Common use of Destruction, Damage, or Taking Before Closing Clause in Contracts

Destruction, Damage, or Taking Before Closing. If, before Closing, all or any part of the Land or Improvements are destroyed or damaged, or become subject to condemnation or eminent domain proceedings, then Seller shall promptly notify Purchaser thereof. Purchaser shall have the right to elect to proceed with the Closing (subject to the other provisions of this Agreement) by delivering notice thereof to Seller within five (5) business days of receipt of Seller's notice respecting the damage, destruction, or taking, but Purchaser shall be entitled to all insurance proceeds or condemnation awards payable as a result of such damage or taking and, to the extent the same may be necessary or appropriate, Seller shall assign to Purchaser at Closing Seller's rights to such proceeds or awards. If, within five (5) business days of receipt of Seller's notice respecting the damage, destruction, or taking, Purchaser notifies Seller of its intent to terminate this Agreement, or if Purchaser gives no notice within such period, then Purchaser shall be deemed to have terminated this Agreement pursuant to Section 12(b) hereof.

Destruction, Damage, or Taking Before Closing. If, before Closing, all or any part of the Land or Improvements are Property is destroyed or damaged, or become becomes subject to condemnation condemnation, a sale in lieu of condemnation, or eminent domain proceedingsproceeding, then Seller shall promptly notify Purchaser thereof. Purchaser shall have the right to elect to proceed with the Closing (subject to the other provisions of this Agreement) by delivering notice thereof to Seller within five (5) business days of receipt of Seller's notice respecting the damage, destruction, or taking, but or sale. If Purchaser shall be entitled elects to all insurance proceeds or condemnation awards payable as a result of such damage or taking and, to the extent the same may be necessary or appropriateproceed with Closing, Seller shall assign to Purchaser at Closing Seller's rights to such any insurance proceeds or awardsawards payable in respect of the Property. If, within five (5) business days of receipt of Seller's notice respecting the damage, destruction, or taking, Purchaser notifies Seller of its intent to terminate this Agreement, or if Purchaser gives no notice within such period, then Purchaser shall be deemed to have terminated this Agreement pursuant to Section 12(b11(b) hereof. The Closing shall be extended as may reasonably be required by the provisions of this Section.

Destruction, Damage, or Taking Before Closing. If, before Closing, all or any part of the Land Land, Minerals, Utilities, Improvements or Improvements Personalty are destroyed or damaged, or become subject to condemnation or eminent domain proceedings, then Seller shall promptly notify Purchaser thereof. Purchaser shall have the right to terminate this Agreement or may elect to proceed with the Closing (subject to the other provisions of this Agreement) by delivering notice thereof ). In the event Purchaser elects to Seller within five (5) business days of receipt of Seller's notice respecting the damageproceed to Closing, destruction, or taking, but Purchaser shall be entitled to all insurance proceeds or condemnation awards payable as a result of such damage or taking and, to the extent the same may be necessary or appropriate, Seller shall assign to Purchaser at Closing Seller's rights to such proceeds or awards. If, within five ten (510) business days of receipt of Seller's notice respecting the damage, destruction, or taking, Purchaser notifies Seller of its intent to terminate this Agreement, or if Purchaser gives no notice within such period, then Purchaser this Agreement shall be deemed to have terminated this Agreement pursuant to Section 12(b) hereof.

Destruction, Damage, or Taking Before Closing. If, before Closing, all or any part of the Land or Improvements are Property is destroyed or damaged, or become becomes subject to condemnation or eminent domain proceedings, then Seller shall will promptly notify Purchaser thereofthereof (a “Seller’s Notice”). Purchaser shall have the right to may elect to proceed with the Closing (subject to the other provisions of this Agreement) by delivering notice thereof to Seller within five (5) business days of after receipt of a Seller's notice respecting the damage, destruction, or taking’s Notice, but Purchaser shall will be entitled to all insurance proceeds or condemnation awards payable as a result of such damage or taking and, to the extent the same may be necessary or appropriate, Seller shall will assign to Purchaser at Closing Seller's ’s rights to such proceeds or awards and further agrees to cooperate as requested by Xxxxxxxxx in any claim to such proceeds or awards. If, within five (5) business days of after Purchaser’s receipt of a Seller's notice respecting the damage, destruction, or taking’s Notice, Purchaser notifies Seller of its intent to terminate termination of this Agreement, or if Purchaser gives no notice within such period, then Purchaser shall will be deemed to have terminated this Agreement pursuant to Section 12(b) hereof10(c).

Destruction, Damage, or Taking Before Closing. If, before Closing, all or any part of the Land Improvements or Improvements Personalty are destroyed or damaged, or become subject to condemnation or eminent domain proceedings, then Seller shall promptly notify Purchaser thereof. Purchaser shall have the right to elect to proceed with the Closing (subject to the other provisions of this Agreement) by delivering notice thereof to Seller within five (5) business days of receipt of Seller's notice respecting the damage, destruction, or taking, but Purchaser shall be entitled to all insurance proceeds or condemnation awards payable as a result of such damage or taking and, to the extent the same may be necessary or appropriate, Seller shall assign to Purchaser at Closing Seller's rights to such proceeds or awards. If, within five (5) business days of receipt of Seller's notice respecting the damage, destruction, or taking, Purchaser notifies Seller of its intent election to terminate this Agreement, or if Purchaser gives no notice within such period, then Purchaser shall be deemed to have terminated this Agreement pursuant to Section 12(b) hereof.