Eminent Domain or Taking. If proceedings under a power of eminent domain relating to the Property or any part thereof are commenced prior to the Closing Date, Seller shall promptly inform Buyer in writing.
Eminent Domain or Taking. If proceedings under a power of eminent domain relating to the Property or any part thereof are commenced prior to Close of Escrow, Seller will promptly inform Buyer in writing.
Eminent Domain or Taking. If, before the Close of Escrow, any material portion of any Property is taken or if the access thereto or available parking area therefor is reduced or restricted, by eminent domain (or is the subject of a pending, threatened or contemplated taking which has not been consummated), Sellers shall immediately notify Buyer of such fact. In such event, Buyer shall have the option, in its sole and absolute discretion to (a) terminate this Agreement as to the affected Property or Properties by notice to Sellers, or (b) purchase the Properties without any reduction in the Purchase Price. Buyer's election shall be made by written notice to Sellers given not later than Close of Escrow. If Buyer does not exercise its option to terminate this Agreement, or if there has been a nonmaterial taking by eminent domain, neither party shall have the right to terminate this Agreement, but the Sellers shall assign and turn over, and the Buyer shall be entitled to receive and keep that portion of Sellers' condemnation award allocable to loss of use of the condemned Property for the period of time beginning 15 years after the Closing Date and the parties shall proceed to the Close of Escrow without modification of the terms of this Agreement and without any reduction in the Purchase Price or in the base rent payable under the applicable Lease. Unless or until this Agreement is terminated as to a condemned Property, Sellers shall take no action with respect to any eminent domain proceeding without the prior written consent of Buyer.
Eminent Domain or Taking. If, prior to the Close of Escrow, any material portion of the Real Property or Improvements is taken by eminent domain or otherwise, Seller shall immediately notify Buyer of such fact. If such taking is “material,” Buyer shall have the option, in its sole discretion, to terminate this Agreement upon written notice to Seller given not later than ten (10) days after receipt of Seller’s notice. If this Agreement is terminated pursuant to this Section, the provisions of Section 6(c) shall govern. If Buyer does not exercise this option to terminate this Agreement, or if there has not been a material taking by eminent domain or otherwise to give rise to such option, neither party shall have the right to terminate this Agreement, but the Seller shall assign and turn over, and the Buyer shall be entitled to receive and keep, all awards for the taking by eminent domain which accrue to Seller and the parties shall proceed to the Close of Escrow pursuant to the terms hereof, without modification of the terms of this Agreement and without any reduction in the Purchase Price. For the purpose hereof, “material” shall be deemed to be any diminution in the value of the Property as a result of a taking by eminent domain or otherwise which exceeds two million and 0/100ths Dollars ($2,000,000.00).
Eminent Domain or Taking. If proceedings under a power of eminent domain relating to the Branch or any part thereof are commenced prior to the Closing Date, Seller will promptly inform Buyer in writing.
Eminent Domain or Taking. If proceedings under a power of eminent domain relating to the Branches or any part thereof are commenced prior to the Closing Date, the provisions of Section 4.6 of the Branch Purchase Agreement will control.
Eminent Domain or Taking. If, prior to the Close of Escrow, any material portion of the Real Property is taken or if the access thereto or available parking area therefor is materially reduced or restricted such that the Project as it is currently used is not in compliance with zoning requirements or if Saatchi can terminate the Saatchi Lease due to the taking or if any of the rentable square footage of the Improvements is taken, by eminent domain or otherwise (or
Eminent Domain or Taking. (a) The provisions of this Section 12.1 shall control over any and all conflicting provisions of Section 5.007 of the Texas Property Code.
Eminent Domain or Taking. If proceedings under a power of eminent domain relating to the Property or any part thereof are commenced prior to Close of Escrow, Seller will promptly inform Buyer in writing. (a) If such proceedings involve the taking of title to all or a material interest in the Property, Buyer may elect to terminate this Agreement by notice in writing sent within 10 DAYS of Seller's written notice to Buyer, in which case neither party will have any further obligation to or rights against the other except any rights or obligations of either party which are expressly stated to survive termination of this Agreement.
Eminent Domain or Taking. 14(a) If, prior to the Closing, any portion of the Real Property is taken by any governmental authority under power of eminent domain or otherwise, or a conveyance is made under threat thereof (“Taking”), or if the Real Property becomes subject to a pending, threatened or contemplated Taking which has not been consummated (a “Pending Taking”), Seller shall promptly notify Purchaser of such fact.
