Insurance Casualty Condemnation Sample Clauses
The INSURANCE; CASUALTY; CONDEMNATION clause outlines the responsibilities of the parties regarding insurance coverage, property damage, and government actions affecting the property. It typically requires the property owner or tenant to maintain certain types of insurance, specifies procedures to follow in the event of damage or destruction (casualty), and addresses what happens if the property is taken or affected by eminent domain (condemnation). This clause ensures that risks related to loss or damage are clearly allocated and that both parties understand their obligations and remedies in such events, thereby providing financial protection and clarity in unforeseen circumstances.
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Insurance Casualty Condemnation. Seller agrees that it will keep the Property insured against casualty until the Closing Date under its existing insurance policies or replacement policies with the same coverage as existing at the date of execution hereof. Such policies shall be terminated by Seller at the Closing Date. In the event that, prior to the Closing Date, all or any portion of the Property shall be destroyed by fire or other casualty, or taken by condemnation or exercise of the right of eminent domain, or if proceedings therefor shall be instituted or threatened and the amount of any such damage or condemnation exceeds $100,000, then Buyer may, within ten (10) days of its receipt of notice of such event, elect to terminate this Agreement by written notice to Seller and Escrow Agent. If the damage or condemnation is equal to or less than $100,000 or if the damage or condemnation exceeds $100,000 but Buyer does not terminate this Agreement, then the parties shall proceed to close the transaction contemplated hereby, in which event any insurance or condemnation proceeds (excluding rental loss proceeds attributable to the period prior to the Closing Date) shall inure to the benefit of Buyer and shall be assigned by Seller to Buyer at close of Escrow. In the event the parties proceed to close the transaction contemplated hereby, Seller shall pay any required deductible applicable to such insurance coverage, or the Purchase Price shall be reduced by the amount of any such deductible.
Insurance Casualty Condemnation. Tenant agrees to procure and maintain, or cause to be procured and maintained, the insurance coverage required pursuant to the HUD Loan Documents and/or applicable HUD Requirements, including HUD Notices H 04-01 and H 04-15. Insurance proceeds and the proceeds of any condemnation award or other compensation paid by reason of a conveyance in lieu of the exercise of such power, with respect to the Premises, or any portion thereof, shall be applied in accordance with the terms of the HUD Loan Documents and applicable HUD Program Requirements. The decision to repair, reconstruct, restore or replace the Premises following a casualty or condemnation shall be subject to the terms of the HUD Loan Documents and applicable HUD Requirements. Notwithstanding the foregoing, under no circumstances shall Tenant be required to repair, reconstruct, restore or replace the Premises if the insurance proceeds and/or the proceeds of any condemnation award are not fully made available to Tenant.
Insurance Casualty Condemnation. 48 Section 5.1 Insurance.................................................... 48
Insurance Casualty Condemnation. The Lessee agrees to procure and maintain, or cause to be procured and maintained, the insurance coverage required pursuant to the Mortgage Loan Documents and/or applicable HUD Requirements, including HUD Notices H 04-01 and H 04-15. Insurance proceeds and the proceeds of any condemnation award or other compensation paid by reason of a conveyance in lieu of the exercise of such power, with respect to the Leased Premises or any portion thereof shall be applied in accordance with the terms of the Mortgage Loan Documents and applicable HUD Program Requirements. The decision to repair, reconstruct, restore or replace the Leased Premises following a casualty or condemnation shall be subject to the terms of the Mortgage Loan Documents and applicable HUD Requirements.
Insurance Casualty Condemnation. AND RESTORATION ---------------
Insurance Casualty Condemnation. (a) Notwithstanding anything contained herein to the contrary (subject to Section 15(c)) or in any law now or hereafter in effect, if all or a portion of the Property is damaged by casualty, provided the Property is substantially restored to the condition prior to such casualty at or prior to the Closing Date and Seller complies with the remainder of its obligations under this Contract, then Buyer’s obligations under this Contract shall not be excused nor shall there be any reduction in the purchase price by reason thereof. In the event of such restoration, Seller shall restore the Property as required by the Condo Documents.
(b) Seller agrees to promptly give Buyer written 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.
(c) If prior to the Closing there shall occur (i) damage to the Property caused by fire or other casualty that would (1) cost $1,000,000 or more to repair to the condition existing prior to such casualty as reasonably determined by an engineer selected by Seller who is reasonably satisfactory to Buyer or (2) permit any of the tenants in Retail Unit A, Retail Unit B or the Garage Unit to terminate their respective Leases (unless such termination right shall be waived by such tenant) or (ii) a taking by condemnation of any “material portion of the Property” (as hereinafter defined), then, and in either such event, Buyer may elect to terminate this Contract by written notice given to Seller within sixty (60) days after Seller has given Buyer the notice of such casualty or condemnation referred to in subparagraph (b) above or at the Closing, in which event the ▇▇▇▇▇▇▇ Money, together with all interest earned thereon, shall be returned by Buyer and this Contract shall be null and void and neither party hereto shall have any further obligation to the other hereunder except for Surviving Obligations. If Buyer does not elect to terminate this Contract, then the Closing shall take place as herein provided without abatement of the Purchase Price, and Seller shall assign to Buyer at the Closing, by written instrument in form reasonably satisfactory to Buyer, all of Seller’s interest in and to any insurance proceeds or condemnation awards which may be payable to Seller on account of any such fire, casualty or condemnation, shall deliver t...
Insurance Casualty Condemnation. (i) The MLP Parties acknowledge and agree that, following the Closing, any Subject Insurance Policies shall be terminated or modified to exclude coverage of all or any portion of the Tank Assets by VRLP or any of its Affiliates, and, as a result, the MLP Parties shall be obligated at or before Closing to obtain at their sole cost and expense replacement insurance, including insurance required by any third party to be maintained for or by the Tank Assets. Notwithstanding the foregoing, VRLP acknowledges that initially such insurance described in the preceding sentence may be maintained under an umbrella policy of Valero Energy Corporation with OLP as a named insured (and for which OLP shall reimburse Valero Energy Corporation for its proportionate cost), but the OLP agrees that it will endeavor in good faith to obtain insurance in its own name if commercially and economically practicable. Each of the MLP Parties further acknowledges and agrees that the MLP Parties may need to provide to certain Governmental Authorities and third parties evidence of such replacement or substitute insurance coverage for the continued operations of the Tank Assets. If any claims are made or losses occur prior to the Closing Date that relate solely to the Tank Assets and such claims, or the claims associated with such losses, properly may be made against the policies retained by VRLP or its Affiliates after the Closing, then VRLP shall use its Best Efforts so that the MLP Parties can file, notice, and otherwise continue to pursue these claims pursuant to the terms of such policies; provided, however, nothing in this Agreement shall require VRLP to maintain or to refrain from asserting claims against or exhausting any retained policies.
(A) VRLP shall give the MLP Parties prompt notice of (i) any fire or other casualty affecting the Tank Assets (a "Casualty") between the Effective Date and the Closing Date and (ii) any actual, pending or proposed Taking of all or any portion of the Tank Assets.
(B) In the event the Tank Assets (or any material portion thereof) suffers a Casualty subsequent to the Effective Date, but prior to the Closing Date, VRLP shall elect either (i) to repair or make adequate provision for the repair of such Tank Assets prior to Closing or (ii) to provide the MLP Parties with a credit against the Cash Amount in an amount agreed upon by VRLP and the MLP Parties to represent the reduction in the value of the Tank Assets by reason of the Casualty, taking into a...
Insurance Casualty Condemnation. RESTORATION 76 ARTICLE VII. RESERVE FUNDS 80
Insurance Casualty Condemnation. 48 Section 6.1 Insurance...............................................48 Section 6.2 Casualty................................................51 Section 6.3 Condemnation............................................51 Section 6.4 Restoration.............................................52 VII. RESERVE FUNDS............................................................55 Section 7.1 Required Repair Escrow Fund.............................55 Section 7.2 Tax and Insurance Escrow Fund...........................56 Section 7.3 Replacements and Replacement Reserve....................57 Section 7.4 Rollover Reserve........................................61 Section 7.5 [INTENTIONALLY DELETED].................................63 Section 7.6 [INTENTIONALLY DELETED].................................63 Section 7.7 Reserve Funds, Generally................................63 Section 7.8 Provisions Regarding Letters of Credit..................63 VIII.DEFAULTS.................................................................64 Section 8.1 Event of Default........................................64 Section 8.2 Remedies................................................66 Section 8.3 Remedies Cumulative; Waivers............................67
Insurance Casualty Condemnation. RESTORATION 61 RESERVE FUNDS 71 CASH MANAGEMENT AGREEMENT 81