Destruction of the Property. If, prior to the Closing, there shall be catastrophic damage to or destruction of all or a major portion of the Property, Buyer shall have the right to terminate this Agreement, in which event the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder. If Buyer does not elect to terminate the contract pursuant to this Section 4.4.1 at Closing, Buyer and Seller shall proceed with the Closing (with no change in the amount of the Purchase Price) and Seller shall assign all insurance proceeds to Buyer received from its insurance carriers and others as a consequence of such destruction. The provisions of California Civil Code Section 1662(a) are hereby waived by the parties, and this Section 4.4.1 shall govern any damage or of such destruction of the Property.
Destruction of the Property. 10.1 Should the property be completely destroyed or be so damaged as to render the property entirely uninhabitable, then the Landlord shall be entitled to declare the lease cancelled within 30 (Thirty) days after the destruction or damage to the property on written notice to the Tenant.
Destruction of the Property. In the event that all or any substantial portion of the Property shall be damaged or destroyed by fire or other casualty, or become subject to a condemnation or eminent domain action, after the full execution of this Agreement and before the Closing Date, Buyer may (i) delay the Closing by a period of ninety (90) days to assess the extent of the damage, destruction, or taking during that period, and, (ii) at Buyer’s option, either (a) terminate this Agreement by written notice thereof to Seller and receive an immediate refund of the Deposit, less the Fair Consideration, which shall be paid to Seller; or (b) proceed to close the transaction contemplated herein pursuant to the terms hereof, in which event Seller shall deliver to Buyer at the Closing, or as soon as received, any insurance or condemnation proceeds actually received by Seller attributable to the Property from such casualty or taking, shall assign to Buyer any right it may have to receive insurance or condemnation proceeds attributable to the Property from such casualty or taking, and there shall be no reduction in the Purchase Price other than a deduction equal to the amount of any deductible under the applicable insurance policies. For the purposes of this provision, a “substantial portion” of the Property shall be deemed to include any casualty loss or taking affecting a portion of the Property equal to or greater than 10% of the gross number of square feet contained in the buildings and other improvements that are situated on the Property. In the event that less than a substantial portion of the Property shall be damaged or destroyed by a fire or other casualty or subject to a condemnation or eminent domain action before the Closing Date or in the event the circumstances specified above in this Section 7.5 are applicable and Buyer fails to give Seller notice of termination, then the parties shall proceed to close this transaction, any proceeds actually received by Seller attributable to the Property from such casualty or taking shall be delivered or assigned to Buyer at Closing or as soon as available, and there shall be no reduction in the Purchase Price other than a deduction equal to the amount of the deductible under the applicable insurance policies.
Destruction of the Property. In the event the venue premises shall be destroyed or rendered totally unusable by fire, windstorm or any other cause beyond the control of the venue, then this agreement shall cease and terminate as of the date of such destruction, and any deposits or rental fees paid shall then be accounted for between the venue and the clients. For purposes of this agreement, “totally unusable” will be defined as 50% or more of the premises structures being destroyed. In the event the venue is unable to perform on this agreement, all deposits and funds will be returned. If venue premises are damaged by fire, windstorm, or other cause beyond the control of the venue, so as to render the same partially unusable, but repairable in time for the event contracted in this agreement, then this agreement shall remain in effect.
Destruction of the Property. If the Property is rendered untenantable by fire, storm, earthquake, or any other casualty, this lease shall terminate as of the time of such destruction or damage, and rent shall be prorated as of that date. The term UNTENANTABLE shall not mean a condition cured within seven (7) days of its inception. Landlord shall not be liable to Tenant for any losses or damages related to such casualty or for damage or loss, including loss of life, by any Act of God.
Destruction of the Property. In the event of the partial or total destruction of the property or any portion by any cause:-
Destruction of the Property. In the event the Property shall be destroyed or so damaged by fire, explosion, windstorm or other casualty as to be entirely untenantable, Landlord may restore the Property within a reasonable time (after giving to Tenant the notice hereafter referred to) or may terminate this Lease and the Term as of the date of the destruction or damage, in either case by giving Tenant notice within thirty (30) days after the date of the destruction or damage. If, however, the Property shall be so slightly injured by any cause as not to be rendered unfit for occupancy, Landlord shall repair and restore the same with reasonable promptness to as near as practicable its pre-existing condition; provided, however, Landlord shall not be obligated to expend any sums in excess of the amount of insurance proceeds which it receives on account of said casualty. Rent shall be prorated on the basis of usable space during such repairing or restoration. If the damage is not repaired by Landlord within a reasonable time or in any event within one hundred eighty (180) days after the damage occurred, Tenant shall have the right to terminate this Lease by giving to Landlord notice of such termination within thirty (30) days after the end of such 180-day period.
Destruction of the Property. If the Property shall be substantially damaged or destroyed through no fault of Buyer, prior to closing, Buyer may terminate this Agreement by written notice to Seller. In the event of a partial loss of the Property through no fault of the Buyer prior to closing, Seller shall have a reasonable time to repair the damage and if Seller fails or refuses to do so, Buyer may take the Property as is or cancel this Agreement, in which case the parties shall be released from any and all obligations and liability under this Agreement.
Destruction of the Property a. In the event that the Property is totally destroyed or so damaged by fire or other casualty, not occurring through the fault of Tenant, and the Property cannot be repaired or restored within thirty (30) days, this Lease shall absolutely cease and terminate and the rent shall xxxxx for the balance of the term.
Destruction of the Property. Except as otherwise provided herein, Developer will bear the risk of all loss or damage to the Property and any personal property located on the Property from any causes whatsoever during the time between the Effective Date and the Closing. In the event, at any time between the Effective Date of this Agreement and Closing, all or any portion of the Property is taken by condemnation or eminent domain, or is damaged or destroyed by whatever cause, then Developer will immediately notify the City of the same and the City may elect either to: (i) terminate this Agreement upon notice to Developer, in which event this Agreement will automatically terminate, the Deposit will be returned to the City, and neither The City nor Developer will have any further liabilities, obligations or rights with regard to this Agreement, other than obligations which are herein expressly provided to survive the termination of this Agreement; or (ii) proceed to Closing with no reduction in the Purchase Price, in which event Developer will deliver to the City at Closing a duly executed assignment of Xxxxxxxxx’s interest in all insurance proceeds payable as a result of any such condemnation, fire or other casualty.
