Destruction of Improvements. (a) If, prior to Closing, any of the Improvements on any of the properties that comprise the Property are damaged or destroyed such that the cost of repair or replacement of such improvements is material (“Material Damage”), or a condemnation proceeding is commenced or threatened in writing by a governmental or quasi-governmental agency with the power of eminent domain (“Condemnation”), then:
Destruction of Improvements. The Mortgaged Property is demolished, destroyed, or substantially damaged so that, in Beneficiary’s sole judgment, it cannot be restored or rebuilt with available funds to the condition existing immediately prior to such demolition, destruction, or damage within a reasonable period of time.
Destruction of Improvements. If the improvements of the Property are destroyed, materially damaged, or found to be materially defective as a result of such damage prior to Close of Escrow or approval by the CTC, Purchaser may terminate the transaction by written notice delivered to Caltrans, and all Deposits shall be returned to Purchaser.
Destruction of Improvements. As soon as is reasonably possible after damage and/or destruction to any or all of the Improvements on the Premises, but no later than 18 months after such damage and/or destruction, Tenant shall, at Tenant’s sole cost and expense (using Tenant’s insurance proceeds available for that purpose, together with Xxxxxx’s own funds), commence to either repair and restore the Improvements as completely as possible to their condition immediately prior to the damage, or, in the alternative, replace the Improvements with buildings, structures, installations, fixtures, betterments, equipment, landscaping, and other improvements approved in advance by Landlord’s City Council. In the event any insurance proceeds of Tenant’s insurance policies shall remain unused after the completion of restoration or rebuilding to Landlord’s satisfaction, evidenced in writing, and if the Tenant shall not be in default under this Lease, then the remaining funds shall be paid to Landlord toward any unpaid rent and other sums due, including liquidated damages, with any remaining sum paid to Tenant. If the Premises have become wholly untenable due to the damage or destruction of the Improvements, Tenant may elect to not make the repairs and replacements and terminate this Lease thirty (30) days after serving Landlord with written notice of Xxxxxx’s intent to terminate the Lease and in such instance cause all insurance proceeds to be assigned and paid to Landlord by such termination date. In either case, Tenant shall be and remain liable for and pay all insurance policy deductibles and all amounts not covered, paid, or reimbursed under Tenant’s insurance policies for the cost and expense to fully repair and/or replace the damaged or destroyed Improvements. Such insurance policy proceeds, deductibles, and other payments from Tenant paid to Landlord may be used by Landlord in Landlord’s sole and absolute discretion. In no case shall Landlord be obligated to make the repairs and/or replacements or otherwise rebuild the Improvements.
Destruction of Improvements. If the improvements of the property are destroyed, materially damaged, or found to be materi- ally defective as a result of such damage pr ior to close of escrow, Buyer may terminate this Agreement by written notice delivered to Seller or his or her Broker, and all unused deposits will be returned. In the event Buyer does not elect to terminate this Agree- ment, Buyer will be entitled to receive, in addition to the property, any insurance proceeds payable on account of the damage or destruction.
Destruction of Improvements. If any of the Buildings is --------------------------- demolished or removed or demolition or removal thereof is imminent, eminent domain proceedings excepted.
Destruction of Improvements. If all or any material part of the improvements, if any, on the Property is destroyed or damaged (excluding natural wear and tear) prior to Closing, Seller shall give Notice to Buyer of such damage or destruction and of Seller's insurance coverage. Within thirty (30) days of Seller’s notification to Buyer, Buyer shall elect by Notice to Seller either (i) to Terminate this Contract, in which event the Xxxxxxx Money shall be refunded to Buyer, or (ii) to close the transaction contemplated hereby, in which event the Purchase Price shall not be reduced but Seller shall assign to Buyer Seller's rights in any insurance proceeds paid or payable to Seller in connection with such damage or destruction. If Xxxxx does not give Notice timely, Buyer shall be deemed to have elected to close the transaction contemplated hereby in accordance with this paragraph. Seller agrees until Closing to maintain any improvements in their existing condition, natural wear and tear and damage by condemnation, fire or other casualty excepted, and to preserve in effect all existing insurance on the improvements.
Destruction of Improvements. 1. In the event the Leased Premises are damaged or destroyed in whole or in part by fire or any other cause whatsoever during the term of this Lease, Landlord shall promptly repair and restore the Leased Premises which Landlord furnished upon the commencement of the Lease term to substantially the same condition that existed just prior to its damage or destruction, unless this Lease is terminated as hereinafter provided, and the fixed rent shall be abated in proportion to the portion of the Leased Premises which is untenantable until the Leased Premises are repaired by Landlord. The work of rebuilding or repair shall be initiated by Landlord with all reasonable dispatch, diligently proceeded with to completion, and Tenant shall repair or replace its trade fixtures, furnishings and equipment to return them to substantially the same condition that existed prior to their damage or destruction. In no event shall Landlord be required to repair or replace the betterments and improvements installed in the Leased Premises by Tenant or the trade fixtures, furnishings, equipment and other personal property located at the Leased Premises.
Destruction of Improvements a. If during the Term any portion of the Improvements on the Premises shall be damaged or destroyed by fire or other casualty, there shall be no abatement of Base Rent or Additional Rent and, whether or not the damage or destruction shall have been insured against, the Tenant shall proceed with reasonable diligence to repair, rebuild, or replace such Improvements.
Destruction of Improvements. (a) If prior to Closing Material Damage shall occur with respect to the Improvements, or a condemnation proceeding is commenced or threatened in writing by a governmental or quasi-governmental agency with the power of eminent domain ("CONDEMNATION"), then:
