior to the Closing Date, all or a material part of the Project Realty is subjected to a bona fide threat of condemnation by a body having the power of eminent domain, or included in whole or in part in a governmental plan or proposal which may result in the taking of all or a material part of the ProjectRealty, or is taken by eminent domain or condemnation (or a sale in lieu thereof), or all or a significant (by which term is meant damage or destruction where the estimated costs of restoration exceed $100,000.0025,000.00) part of the Project Realty is damaged or destroyed by fire or other casualty, Purchaser may, by written notice to Seller, given within thirty (30) days after Purchaser's receiving actual notice of such plan or proposal, threat of condemnation, condemnation, damage, destruction, or sale, elect to rescind and cancel this Agreement, and upon such rescission and cancellation, the Title Company shall return the Xxxxxxx Money Earxxxx Xxney to Purchaser and none of the parties shall have any rights, obligations or liabilities hereunder, except as set forth hereinthose by which their express terms survive the termination hereof. The Closing Date shall be postponed, if necessary, to grant Purchaser such thirty (30) day period. If Purchaser does not elect so to rescind, or if less than a significant part of the Project Realty is damaged or destroyed by fire or other casualty, this Agreement shall remain in full force and effect, and the purchase contemplated herein, less any property Realty destroyed by fire or other casualty or taken by eminent domain or condemnation, or sold in lieu thereof, shall be effected with no further adjustments, and on the provisions Closing Date, Seller shall assign, transfer and set over to Purchaser (subject to the rights of I/O under the Lease shall govern I/O Master Lease) all of Seller's right, title and interest in and to any actions required insurance proceeds paid or to be taken by Purchaser and Seller in connection with such condemnation, damage, destruction, or sale. If this Agreement is not rescinded by Purchaser as set forth above, at such time as all or part of the Project is subject to a bona fide threat of condemnation as hereinabove provided, Purchaser shall be permitted to participate in the proceedings as if Purchaser were a party to the action.paid with