Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 4 contracts
Samples: Agreement for Purchase and Sale (American Realty Capital Trust V, Inc.), Agreement for Purchase and Sale (American Realty Capital Trust V, Inc.), Agreement for Purchase and Sale (American Realty Capital Trust V, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 3 contracts
Samples: Purchase and Sale Agreement (Cole Office & Industrial REIT (CCIT II), Inc.), Agreement for Purchase and Sale (American Realty Capital Trust IV, Inc.), Agreement for Purchase and Sale (American Realty Capital Trust III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 3 contracts
Samples: Agreement for Purchase and Sale (American Realty Capital Global Trust, Inc.), Agreement for Purchase and Sale (American Realty Capital Trust V, Inc.), Agreement for Purchase and Sale (American Realty Capital Healthcare Trust II, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller; provided, however, that Seller shall have no obligation to repair such loss or damage. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken), then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten five (105) business days after Buyer’s receipt of notice of such condemnation, taking or damagedamage (and the Closing shall be extended until the two (2) business days after the expiration of such termination election period, if applicable), upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaidAgreement, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 3 contracts
Samples: Agreement for Purchase and Sale (Wheeler Real Estate Investment Trust, Inc.), Agreement for Purchase and Sale (Wheeler Real Estate Investment Trust, Inc.), Agreement for Purchase and Sale (Wheeler Real Estate Investment Trust, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under its Leases, whether or not the Lease for such Property, restoration work shall be timely completed or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part of termination, the Xxxxxxx Money Money, together with all interest earned thereon, shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 2 contracts
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust III, Inc.), Agreement for Purchase and Sale (American Realty Capital Healthcare Trust III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 2 contracts
Samples: Agreement for Purchase and Sale (American Realty Capital Daily Net Asset Value Trust, Inc.), Agreement for Purchase and Sale (American Realty Capital Daily Net Asset Value Trust, Inc.)
Risk of Loss/Condemnation. Upon an occurrence If, prior to the Close of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until ClosingEscrow, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right damaged by reason of termination earthquake, rain, flooding or abatement other cause, the cost of rent under which to repair or restore exceeds five percent (5%) of the Lease Purchase Price for such Propertythe Property (“Material Damage”), or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, all or (c) with respect to any condemnation, any Improvements or access to a portion of the Property or more than in excess of five percent (5%) of the Property is condemned, or written notice of intent to condemn is provided to Seller, by any legally constituted governmental authority (or will be) condemned or taken“Material Condemnation”), then, Buyer may elect shall have the right to terminate this Agreement with respect to each such Property by providing delivery of written notice of such termination thereof to Seller within ten (10) business days Business Days after Buyer’s receipt of written notice of any such condemnationMaterial Damage or Material Condemnation, taking or unless, with respect to Material Damage, Seller elects to, and does, repair such damage. In the event Buyer so terminates this Agreement, upon which termination a proportionate part of the Xxxxxxx Money shall Deposit and all interest accrued thereon will be returned to Buyer. If Buyer fails to so terminate this Agreement, or if any damage to the Property is not Material Damage, or the condemnation is not Material Condemnation, then Buyer shall not be released from any obligation to purchase the Property and, when sold, the Property shall be sold to Buyer in accordance its then “as is” condition with no reduction in the Purchase Price as set forth on Exhibit A1 and neither party hereto Price, except that if Seller has not caused the damage to be fully repaired prior to the Close of Escrow, Seller shall have pay or assign to Buyer any further rights, obligations or liabilities under this Agreement with respect insurance proceeds payable for such damage to such the Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer all condemnation proceeds payable for such condemnation of the Property at the Closing the rights Close of Seller to the awards, if any, for the condemnation or taking, Escrow and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of a credit against the Purchase Price and Seller shall assign to Buyer at for the Closing the rights amount of Seller to the proceeds any applicable deductible or self-insured retention, under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiespolicy.
Appears in 2 contracts
Samples: Purchase and Sale Agreement and Escrow Instructions, Purchase and Sale Agreement and Escrow Instructions (Limoneira CO)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller Sellers shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the PropertyProperties, except as otherwise expressly provided herein, shall be borne by SellerSellers. In the event all or any portion of any Property the Properties is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: that (a) with respect to multi-tenant Properties, any Tenant leasing greater than twenty percent (20%) of the rentable square footage of any Property leased on the date hereof has exercised a right of termination or abatement under its Lease, (b) with respect to the Leasehold Properties, the applicable Ground Lessor has exercised a right of rent termination under the Lease for such PropertyGround Lease, (c) with respect to single-tenant properties, the Tenant has exercised a right of termination under its Lease, or (bd) with respect to any casualty, if the cost to repair such casualty would exceed $50,000500,000 per Property, or (c) with respect to any condemnation, any Improvements or access to the Property Properties or more than five percent (5%) of the any Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property (but only with respect to) the affected Properties by providing written notice of such termination to Seller Sellers within ten (10) business days after Buyer’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part termination, the Purchase Price and Exxxxxx Money shall be prorated as provided in Section 3(a) above, and the pro rata portion of the Xxxxxxx Exxxxxx Money applicable to the affected Properties, together with all interest earned thereon, shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller Sellers shall assign to Buyer at the Closing Closing, the rights of Seller Sellers to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller Sellers shall assign to Buyer at the Closing Closing, the rights of Seller Sellers to the proceeds under Seller’s Sellers’ insurance policies covering such Property Properties with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiespolicies (other than any rent loss or business interruption insurance proceeds for the period prior to the Closing Date).
Appears in 2 contracts
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust II, Inc.), Agreement for Purchase and Sale (American Realty Capital Healthcare Trust Inc)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any the Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to all of the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such the Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such the Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 2 contracts
Samples: Agreement for Purchase and Sale (American Realty Capital Trust IV, Inc.), Agreement for Purchase and Sale (American Realty Capital Trust IV, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000250,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect theretothereto not already paid by Seller, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 2 contracts
Samples: Agreement for Purchase And (American Realty Capital Trust III, Inc.), Agreement (American Realty Capital Daily Net Asset Value Trust, Inc.)
Risk of Loss/Condemnation. Upon an occurrence If, prior to the Close of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until ClosingEscrow, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right damaged by reason of termination earthquake, rain, flooding or abatement other cause, the cost of rent under which to repair or restore exceeds five percent (5%) of the Lease Purchase Price for such Propertythe Property ("Material Damage"), or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, all or (c) with respect to any condemnation, any Improvements or access to a portion of the Property or more than in excess of five percent (5%) of the Property is condemned, or written notice of intent to condemn is provided to Seller, by any legally constituted governmental authority (or will be) condemned or taken"Material Condemnation"), then, Buyer may elect Buyer, as its sole recourse, shall have the right to terminate this Agreement with respect to each such Property by providing delivery of written notice of such termination thereof to Seller within ten (10) business days Business Days after Buyer’s 's receipt of written notice of any such condemnationMaterial Damage or Material Condemnation, taking or damageunless, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to Material Damage, Seller elects to repair such damage. If Buyer fails to so terminate this Agreement, or if any damage to the Property is not Material Damage, or the condemnation is not Material Condemnation, then Buyer shall not be released from any obligation to purchase the Property and, when sold, the Property shall be sold to Buyer in its then "as is" condition with no reduction in the Purchase Price, except that if Seller has not caused the damage to be repaired prior to the Close of Escrow, Seller shall pay or assign to Buyer any insurance proceeds payable for such damage to the Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer all condemnation proceeds payable for such condemnation of the Property at Close of Escrow. Notwithstanding the Closing the rights of Seller to the awardsforegoing, if anyany damage is caused by Buyer or its agents, for the condemnation employees, contractors, consultants, subcontractors, or takingaffiliates then such damage shall be repaired by Buyer at Buyer's expense, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the no right to terminate this Agreement as aforesaid, there shall be no abatement by reason of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiesdamage.
Appears in 2 contracts
Samples: Purchase Agreement and Escrow Instructions, Purchase Agreement and Escrow Instructions (S&W Seed Co)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, whether or not the restoration work shall be timely completed, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part of termination, the Xxxxxxx Money Money, together with all interest earned thereon, shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 2 contracts
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust III, Inc.), Agreement for Purchase and Sale (American Realty Capital Healthcare Trust III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence If, prior to the Close of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until ClosingEscrow, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right damaged by reason of termination earthquake, rain, flooding or abatement other cause, the cost of rent under which to repair or restore exceeds five percent (5%) of the Lease Purchase Price for such Propertythe Property ("Material Damage"), or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, all or (c) with respect to any condemnation, any Improvements or access to a portion of the Property or more than in excess of five percent (5%) of the Property is condemned, or written notice of intent to condemn is provided to Seller, by any legally constituted governmental authority (or will be) condemned or taken"Material Condemnation"), then, Buyer may elect shall have the right to terminate this Agreement with respect to each such Property by providing delivery of written notice of such termination thereof to Seller within ten (10) business days Business Days after Buyer’s receipt of written notice of any such condemnationMaterial Damage or Material Condemnation, taking or unless, with respect to Material Damage, Seller elects to, and does, repair such damage. In the event Buyer so terminates this Agreement, upon which termination a proportionate part of the Xxxxxxx Money shall Deposit and all interest accrued thereon will be returned to Buyer. If Buyer fails to so terminate this Agreement, or if any damage to the Property is not Material Damage, or the condemnation is not Material Condemnation, then Buyer shall not be released from any obligation to purchase the Property and, when sold, the Property shall be sold to Buyer in accordance its then "as is" condition with no reduction in the Purchase Price as set forth on Exhibit A1 and neither party hereto Price, except that if Seller has not caused the damage to be fully repaired prior to the Close of Escrow, Seller shall have pay or assign to Buyer any further rights, obligations or liabilities under this Agreement with respect insurance proceeds payable for such damage to such the Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer all condemnation proceeds payable for such condemnation of the Property at the Closing the rights Close of Seller to the awards, if any, for the condemnation or taking, Escrow and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of a credit against the Purchase Price and Seller shall assign to Buyer at for the Closing the rights amount of Seller to the proceeds any applicable deductible or self-insured retention, under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiespolicy.
Appears in 2 contracts
Samples: Purchase and Sale Agreement and Escrow Instructions (Limoneira CO), Purchase and Sale Agreement and Escrow Instructions (Limoneira CO)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the PropertyProperties, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under its Lease, whether or not the Lease for such Propertyrestoration work shall be timely completed, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part the pro-rata portion of the Xxxxxxx Money set forth on Schedule 3(a) attached hereto applicable to such terminated Property, together with all interest earned thereon, shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 Buyer, and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence (a) In the event of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the PropertyAcquired Assets or the CATV Business resulting from fire, except as otherwise expressly provided hereintheft or other casualty at all times prior to the Closing, (i) Seller shall be borne by Seller. In either rebuild or restore such Acquired Assets or the event all CATV Business in substantially the condition immediately preceding such loss or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Propertydamage, or (bii) at the Closing, all insurance proceeds paid or payable as a result of the occurrence of the event causing such loss or damage will be delivered by Seller to Buyer, or the rights to such proceeds will be assigned by Seller to Buyer if not yet paid over to Seller, together with respect to any casualtysuch additional sums, if any, that are necessary to either rebuild or restore such Acquired Assets or the cost to repair CATV Business in substantially the condition immediately preceding such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking loss or damage. If Buyer disputes the amount paid or payable in clause (ii), upon which termination a proportionate part Buyer's good faith itemized, with reasonable specificity, written estimate of the Xxxxxxx Money any deficiency shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement withheld from Buyer's payment of the Purchase Price and deposited by Buyer in the Indemnity Escrow until such matter is resolved. Notwithstanding the provisions set forth above, if, in the event of such loss or damage, Buyer notifies Seller that Buyer intends to rebuild or upgrade the CATV System affected by such loss or damage and that, as a result thereof, Buyer elects not to have Seller either rebuild or restore such Acquired Assets or CATV Business, then Seller shall assign deliver to Buyer at Closing (A) the Closing the amounts and/or rights of to proceeds referred to in clause (ii) above or (B) such amount as Seller would have been required to the awardsexpend or incur (which amount shall include a reasonable allocation for in-house labor and similar expenses) to rebuild or restore pursuant to clause (i) above, if anySeller demonstrates, for the condemnation or takingto Buyer's reasonable satisfaction, and Buyer shall be entitled to receive and keep all that such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not amounts would have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer been less than the amount of any deductible with respect thereto, and Buyer shall be entitled referred to receive and keep any monies received from such insurance policiesin clause (A) above.
Appears in 1 contract
Samples: Asset Purchase Agreement (Insight Communications Co Inc)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under its Leases, whether or not the Lease for such Property, restoration work shall be timely completed or (b) with respect to any casualty, if the cost to repair such casualty would exceed Two Hundred Fifty Thousand and 00/100 Dollars ($50,000250,000.00), or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part of termination, the Xxxxxxx Money Money, together with all interest earned thereon, shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller Sellers shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by SellerSellers. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed Two Hundred Fifty Thousand and No/100 Dollars ($50,000250,000.00), or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller Sellers and Escrow Agent within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller Sellers shall assign to Buyer at the Closing the rights of Seller Sellers to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller Sellers shall assign to Buyer at the Closing the rights of Seller Sellers to the proceeds under Seller’s Sellers’ insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Properties, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under its Leases, whether or not the Lease for such Property, restoration work shall be timely completed or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part of termination, the Xxxxxxx Money Money, together with all interest earned thereon, shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies to the extent they are received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000100,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust II, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of samesame within a reasonable time. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money Deposit shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Trust V, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000five percent (5%) of the Purchase Price, or (c) with respect to any condemnation, any Improvements or access to the Property (on a permanent basis) or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Trust IV, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has Tenants have a right of termination or abatement of rent under the Lease for such PropertyLeases, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s 's receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s 's insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Global Trust, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the The risk of loss or damage to the Property, except as otherwise expressly provided herein, Properties shall be borne by SellerSeller until the Closing, after which such risk of loss or damage shall be borne by Buyer (subject to all terms of the Sierra Lease). In the event all or any portion of any a Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that), Seller shall give Buyer written notice as soon as practicable upon becoming aware thereof. If: (a) Tenant has a right with respect to any casualty, the cost to repair such casualty would exceed five percent (5%) of termination or abatement of rent under the Lease for Allocated Purchase Price with respect to such Property, or (b) with respect to any casualtycondemnation or taking (or notice thereof), if the cost to repair such casualty proposed condemnation or taking would exceed $50,000, or result in (ci) with respect to any condemnation, any Improvements or the loss of legal access to a public right-of way, (ii) the Property violating any laws or failing to comply with zoning or any recorded covenants, conditions or restrictions affecting the Property, (iii) the reduction of value in such Property by more than five percent (5%) of its Allocated Purchase Price, or (iv) the applicable Property is (or will be) condemned or takennot being able to be used for the use of such Property existing as of the Effective Date; then, thenin either such case, Buyer may elect to terminate this Agreement with respect to each such the affected Property by providing written notice of such termination to Seller within ten (10) business days Business Days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination the Purchase Price shall be reduced by the applicable Allocated Purchase Price attributable to such Property, Buyer shall receive an immediate refund of a proportionate part portion of the Xxxxxxx Money shall be returned equal to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 sum of Allocated Deposit Amount for such Property and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer Buyer, at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking; and Buyer shall be entitled to receive and keep all such awards to be applied in accordance with the terms of the Sierra Lease. With respect to a casualty, if Buyer does not elect to terminate this Agreement or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer, at the Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such the affected Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount ), with Seller responsible for payment of any deductible and/or uninsured amount with respect thereto, ; and Buyer shall be entitled to receive and keep any monies received from such insurance policies.policies which shall be applied in accordance with the terms of the Sierra Lease. The Closing Date shall be automatically extended day-for-day as may be necessary to accommodate the determination periods set forth in this Section 7.
Appears in 1 contract
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLeases, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s 's receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s 's insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust Inc)
Risk of Loss/Condemnation. (a) Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller Sellers shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to all of the Property, except as otherwise expressly provided herein, shall be borne by SellerSellers. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000ten percent (10%) of the Base Purchase Price for such Property as set forth on Exhibit A1, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller Sellers within ten (10) business days after Buyer’s 's receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller Sellers shall assign to Buyer at the Closing the rights of Seller Sellers to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller Sellers shall assign to Buyer at the Closing the rights of Seller Sellers to the proceeds under Seller’s 's insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any unpaid deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust Inc)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000500,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Daily Net Asset Value Trust, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money Deposit shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust II, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Property shall be borne by Seller. In Notwithstanding anything to the contrary contained in this Agreement, in the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if where the cost to repair such casualty would exceed or diminution in value resulting therefrom exceeds $50,000, or 350,000 (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, thenas determined by a third party selected by Buyer and reasonably approved by Seller), Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party Party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awardsAward, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awardsAwards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s 's receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s 's insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Trust III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Properties shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000five percent (5%) of the Allocated Purchase Price for the applicable Property, or and (cb) with respect to any condemnationcondemnation or taking (or notice thereof), any Improvements the proposed condemnation or taking will result in the loss of legal access to a public right-of way or the reduction of value in the applicable Property or by more than five percent (5%) of the Property is (or will be) condemned or takenPurchase Price, then, then Buyer may elect to terminate this Agreement with respect to each such Property the applicable Properties by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Purchase Price shall be reduced by the applicable Allocated Purchase Price and the applicable Allocated Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyProperties, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel this Agreement with respect to such Properties as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer Buyer, at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awardsawards to be applied in accordance with the terms of the Leases. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement with respect to such Property as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer Buyer, at the Closing Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount ), with Seller responsible for payment of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiespolicies which shall be applied in accordance with the terms of the Leases.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (Valley National Bancorp)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: that (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000250,000, or (cb) with respect to any condemnation, any Improvements (including any parking lots located on the Property) or access to the Property or more than five ten percent (510%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such the Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) ), together with all of Seller’s right to fully adjust and settle the insurance claim, and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Property shall be borne by Seller. In the event all or any portion of any a Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that(a “Casualty/Condemnation Event”), Seller shall give Buyer written notice immediately upon becoming aware thereof, and: (a) Tenant has a right with respect to any casualty, if (i) the cost to repair such casualty would exceed five percent (5%) of termination or abatement of rent under the Lease for such Allocated Purchase Price with respect to the damaged Property, or (ii) any such casualty is uninsured; or(b) with respect to any condemnation or taking (or notice thereof), the proposed condemnation or taking would result in (i) the loss of legal access to a public right-of way, (ii) the Property violating any laws or failing to comply with zoning or any recorded covenants, conditions or restrictions affecting the Property or (iii) or the reduction of value in the Property by more than five percent (5%) of the Allocated Purchase Price with respect to such Property, then, in either case, Buyer may elect to designate the damaged, condemned or taken Property as an “Excluded Property” by written notice to Seller given within ten (10) business days after the occurrence of the event described in (a) or (b), in which event the term Property shall no longer include such Excluded Property and the Purchase Price shall be reduced by an amount equal to the Allocated Purchase Price for such Excluded Property; provided that Seller may elect to designate a damages, condemned or taken Property as an Excluded Property by written Notice to Buyer if (x) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five fifteen percent (515%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement Allocated Purchase Price with respect to each the damaged Property or (y) if the reduction of value in the Property is by more than fifteen percent (15%) of the Allocated Purchase Price with respect to such Property by providing written notice of such termination to Seller Buyer given within ten (10) business days after Buyer’s receipt the occurrence of notice of the event described in (x) or (y). Additionally, in the event that both the Darlington Property and the Xxxxxx Property shall become an Excluded Property, this Agreement shall terminate and upon such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if neither Seller nor Buyer does not elect elects to cancel designate the damaged Property, in accordance with this Agreement Section 7, as aforesaidan Excluded Property, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer Buyer, at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awardsawards to be applied in accordance with the terms of the New Lease. With respect to a casualty, if neither Seller nor Buyer does not elect elects to terminate designate the damaged Property as an Excluded Property, in accordance with this Agreement with respect to any such Property Section 7 or does not have if neither party has the right to terminate this Agreement designate the damaged Property as an Excluded Property as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer Buyer, at the Closing Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such the Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount ), with Seller responsible for payment of any deductible and/or uninsured amount with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.policies which shall be applied in accordance with the terms of the New Lease.
Appears in 1 contract
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller Lessor shall notify Buyer Lessee in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by SellerLessor. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under the Lease for such Propertyits Lease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000250,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer Lessee may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller Lessor within ten (10) business days after BuyerLessee’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part the pro-rata portion of the Xxxxxxx Money set forth on Schedule 1 attached hereto applicable to such terminated Property shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 Lessee, and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer Lessee does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Leasehold Transaction Price and Seller Lessor shall assign to Buyer Lessee at the Closing the rights of Seller Lessor to the awards, if any, for the condemnation or taking, and Buyer Lessee shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer Lessee does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Leasehold Transaction Price and Seller Lessor shall assign to Buyer Lessee at the Closing the rights of Seller Lessor to the proceeds under SellerLessor’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer Lessee any such proceeds received prior to Closing) and pay to Buyer Lessee the amount of any deductible with respect thereto, and Buyer Lessee shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Office Lease Agreement
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under the Lease for such Propertyits Lease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 Buyer, and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase And (American Realty Capital Healthcare Trust II, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under the Lease for such PropertyLeases, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000500,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awardsawards (net of all reasonable third party costs and expenses expended or incurred by Seller in order to obtain such proceeds). With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Purchase Agreement (American Realty Capital New York Recovery Reit Inc)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000500,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price Deposits as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale of Real (American Realty Capital Trust III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, herein shall be borne by SellerContributor. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under the applicable Lease for and does not waive such Propertyright of termination within fifteen (15) days after such casualty, condemnation or taking (or notice thereof), or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000five percent (5%) of the Contribution Consideration of the Property, or (c) and with respect to any condemnationcondemnation or taking (or notice thereof), if any Tenant has the right to reduce its rent under the applicable Lease, or any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer Acquiror may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller Contributor within ten (10) business days after BuyerAcquiror’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 Acquiror and neither party Party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer Acquiror does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price Contribution Consideration and Seller Contributor shall assign to Buyer Acquiror at the Closing the rights of Seller Contributor to the awards, if any, for the condemnation or taking, and Buyer Acquiror shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer Acquiror does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price Contribution Consideration and Seller Contributor, subject to the terms of the applicable Lease, shall assign to Buyer Acquiror at the Closing the rights of Seller Contributor to the proceeds under SellerContributor’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer Acquiror any such proceeds received prior to Closing) and pay to Buyer Acquiror the amount of any deductible with respect thereto, and Buyer Acquiror shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Contribution Agreement (Gramercy Property Trust Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event (a) all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) that with respect to any casualty, if casualty the cost to repair such casualty would (i) exceed Four Million Dollars ($50,0004,000,000) in the aggregate for the Property or, or (c) with respect to any condemnationeach Project, any Improvements or access to the Property or more than five exceed ten percent (510%) of the allocated Purchase Price for such portion of the Property, in each case based on the parties’ reasonable estimate (and if fully covered by Seller’s insurance, other than commercially reasonable deductible amounts, the amount of which shall be credited to Buyer at Closing), (ii) take longer than sixty (60) days to repair, or (iii) not be fully covered by Seller’s insurance (other than commercially reasonable deductibles, the amount of which will be credited to Buyer at Closing), or (b) any portion of the Property is condemned or taken (or will beany tenant may terminate its Lease as a result of either (a) condemned or taken(b)), then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof)taking, if Buyer does not timely elect to cancel this Agreement as aforesaid, there Seller shall be no abatement assign to Buyer at the Closing the rights of Seller to the Purchase Price awards (less Seller’s condemnation costs for attorney fees, costs, insurance deductibles and other related expenses), if any, for the condemnation or taking and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s property and rent loss, if any, insurance policies policy covering such the Property with respect to such damage or destruction destruction. With respect to any casualty, if Buyer does not timely elect to cancel this Agreement as aforesaid, then the Closing shall take place as provided herein, without reduction of the Purchase Price (or pay other than for deductible amounts as provided above), and there shall be assigned to Buyer at Closing all interest of Seller in and to any such insurance proceeds received prior to (including rental loss coverage for periods after the Closing) and pay for such occurrence (less any reasonable amounts expended by Seller to Buyer repair the amount of any deductible with respect thereto, and Buyer shall be entitled casualty or to receive and keep any monies received from such recover the insurance policiesproceeds).
Appears in 1 contract
Samples: Purchase Agreement (Rexford Industrial Realty, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Property shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that), Seller shall give Buyer written notice immediately upon becoming aware thereof, and: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000five percent (5%) of the Purchase Price, or and (cb) with respect to any condemnationcondemnation or taking (or notice thereof), any Improvements the proposed condemnation or taking would result in the loss of legal access to a public right-of way or the reduction of value in the Property or by more than five percent (5%) of the Property is (or will be) condemned or takenPurchase Price, then, in either such case, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaidAgreement, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer Buyer, at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awardsawards to be applied in accordance with the term of the Lease. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer Buyer, at the Closing Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount ), with Seller responsible for payment of any deductible and/or uninsured amount with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiespolicies which shall be applied in accordance with the terms of the Lease.
Appears in 1 contract
Samples: Agreement for Purchase and Sale of Real Property (Big Lots Inc)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect affecting the Property which would reasonably be expected to any Propertymaterially or adversely affect the ability to operate the Property as currently operated, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Property shall be borne by Seller. In the event all or any a material portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days Business Days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money Deposit allocated to said Property shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. As used in this Section, the term “material portion” shall mean a casualty the cost of which to repair exceeds $1,000,000, as reasonably determined by an independent insurance adjuster or contractor retained by Buyer, or with respect to a taking results in the diminution of the value of a Facility that exceeds $1,000,000, as reasonably determined by an independent MAI appraiser retained by Buyer. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller Parties shall assign to Buyer at the Closing the rights of Seller Parties to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller Parties shall assign to Buyer at the Closing the rights of Seller Parties to the proceeds under Seller’s Seller Parties’ insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies. Notwithstanding the foregoing, Tenant shall be fully responsible to repair any damage to the Property caused by a casualty or condemnation occurring prior to Closing, whether or not material for purposes of this Section, and for any claims or obligations regarding the aforesaid as required under the Master Lease, and Buyer shall in no way be required to assume or be deemed to have assumed responsibility for the same, by virtue of the occurrence of the Closing.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Griffin-American Healthcare REIT IV, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on in Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Trust III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) such that any Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller Seller, if any, to the proceeds under Seller’s the existing insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies).
Appears in 1 contract
Samples: Assignment and Assumption of Purchase Agreement (Cole Credit Property Trust V, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 Al and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Properties, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000500,000, or (c) with respect to any condemnation, any Improvements Building or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price Deposits as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Acquisition Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Acquisition Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement (American Realty Capital Properties, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: that (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000100,000, or (cb) with respect to any condemnation, any Improvements or access to the Property Property, or more than five ten percent (510%) of the Property Property, is (or will be) condemned or taken, then, then Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (Kulicke & Soffa Industries Inc)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: ; (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,00050,000 and Tenant is not obligated to repair under the terms of the Lease, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and and. Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be he no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Properties, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertythe Land or the Buildings, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the PropertyLand and the Buildings, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of the Land or any Property Building is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000500,000, or (cb) with respect to any condemnation, any Improvements Buildings or access to the Property Land or more than five percent (5%) of the Property Land is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies. The Closing Date shall be extended if necessary to allow Buyer sufficient time to make its election as provided herein.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000500,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to to: (i) terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten twenty (1020) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be immediately returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Daily Net Asset Value Trust, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Properties shall be borne by Seller. In the event all or any portion of any Property is the Properties are damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Griffin-American Healthcare REIT IV, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000225,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten five (105) business days after Buyer’s 's receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s 's insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to credit Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust Inc)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any PropertyPromptly upon learning thereof, Seller shall notify give Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or written notice of any condemnation condemnation, damage or taking destruction of the Property occurring prior to the Closing. If prior to the Closing all or a material portion of the Property is issued) so that: condemned, damaged or destroyed by an insured casualty, Buyer shall have the option of either (a) Tenant has a right applying the proceeds of termination any condemnation award or abatement payment under any insurance policies (other than business interruption or rental loss insurance) toward the payment of rent the Purchase Price to the extent such condemnation awards or insurance payments have been received by Seller, receiving from Seller an amount equal to any applicable deductible under the Lease for any such Propertyinsurance policy and receiving an assignment from Seller of any such awards or payments not theretofore received by Seller, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate terminating this Agreement with respect to each such Property by providing delivering written notice of such termination to Seller and Title Agent within ten (10) business days after Buyer’s receipt of Buyer has received written notice from Seller of such material condemnation, taking damage or damagedestruction, upon in which termination a proportionate part of case the Xxxxxxx Money shall will be returned to Buyer. If, prior to the Buyer in accordance with Closing, a portion of the Purchase Price as set forth on Exhibit A1 Property is condemned, damaged or destroyed and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such portion is not a material portion of the Property, except as otherwise expressly set forth herein. With respect to the proceeds of any condemnation award or taking (of payment and any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there applicable deductible under any insurance policies shall be no abatement applied toward the payment of the Purchase Price at Closing to the extent such condemnation awards or insurance payments have been received by Seller and Seller shall assign to Buyer at all unpaid awards or payments. For purposes of this Section 7, the Closing term “material portion” shall mean (i) any condemnation, damage or destruction of the rights Property resulting in damage equal to or in excess of Seller $3,450,000.00, or an absence of reasonable access to the awardsProperty or (ii) any damage or destruction of the Property that results in a negative impact to the rents generated from the Leases of fifteen percent (15%) or more. If the damage or destruction arises out of an uninsured risk, if anySeller shall elect, for by written notice within ten (10) days of the condemnation occurrence of such damage or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect destruction either to terminate this Agreement or to close the transaction contemplated hereby with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement a reduction of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller equal to the proceeds under Seller’s insurance policies covering such Property with respect costs of repairing the Property, as reasonably estimated by an engineer engaged by Seller and reasonably acceptable to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiesBuyer.
Appears in 1 contract
Samples: Agreement for Purchase and Sale of Real Property (National Instruments Corp)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Property shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if where the cost to repair such casualty would exceed or diminution in value resulting therefrom exceeds $50,000, or 100,000 (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, thenas determined by a third party selected by Buyer and reasonably approved by Seller), Buyer or Seller may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller the other party within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Griffin-American Healthcare REIT III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000200,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five ten percent (510%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not have an election or does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Global Trust II, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller Lessor shall notify Buyer Lessee in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by SellerLessor. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under the Lease for such Propertyits Lease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000250,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer Lessee may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller Lessor within ten (10) business days after BuyerLessee’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part the pro-rata portion of the Xxxxxxx Exxxxxx Money set forth on Schedule 1 attached hereto applicable to such terminated Property shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 Lessee, and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer Lessee does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Leasehold Transaction Price and Seller Lessor shall assign to Buyer Lessee at the Closing the rights of Seller Lessor to the awards, if any, for the condemnation or taking, and Buyer Lessee shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer Lessee does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Leasehold Transaction Price and Seller Lessor shall assign to Buyer Lessee at the Closing the rights of Seller Lessor to the proceeds under SellerLessor’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer Lessee any such proceeds received prior to Closing) and pay to Buyer Lessee the amount of any deductible with respect thereto, and Buyer Lessee shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Office Lease Agreement (American Realty Capital Healthcare Trust II, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to all of the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 A and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase And (American Realty Capital Daily Net Asset Value Trust, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller Sellers shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Property shall be borne by SellerSellers. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if where the cost to repair such casualty would exceed or diminution in value resulting therefrom exceeds $50,000, or 500,000 (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, thenas determined by a third party selected by Buyer and reasonably approved by Sellers), Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller Sellers within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller of the affected Property shall assign to Buyer at the Closing the rights of said Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller Sellers shall assign to Buyer at the Closing the rights of Seller Sellers to the proceeds under Seller’s Sellers’ insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Griffin-American Healthcare REIT III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent (that is not covered by rent loss insurance) under the Lease for such Propertyor Ground Lessor has a right of termination under the Ground Lease, whether or not the restoration work shall be timely completed, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000150,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the MOB Real Property or Parking Lot Real Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part of termination, the Xxxxxxx Money Money, together with all interest earned thereon, shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the (a) The risk of loss or damage to the PropertyPremises, by fire or other cause, until the time of the Closing, is assumed by the Seller, but without any obligation on the part of the Seller, except as otherwise expressly provided hereinat the Seller’s option, to repair or replace any such loss or damage. The Seller shall be borne by Seller. In notify Purchaser (the event all or any portion “Casualty Notice”) of the occurrence of any Property is damaged such loss or damage within five (5) days after such occurrence or by the Closing Date, whichever first occurs, and in any casualty the Casualty Notice shall elect whether or condemned not the Seller will repair or taken (replace the loss or notice damage, which would be the obligation of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent the Seller to repair and/or replace under the Lease Declaration and Bylaws for such Propertythe Condominium and if Seller elects to do so, or that it will complete the same within one hundred twenty (b120) with respect day period hereinafter referred to. The Casualty Notice shall contain, to any casualtythe extent available to the Seller, if an estimate of the cost to repair or replace such casualty would exceed $50,000, loss or (c) with respect to any condemnation, any Improvements or access damage to the Property or Premises from the adjuster for the Seller’s insurance carrier (the “Cost Estimate”). If the Cost Estimate is not available, then the Seller shall deliver same when received. If the Seller elects in the Casualty Notice to make such repairs and/or replacements, then the Casualty Notice shall set forth an adjourned date for the Closing, which shall be not more than five percent one hundred twenty (5%120) days after the date of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part giving of the Xxxxxxx Money shall be returned to Seller's notice. If the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer Seller does not elect in the Casualty Notice to cancel this Agreement as aforesaidmake such repairs and/or replacements, there or if the Seller elects in the Casualty Notice to make such repairs and/or replacements and fails to substantially complete such repairs and/or replacements on or before said adjourned Closing Date set forth in the Casualty Notice, then Purchaser shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.following options:
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital New York City REIT, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualtySeller assumes all risk and liability until Closing for damage or injury occurring to the Property by fire, storm, accident or any other casualty or cause, and for condemnation or a similar taking with respect to by any Property, Seller shall notify Buyer in writing governmental agency of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: the Property; after Closing Buyer bears and assumes all such risks and liability. If, prior to Closing, (a) Tenant has a right of termination the Property, or abatement of rent under the Lease for such Propertyany portion thereof, suffers any damage from fire or other casualty, or (b) with respect an action is initiated or threatened to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to take the Property or more than five percent (5%) any portion thereof, by eminent domain or condemnation proceedings or by deed in lieu thereof, then Seller shall promptly give Notice to Buyer of the Property is (or will be) condemned or taken, then, such event and Buyer may elect to either: (1) terminate this Agreement Agreement, in which event all Xxxxxxx Money (including any Xxxxxxx Money previously released to Seller) shall be returned to Buyer, or (2) consummate this Agreement, in which event Seller shall deliver to Buyer, on the Closing Date, any proceeds actually received by Seller in connection with respect such casualty or condemnation, or assign to each Buyer, on the Closing, all of Seller’s right, title and interest in any claim to proceeds of any insurance covering such Property damage, if any, or in the award of the condemning authority (provided that in no event shall Buyer be entitled to receive payment or assignment of such proceeds in an amount greater than the Purchase Price). Buyer shall make such election by providing sending written notice of such termination to Seller within ten (10) business days after Buyer’s receipt Seller provides Notice to Buyer of notice of such the casualty or condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof)applicable; provided that, if Buyer does not elect fails to cancel this Agreement as aforesaidtimely deliver Notice to Seller within said ten days, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled deemed to receive and keep all such awards. With respect to a casualty, if Buyer does not elect have elected to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiesAgreement.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under the Lease for such Propertyits Lease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 Buyer, and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase And (American Realty Capital Healthcare Trust II, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s 's receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s 's insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Global Trust, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Properties shall be borne by Seller. In the event all or any portion of any a Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that), Seller shall give Buyer written notice immediately upon becoming aware thereof, and: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000five percent (5%) of the Allocated Purchase Price with respect to such Property, or and (cb) with respect to any condemnationcondemnation or taking (or notice thereof), any Improvements the proposed condemnation or taking would result in (i) the loss of legal access to a public right-of way, (ii) the Property or reduction of value in the Properties by more than five percent (5%) of the Property is (or will be) condemned or takenits Allocated Purchase Price, then, in any such case, Buyer may elect to terminate this Agreement either (1) with respect to each the entire Agreement by providing written notice of such termination to Seller within ten (10) business days after Xxxxx’s receipt of notice of such condemnation, taking or damage, upon which termination the Xxxxxxx Money shall be returned to Buyer and thereafter neither party hereto shall have any further rights, obligations or liabilities under this Agreement, except as otherwise set forth herein, or (2) with respect to only the affected Property by providing written notice of such termination to Seller within ten (10) business days after BuyerXxxxx’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 shall be reduced by the applicable Allocated Purchase Price attributable to such Property, the Title Insurer shall immediately return to Buyer a portion of Xxxxxxx Money attributable to such applicable Property (comparing the applicable Property’s Allocated Purchase Price against the total Purchase Price), and thereafter neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein; provided, however, that Buyer may only partially terminate this Agreement as to individual Properties under this subparagraph (2) if the Allocated Purchase Prices of such affected Properties, taken in the aggregate, does not exceed ten percent (10%) of the total Purchase Price, and in no event may Buyer partially terminate this Agreement under this subparagraph (2) with respect to the AVDC Property. With Subject to the foregoing, with respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaidAgreement, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer Buyer, at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awardsawards to be applied in accordance with the terms of the Lease. With Subject to the foregoing, with respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer Buyer, at the Closing Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such Property Properties with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount ), with Seller responsible for payment of any deductible and/or uninsured amount with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiespolicies which shall be applied in accordance with the terms of the Lease. The Closing Date shall be automatically extended as necessary to accommodate the determination periods set forth in this Section 7.
Appears in 1 contract
Samples: Agreement for Purchase and Sale of Real Property (Big Lots Inc)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Properties shall be borne by Seller. In the event all or any portion of any a Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that), Seller shall give Buyer written notice promptly upon becoming aware thereof, and: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000five percent (5%) of the Allocated Purchase Price with respect to such Property, or and (cb) with respect to any condemnationcondemnation or taking (or notice thereof), any Improvements the proposed condemnation or taking would result in the loss of legal access to a public right-of way or the reduction of value in such Property or by more than five percent (5%) of the Property is (or will be) condemned or takenits Allocated Purchase Price, then, in either such case, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten three (103) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part the portion of the Xxxxxxx Money allocated to such Property shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaidwith respect to the applicable Property, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer Buyer, at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awardsawards to be applied in accordance with the terms of the Leases. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such the applicable Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer Buyer, at the Closing Closing, the rights of Seller to the proceeds under Seller’s any such Seller insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received after the Effective Date hereof but prior to Closing) and pay to Buyer the amount ), with Seller responsible for payment of any deductible and/or uninsured amount with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiespolicies which shall be applied in accordance with the terms of the Leases.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (Cracker Barrel Old Country Store, Inc)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) that the Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair Property as a result of such casualty would exceed $50,000, or (c) with respect condemnation and such Tenant does not waive such right of termination or abatement in writing prior to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or takenClosing, then, Buyer may elect to terminate this Agreement with respect to each such Property Property, without it counting as a Dropped Property, by providing written notice of such termination to Seller within ten (10) business days after Buyer’s 's receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 calculated according to Section 1(i) and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s 's insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer shall receive a credit against the Purchase Price in the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Purchase And (American Realty Capital Global Trust, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Property shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies. Section 8.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Risk of Loss/Condemnation. Upon an occurrence In the event of any material damage or destruction to, or any threatened or actual condemnation or conveyance in lieu of condemnation of a casualtymaterial part of, condemnation or taking with respect to any the Property, then Seller shall notify Buyer in writing of same. Until Closing, and Buyer shall have the risk of loss or damage option to terminate this Contract on written notice to the Propertyother on or before the first to occur of: fifteen (15) days after Seller notifies Buyer of such damage, except as otherwise expressly provided hereindestruction, shall be borne by Sellercondemnation or conveyance in lieu thereof, or the date and time herein specified for the Closing. In If Buyer does not exercise such termination right and/or in the event all such damage or any portion of any Property destruction is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Propertynot material, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more less than five percent (5%) a material part of the Property is (or will be) has been condemned or takenconveyed in lieu thereof, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awardsClosing, Seller's right, title and interest, if any, to receive any insurance proceeds for damage to the Improvements and/or the condemnation proceeds or takingproceeds for sale in lieu of condemnation payable in connection with such damage, destruction, taking or sale and the sale will proceed without reduction in Purchase Price. In such event, Seller shall also deliver to Buyer, in the form of a credit to Buyer at Closing, any insurance proceeds for damage to the Improvements, or condemnation proceeds or proceeds from a sale in lieu of condemnation, which may have been received by Seller prior to the Closing and attributable to the damage, destruction, condemnation or conveyance in lieu thereof which was the subject of Seller's notice described above, to the extent not used for repairs or restoration, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of credit the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller in an amount equal to the proceeds under Seller’s insurance policies covering cost of such Property with respect to such repairs not theretofore completed. For purposes of this Section 10, "material" means a taking, condemnation, conveyance in lieu of condemnation, damage or destruction which, as applicable, either (i) is reasonably estimated to cost more than $350,000.00 to repair, rebuild or pay restore, (ii) is reasonably expected to Buyer any such proceeds received take more than 210 days to repair, rebuild or restore, (iii) that prevents the full and complete use of 10.0% or more of the parking spaces present immediately prior to Closingsuch taking, condemnation, conveyance in lieu of condemnation, damage or destruction, or (iv) that prevents the full and pay to Buyer the amount complete use of any deductible with respect theretomeans of ingress, and Buyer shall be entitled egress or access to receive and keep any monies received or from such insurance policiesthe Property.
Appears in 1 contract
Samples: Contract of Sale (Cole Credit Property Trust II Inc)
Risk of Loss/Condemnation. Upon an occurrence of a casualtycasualty as to which Seller receives notice from the Tenant under the Lease, or an occurrence of a condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by SellerSeller and Tenant as provided in the Lease. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) that Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or takenLease, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s 's receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiesPrice.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Global Trust, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the All risk of loss or damage to the Property, except as otherwise expressly provided herein, Property occurring subsequent to the date hereof and on the Closing Date shall be borne by Seller. In If any of the event all Property shall suffer a "material" (as such term is hereinafter defined) loss by fire, flood, tornado, accident or other cause after the date hereof and on the Closing Date, or if proceedings to take or condemn the whole or any portion "material" part of the Property for public or quasi-public use under any statute or by the right of eminent domain are commenced or threatened prior to or on the Closing Date, Seller shall give Purchaser prompt written notice thereof, and Purchaser may, at its option, terminate this Contract by delivery to Seller of written notice of such termination within five (5) days after receipt of notice of such damage, destruction or condemnation. Upon receipt of such notice of termination, the Earnest Money shall be promptly returned to Purchaser, and each xxxxx shall be relieved of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) further obligations hereunder. If Purchaser elects not to so thatterminate this Contract, then: (a) Tenant the Closing shall take place as provided in this Contract; and (b) Seller shall assign to Purchaser all of Seller's rights with respect to the settlement of all insurance proceeds and/or any and all damages or awards receivable in respect of such damage, destruction or condemnation. After the Closing, Purchaser shall have the exclusive right to settle the loss and to receive all proceeds of the insurance covering the Property so damaged or destroyed, if a settlement of insurance proceeds has not occurred. If any of the Property shall suffer a loss by fire, flood, tornado, accident or other cause after the date hereof and on the Closing Date which is not "material," or if proceedings to take or condemn any part of the Property which is not "material" for public or quasi-public use under any statute or by the right of termination eminent domain are commenced or abatement threatened prior to or on the Closing Date, Seller shall give Purchaser prompt written notice thereof and shall use its best efforts to restore, prior to the Closing, the Property to its previous condition. If Seller is unable or unwilling to complete said restoration prior to the Closing, Purchaser shall be entitled to elect by written notice to Seller either (a) to receive credit at the Closing for the cost of rent under the Lease for such Propertyrestoration to be incurred by Purchaser, or (b) to accept an assignment from Seller to Purchaser of all of Seller's rights with respect to the settlement of all insurance proceeds and/or any casualtyand all damages or awards receivable in respect of such damage, if destruction or condemnation. In the cost to repair such casualty would exceed $50,000, or event Purchaser elects the option set forth in clause (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%a) of the Property is (or will be) condemned or takenthis subparagraph, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned entitled to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have retain all insurance proceeds and/or any further rights, obligations damages or liabilities under this Agreement awards receivable with respect to such Propertydamage, except as otherwise expressly set forth herein. With respect to any condemnation destruction or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiescondemnation.
Appears in 1 contract
Samples: Contract for Purchase of Real Estate (Windsor Park Properties 3)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Major Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000a Material Damage occurs, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each Property affected by such Property casualty damage or condemnation by providing written notice of such termination to Seller within ten (10) business days Business Days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies. As used herein, the term “Material Damage” means any damage which either (i) renders ten percent (10%) or more of the rentable square footage of a Property of a building constituting all or part of a Property untenantable or (ii) affects ten percent (10%) or more of the rentable square feet of the common area of a Property of a building constituting all or part of a Property.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Healthcare Trust Inc)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under its Leases, whether or not the Lease for such Property, restoration work shall be timely completed or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000250,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part of termination, the Xxxxxxx Money Money, together with all interest earned thereon, shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Property shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice and the Operating Subtenant of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if affected Facilities terminates the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access Operating Sublease pursuant to the Property or more than five percent (5%) terms of the Property is (Operating Sublease, Seller or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect regard to each such Property the Facility so condemned or damaged, by providing written notice of such termination to Seller the other party within ten (10) business days after Buyer’s receipt of such notice of such condemnation, taking or damagetermination of the Operating Sublease, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect regard to such Propertyaffected Facility, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if neither Seller nor Buyer does not elect to cancel terminate this Agreement as aforesaid, there then the parties shall be no proceed to Closing in accordance with the terms of this Agreement without abatement of the Purchase Price and Seller shall assign to Buyer at the upon Closing the rights of Seller to the awards, if any, for the condemnation or takingtaking shall be allocated between Buyer, as Landlord, and Buyer shall be entitled to receive and keep the Tenant, all such awardsas provided in Section 8 of the Master Lease. With respect to a casualty, if neither Seller nor Buyer does not elect to terminate this Agreement Agreement, then the parties shall proceed to Closing in accordance with respect to any such Property or does not have the right to terminate terms of this Agreement as aforesaid, there shall be no without abatement of the Purchase Price and Seller upon Closing all insurance proceeds shall assign to Buyer at the Closing the rights of Seller be assigned or paid over to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be party entitled to receive same under Article 7 of the Master Lease and keep any monies received from such insurance policiesapplied to the Restoration of the affected Facility as provided therein.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (Grubb & Ellis Healthcare REIT II, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Property shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of or any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Griffin-American Healthcare REIT III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, Property shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT II, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,0001,000,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five ten percent (510%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Exxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to repair such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policiesdestruction.
Appears in 1 contract
Samples: Lease Agreement (American Realty Capital Trust IV, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under its Leases, whether or not the Lease for such Property, restoration work shall be timely completed or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000150,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part of termination, the Xxxxxxx Money Exxxxxx Money, together with all interest earned thereon, shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase And (American Realty Capital Healthcare Trust II, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000250,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Cole Credit Property Trust V, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) any Tenant has a right of termination or abatement of rent under its Lease or a Ground Lessor has a right of termination under its Ground Lease, whether or not the Lease for such Property, restoration work shall be timely completed or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000250,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s 16 receipt of written notice of such condemnation, taking or damage, upon which termination a proportionate part of termination, the Xxxxxxx Money Money, together with all interest earned thereon, shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing Closing, the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Realty Capital Healthcare Trust III, Inc.)
Risk of Loss/Condemnation. Upon an occurrence of a casualty, condemnation or taking with respect to any Propertytaking, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except solely as otherwise expressly provided hereinto loss or damage caused by Buyer or Buyer’s Representatives during the Due Diligence Period, shall be borne by Seller. In the event all or any portion of any the Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such PropertyLease, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,0001,000,000, or (c) with respect to any condemnation, any Improvements (including any portion of the parking lots located on the Real Property) or access to the Property or more than five ten percent (515%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money (less the Independent Consideration) shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such PropertyAgreement, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such the Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) ), together with all of Seller’s rights to fully adjust and settle the insurance claim and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (American Finance Trust, Inc)
