Fire or Other Casualty; Condemnation. 11.1 If during the term of this Lease the leased premises shall be damaged or destroyed by fire or other casualties so that the premises shall thereby be rendered unfit for use or occupation, Lessor shall have the option to either (a) repair such damage with all reasonable diligence and restore the premises to substantially the condition immediately prior to such event, and until such premises have been duly repaired and restored the rent herein reserved, or a just and proportionate part thereof according to the nature and extent of the injury which has been sustained shall be abated, or (b) Lessor may terminate this lease and end the term hereof, and in case of such termination and cancellation the rent shall be paid to the date of such fire or other casualty and all other further obligations on the part of either party hereto shall cease. Lessor is required to notify Lessee of whether it will repair or terminate within thirty (30) days of the date of such damage or destruction. Provided, however, that in the event the premises are not so restored within on hundred eighty (180) days after the occurrence, Lessee may, at its option, terminate this lease.
Fire or Other Casualty; Condemnation. 14.1 If the Property or any part thereof is damaged by fire or other casualty prior to the Closing Date which would cost in excess of One Hundred Thousand and no/100's Dollars ($100,000.00) to repair (as determined by an insurance adjuster selected by the insurance carriers), or which may have a material affect on the income generated by the Property and which is not covered by rental loss insurance. Purchaser may terminate this Agreement by written notice to Seller given on or before the earlier of (i) twenty (20) days following such casualty or (ii) the Closing Date. In the event of such termination, this Agreement shall be of no further force and effect and, except for the Surviving Obligations, neither party shall thereafter have any further obligation under this Agreement, and Seller shall direct the Title Company to promptly return all Xxxxxxx Money to Purchaser. If Purchaser does not elect to terminate this Agreement or the cost of repair is determined by said adjuster to be less than One Hundred Thousand and no/100's Dollars ($100,000.00), the Closing shall take place as herein provided without abatement of the Purchase Price, and Seller shall assign and transfer to Purchaser on the Closing Date, without warranty or recourse, all of Seller's right, title and interest to the balance of insurance proceeds paid or payable to Seller on account of such fire or casualty remaining after reimbursement to Seller for the total amount of all costs and expenses incurred by Seller in connection therewith including but not limited to making emergency repairs, securing the Property and complying with applicable governmental requirements. Seller shall pay to Purchaser the amount of the deductible of any of Seller's applicable insurance policies.
Fire or Other Casualty; Condemnation. 11.1 Seller agrees (a) to maintain Seller’s Casualty Insurance in full force and effect through the Closing, and (b) to give Purchaser reasonably prompt notice of any fire or other casualty occurring at the Property of which Seller obtains knowledge, between the date hereof and the date of the Closing, or of any actual or threatened condemnation of all or any part of the Property of which Seller obtains knowledge.
Fire or Other Casualty; Condemnation. In the event that prior to the Closing Date, a Material Portion of the Assets is destroyed or suffers Material Damage, or if condemnation proceedings are commenced against all or a Material Portion of the Business Premises, Seller shall promptly give Buyer written notice of the occurrence of such damage, destruction or condemnation proceeding. Buyer shall then have the right, exercisable by giving notice of such decision to Seller within 10 Business Days after receiving such written notice from Seller of such damage, destruction or condemnation proceedings, to terminate this Agreement, in which case neither party shall have any further rights or obligations hereunder and the Deposit, together with interest thereon in Escrow, shall be returned to Buyer. If Buyer elects within such 10 Business Day period to accept the Assets in their then condition, all proceeds of insurance (other than any business interruption insurance), after deducting all reasonable expenses of Seller in repairing such damage, if any, or Seller's share of any such condemnation awards (but exclusive of awards for business interruption) shall be paid or assigned to Buyer at the Closing with no reduction in the Purchase Price. In the event that, after the Effective Date, there is damage to the Assets which does not constitute Material Damage, Buyer shall not have the right to terminate the Agreement by reason thereof and Seller will promptly repair or replace the affected Assets at Seller's expense prior to or within a reasonable time after the Closing Date or pay Buyer the cost of such repair or replacement as determined below. Seller shall give Buyer written notice within 15 Business Days of the occurrence of any such non-Material Damage and of Seller's election to repair or replace the affected Assets as provided above or to pay Buyer the cost of such repair or replacement. If Seller does not deliver the notice described above within such 15 Business Day period, Seller shall be deemed to have elected to pay Buyer the cost of any such repair or replacement. Any payment from Seller for the cost of the repair or replacement shall be determined based on bids or other advice from one or more qualified contractors, architects or engineers reasonably acceptable to Seller. Any such payment from Seller shall be made within 10 days after the determination of the amount of such payment. In the event of condemnation which is not of all or a Material Portion of the Business Premises, Buyer shall not...
Fire or Other Casualty; Condemnation a. In the event of fire or other casualty in the Prime Leased Premises or the Subleased Premises, if the Subleased Premises is damaged so that it is reasonably estimated by a responsible contractor selected by Sublessee that fifty percent (50%) or more of the Subleased Premises will be untenantable and/or not usable by Sublessee for the purpose for which same have been subleased for a period of one hundred eighty (180) days or longer after such destruction, Sublessee shall so notify Sublessor in writing within five (5) days after Sublessee's receipt of notice of the estimated time to repair the Subleased Premises. Sublessee shall have the option to cancel this Sublease by delivery of written notice thereof to Sublessor within twenty-one (21) days after receipt of such notice. If Sublessee elects not to cancel this Sublease, the Rental herein shall proportionally abatx xxxreafter until such time as the affected portion of the Subleased Premises is made tenantable.
Fire or Other Casualty; Condemnation. 2 Section 17.01 Loss or Damage to Project 3 Section 17.02 Partial Loss or Damage to Project. 4 Section 17.03 Project Insurance Proceeds 5 Section 17.04 Notice of Loss or Damage to Project 7 ARTICLE XVIII. 8 MISCELLANEOUS 9 Section 18.01 Assignments 10 Section 18.02 Successors and Assigns 11 Section 18.03 Notices 12 Section 18.04 Severability 13 Section 18.05 Applicable Law and Construction 14 Section 18.06 Venue; Submission to Jurisdiction 15 Section 18.07 Agreement Not a Chapter 86- 191, Laws of Florida, 16 Development Agreement 17 Section 18.08 Complete Agreement; Amendments 18 Section 18.09 Captions 19 Section 18.10 Holidays 20 Section 18.11 Exhibits 21 Section 18.12 No Brokers 22 Section 18.13 Not an Agent of City 23 Section 18.14 Recording of Development Agreement 24 Section 18.15 No General Obligation 25 Section 18.16 Technical Amendments; Changes 26 Section 18.17 Term; Expiration Certificate 27 Section 18.18 Effective Date 28 Section 18.19 Approvals Not Unreasonably Withheld 29 2 LIST OF EXHIBITS 4 EXHIBIT DESCRIPTION 5 6 A Project Site 8 B Parcel Plan 10 C Developer’s Project Professionals 12 D Project Schedule 14 E Site Preparation Project Completion Certificate 16 F Public Improvements Budget 18 G Form of Sub-Lease 20 H Agreement Termination Certificate 21 22 I Agreement Expiration Certificate 24 27 1 2 DEVELOPMENT AGREEMENT 3 4 (Community Maritime Park Project) 6 This Development Agreement (the "Agreement") is made as of the Effective Date described in 7 Section 18.18 below by and between COMMUNITY MARITIME PARK ASSOCIATES, INC., a Florida not 8 for profit corporation ("CMPA"), and MARITIME PARK DEVELOPMENT PARTNERS, LLC, a Florida 9 limited liability company (“the Developer”).
Fire or Other Casualty; Condemnation. No Property or any portion thereof has been destroyed or damaged as a result of fire or any other casualty whatsoever, or has been taken by eminent domain or has any notice of any eminent domain proceeding with respect to such Property or any part thereof been issued.
Fire or Other Casualty; Condemnation. 14.1 If the Property or any part thereof is damaged by fire or other casualty prior to the Closing Date which would cost in excess of $1,500,000.00 to repair (as determined by an insurance adjuster selected by the insurance carriers), Purchaser may terminate this Agreement by written notice to Seller given on or before the earlier of (i) twenty (20) days following such casualty or (ii) the Closing Date. In the event of such termination, this Agreement shall be of no further force and effect and, except for the Surviving Obligations, neither party shall thereafter have any further obligation under this Agreement, and Seller shall direct the Escrow Company to promptly return all Xxxxxxx Money to Purchaser. If Purchaser does not elect to terminate this Agreement or the cost of repair is determined by said adjuster to be less than $1,500,000.00, then the Closing shall take place as herein provided without abatement of the Purchase Price, and Seller shall assign and transfer to Purchaser on the Closing Date, without warranty or recourse, all of Seller's right, title and interest to the balance of insurance proceeds paid or payable to Seller on account of such
Fire or Other Casualty; Condemnation. 11.1 Transferor agrees (a) to maintain Transferor's Casualty Insurance in full force and effect through the Closing, and (b) to give SLGOP reasonably prompt notice of any fire or other casualty occurring at the Property of which Transferor obtains knowledge, between the date hereof and the date of the Closing, or of any actual or threatened condemnation of all or any part of the Property of which Transferor obtains knowledge.
Fire or Other Casualty; Condemnation. (a) Contributor (if the Contributor Representative) agrees to give NSA reasonably prompt notice of any fire or other casualty occurring at the Property of which Contributor obtains knowledge, between the date hereof and the date of the Closing, or of any actual or threatened condemnation of all or any part of the Property of which Contributor obtains knowledge.
