Risk of Loss by Condemnation. The risk of condemnation of the Property prior to the Closing shall be on Seller. If such condemnation does occur prior to Closing, Seller shall promptly notify Buyer; Buyer may, within fifteen (15) days after receipt of such notice, at Buyer's option, notify Seller of termination of this Contract, in which case the Escrow Agent shall return the Deposit to Buyer; and this Contract shall thereafter be null and void. If Buyer does not so terminate this Contract, Buyer shall be entitled to receive all condemnation proceeds (not exceeding, however, the Purchase Price) resulting therefrom.
Risk of Loss by Condemnation. 1. All risk of condemnation prior to the Closing shall be on Seller. Immediately upon obtaining knowledge of the institution of any proceedings for the condemnation of the Property, or any portion thereof (including negotiations in lieu of condemnation), Seller will notify Buyer of the pendency of such proceedings. Buyer may participate in any such negotiations and proceedings, and Seller shall from time-to-time deliver to Buyer all instruments reasonably requested by it to permit such participation. Seller shall, at Seller’s expense, diligently prosecute any such proceeding and shall consult with Buyer, its attorneys and experts, and cooperate with them in any defense of any such proceedings.
Risk of Loss by Condemnation. All risk of condemnation prior to the Closing shall be on the respective owner of the property subject to this contract. Neither party has been notified of and is not aware of any threatened condemnation proceedings. Immediately upon obtaining knowledge of the institution of any proceedings for the condemnation of the Properties, or any portion thereof (including negotiations in lieu of condemnation), the owner will notify the other party of the pendency of such proceedings. In the event any part or all of the Properties are condemned, the other party to this contract may terminate this Agreement.
Risk of Loss by Condemnation. In the event at any time prior to Closing, any portion of the Property is taken or is threatened to be taken by eminent domain or similar taking, then Purchaser shall have the option of (a) terminating this Agreement, in which event the Escrow Agent shall refund to Purchaser the Xxxxxxx Money and all accrued interest earned thereon, and neither party shall have any further rights or obligations hereunder, or (b) purchasing the Property, in which event Seller shall assign to Purchaser all rights and remedies it may have with regard to the such condemnation proceeding, including, without limitation, the proceeds of such condemnation, whether received or anticipated to be received.
Risk of Loss by Condemnation. If after the date hereof and prior to Closing, all or a part of the Property is subjected to a bona fide threat of condemnation by a body other than Seller having the power of eminent domain or is taken other than by Seller by eminent domain or condemnation (or sale in lieu thereof), Buyer may, by written notice to Seller, elect to cancel this Agreement within five (5) days of Buyer's receipt of notice of such taking or the Closing (whichever is earlier), in which event both parties shall be relieved and released of and from any further liability hereunder, and the Deposit made by Buyer hereunder shall forthwith be returned to Buyer, whereupon this Agreement shall become null and void and be considered canceled, except for Section 9.15 hereof. If no such election to cancel is made, this Agreement shall remain in full force and effect and the purchase contemplated herein, less any interest taken by eminent domain or condemnation, shall be effected with no adjustment in Purchase Price, and at Closing Seller shall assign, transfer, and set over to Buyer all of the right, title and interest of Seller in and to any awards that have been or that may thereafter be made for the fee simple title to the Property so taken; provided, however, Seller shall not assign nor release any awards made for the taking of Seller's post-closing leasehold estate, if any, nor for Seller's business relocation and moving expenses. Seller covenants that it will not exercise any right of eminent domain it may have with respect to the Property.
Risk of Loss by Condemnation. All risk of condemnation of the Property or any Improvements thereon, and the loss therefrom, prior to the Closing is assumed by Seller. In the event of condemnation, Buyer may, at its option, elect to terminate this Agreement and this Agreement shall thereafter be null and void, or Buyer may elect to close the transaction in which case it shall be entitled to all condemnation proceeds.
Risk of Loss by Condemnation. All risk of condemnation of the Dealership Properties or Material Leased Properties, or any Improvements thereon the Dealership Properties or Material Leased Properties, and the loss therefrom, prior to the Closing is assumed by the Sellers. In the event of a Material Taking of a Dealership Property or Material Leased Property, the Buyer may, at its option, elect to (i) terminate this Agreement upon written notice to the Sellers, and this Agreement shall thereafter be null and void, or (ii) the Buyer may elect to close the Contemplated Transactions on the term and conditions provided in this Section 12.02. A “Material Taking” means a taking or condemnation notice or proceeding, the effect of which, would result or potentially result in (i) ingress and egress to and from the affected Dealership Property or Material Leased Property being impacted in a material and adverse manner, (ii) more than 20% of the land area of a Dealership Property or Material Leased Property being condemned or taken, or (iii) regardless of the percentage of land area being affected, the material impairment of the continued use or operation of such Dealership Property or Material Leased Property for the business conducted thereon (including the ability to comply with Manufacturer requirements or Applicable Laws). If the condemnation or taking is not a Material Taking, or Xxxxx has elected to proceed with Closing despite the Material Taking, then Buyer will accept such affected Dealership Property or Material Leased Property, and Sellers shall assign and turn over, and the Buyer shall be entitled to receive and keep, all awards or rights to awards attributable to such condemnation or taking which accrue to or have been paid to a Seller.
Risk of Loss by Condemnation. All risk of condemnation prior to the Closing shall be on the Seller subject to this contract. Seller has not been notified of and is not aware of any threatened condemnation proceedings. Immediately upon obtaining knowledge of the institution of any proceedings for the condemnation of the Property, or any portion thereof (including negotiations in lieu of condemnation), the Seller will notify the City of the pendency of such proceedings. In the event any part or all of the Property is condemned, the City may terminate this Agreement.
Risk of Loss by Condemnation. All risk of condemnation that materially and adversely affects the Property, in Buyer’s reasonable discretion, and the loss therefrom, prior to the Closing is assumed by Seller. In the event of such a condemnation of all or a material portion of the Property, Buyer may, at its option and within ten (10) days following written notice by Seller to Buyer of the condemnation, elect to terminate this Agreement or Buyer may elect to close the transaction (which Buyer shall be deemed to have elected to do if no such termination notice is given by Buyer to Seller) in which case at Closing, Seller shall assign all of its interest to all condemnation proceeds in an amount not to exceed the Purchase Price. The risk of any condemnation which does not materially and adversely affect the Property, in Buyer’s reasonable discretion, is assumed by Buyer. In the event of any such condemnation, Buyer shall close and take the Property as diminished by such condemnation, and at Closing Seller shall assign all of its interest to all condemnation proceeds in an amount not to exceed the Purchase Price.
