MAJOR CASUALTY OR TAKING Sample Clauses

MAJOR CASUALTY OR TAKING. If, prior to the Closing, there shall occur (i) Damage to the Property caused by fire or other casualty which would cost Five Hundred Thousand Dollars ($500,000) or more to repair, or (ii) a taking by condemnation of any part of the Improvements or which materially interferes with the operation or use of the Hotel, then, and in either such event, Purchaser may terminate its obligations under this Agreement by written notice given to Seller within fifteen (15) days after Seller has given Purchaser the notice referred to in Section 13.1.1, or at the Closing, whichever is earlier, and receive the return of the Earnest Money. If Purchaser does not so exxxx xx terminate its obligations under this Agreement, then the Closing shall take place as herein provided, and Seller shall assign to Purchaser at the Closing in written form accepted by the insurance carrier, all of Seller's interest in any insurance proceeds (except use and occupancy insurance and business interruption insurance for the period ending with the Closing Date) or condemnation awards which may be payable to Seller on account of any such fire, casualty or condemnation awards which may be payable to Seller on account of any such fire, casualty or condemnation, or the amount thereof not expended for or required to reimburse Seller for actual expenditures on account of restoration and Purchaser shall off-set against the Purchase Price at Closing the amount of any portion of the damage not covered by insurance or which is required to be paid by the insured.
Sample 1
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MAJOR CASUALTY OR TAKING. The City will have the unilateral right to terminate this Agreement if the Garage is not usable for parking as a result of (i) a major Casualty to the Garage; (ii) a taking by condemnation of a material portion of the Garage; or (iii) a substantial deterioration of the structural integrity of the Garage over time. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] [SIGNATURE PAGE TO FOLLOW] IN WITNESS OF THE FOREGOING, the parties have set their hands and seals the day and year first written above. CITY: CITY OF DANIA BEACH, FLORIDA, a Florida municipal corporation ATTEST: XXXXXX XXXXXXXXX, CMC XXXXXX XXXXX CITY CLERK MAYOR APPROVED FOR FORM AND CORRECTNESS: XXXXXX XXXXXXX CITY MANAGER XXXXXX X. XXXXXX CITY ATTORNEY LICENSEE: Witnesses: DANIA AIRPORT HOTELS, LLC, a Florida limited liability company Signature Xxxx Xxxxx, Manager PRINT Name Signature PRINT Name STATE OF FLORIDA COUNTY OF BROWARD The foregoing instrument was acknowledged before me this day of , 2018 by Xxxx Xxxxx, as Manager of Dania Airport Hotels, LLC, a Florida limited liability company, on behalf of the company, who: check one: is personally known to me; or has produced as identification. NOTARY PUBLIC State of Florida My Commission Expires: LICENSEE: Witnesses: DANIA BEACH INVESTMENTS, LLC, a Florida limited liability company By: Signature Print Name: Title: PRINT Name Signature PRINT Name STATE OF FLORIDA COUNTY OF BROWARD The foregoing instrument was acknowledged before me this day of , 2018 by , as of DANIA BEACH INVESTMENTS, LLC, a Florida limited liability company, on behalf of the company, who: check one: is personally known to me; or has produced as identification. My Commission Expires: NOTARY PUBLIC State of Florida EXHIBIT A LEGAL DESCRIPTION OF GARAGE Lots 1 through 9, inclusive, Block 21, Town of Modelo (now Dania) according to the Plat thereof as recorded in Plat Book B, Page 49 of the Public Records of Dade County, Florida said now lands situated in Broward County, Florida. EXHIBIT B LEGAL DESCRIPTION OF HOTEL PROPERTY All of Xxx 0, Xxxx 00 xxx 00, Xxxx xxxxxx right-of-way, and all of Xxx 00, xx Xxxxx 00 xx XXXX XX XXXXXX (NOW TOWN OF DANIA) according to the Plat thereof as recorded in Plat Book B, Page 49, of the Public Records of Miami-Dade County, Florida, said lands now situate lying and being in Broward County, Florida. Together with:
Sample 1

Related to MAJOR CASUALTY OR TAKING

  • Casualty or Taking 9.1 TENANT to Repair or Rebuild in the Event of Casualty 10 9.2 Right to Terminate in Event of Casualty 10 9.3 Eminent Domain 10 Page ARTICLE X - Defaults

  • Casualty or Condemnation If, prior to the Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $100,000 are damaged or destroyed by fire or casualty, or are taken by eminent domain by any governmental entity, and Seller is unable to restore such damage or destruction prior to the Closing Date in the case of a casualty, then Buyer shall have the option, exercisable by written notice given to Seller at or prior to the Closing, to terminate this Agreement, whereupon all obligations of all parties hereto shall cease, the Deposit shall be returned to Buyer, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination. If Buyer does not elect to terminate this Agreement as aforesaid or if such damage or destruction or taking has a replacement cost or is in an amount of less than $100,000, Buyer shall proceed with the consummation of the Closing (to the extent then otherwise obligated to do so) without reduction or offset of the Purchase Price, and in such case, unless the Seller shall have previously restored the Real Property to its condition prior to the occurrence of any such damage or destruction, Seller shall pay over or assign to Buyer all amounts received or due from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking, and Seller shall pay the applicable deductible amount under the insurance maintained by Seller. In the event of any such casualty or condemnation, Seller agrees to (a) provide Buyer with copies of all written communications between Seller or the Partnership and their insurance carriers or the applicable governmental authorities, as applicable, the subject matter of which is the adjustment of insurance proceeds or condemnation awards, and (b) allow Buyer to review and make comments to any proposed settlement arrangement proposed to be entered into by Seller or the Partnership with any such third party; provided, that after the Inspection Period, if Buyer has not terminated this Agreement, Seller shall not enter into any settlement arrangement concerning casualty or condemnation in excess of $50,000 without obtaining the prior written consent of Buyer, which consent may be granted or withheld in Buyer’s sole discretion.

  • Damage or Destruction Condemnation 16.1. If the Hotel is damaged by fire or other casualty, Operator shall promptly notify Owner. This Agreement shall remain in full force and effect subsequent to such casualty provided that either party may terminate this Agreement upon thirty days’ prior written notice to the other party if (a) Owner shall elect to close the Hotel as a result of such casualty (except on a temporary basis for repairs or restoration) or (b) Owner shall determine in good faith not to proceed with the restoration of the Hotel; provided further, Operator may terminate this Agreement upon thirty days’ prior written notice to Owner if forty percent (40%) or more of the rooms in the Hotel are unavailable for rental for a period of one hundred eighty (180) days or more as a result of such casualty.

  • No Casualty Event No Company has received any notice of, nor has any knowledge of, the occurrence or pendency or contemplation of any Casualty Event affecting all or any portion of its property. No Mortgage encumbers improved Real Property that is located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards within the meaning of the National Flood Insurance Act of 1968 unless flood insurance available under such Act has been obtained in accordance with Section 5.04.

  • Damage; Strike; Casualty Any material damage to, or loss, theft or destruction of, any Property, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than 30 consecutive days beyond the coverage period of any applicable business interruption insurance, the cessation or substantial curtailment of revenue producing activities of the Borrower and its Subsidiaries, taken as a whole, and only if any such event or circumstance could reasonably be expected to have a Material Adverse Effect.

  • Casualty; Condemnation There is no unrepaired casualty damage to any of such Seller’s Properties and there is no pending condemnation or similar proceedings or written notices thereof affecting any Property, and, to Sellers’ Knowledge, no action is threatened or contemplated except as set forth on Schedule 3.2(e) attached hereto.

  • Insurance Casualty Condemnation Restoration SECTION 8.1. INSURANCE SECTION 8.2. CASUALTY SECTION 8.3. CONDEMNATION SECTION 8.4. RESTORATION

  • Casualty Event With respect to any property (including any interest in property) of the Borrower, any loss of, damage to, or condemnation or other taking of, such property for which the Borrower receives insurance proceeds, proceeds of a condemnation award or other compensation.

  • 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.

  • Casualty Loss If in Owner’s reasonable judgment the premises or the Property is materially damaged by fire or other casualty, Owner may terminate this Agreement within a reasonable time after such determination, by written notice to Resident, in which case Owner will refund prorated, pre-paid rent and all deposits less lawful deductions unless Resident and/or Resident’s guest(s) caused the casualty, in which case all funds on account will be applied to all applicable charges related to the damages and Resident will be responsible for the balance of all charges for repairs. If following a fire or other casualty Owner has not elected to terminate this Agreement, Owner will rebuild the damaged areas within a reasonable time, and during such reconstruction, Resident will be provided a reasonable rent reduction for the unusable portion of the premises unless Resident and/or Resident’s guest(s) caused the casualty.

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