Common use of Substantial Portion Clause in Contracts

Substantial Portion. In the event all or any portion of the Real Property is taken by condemnation or eminent domain or is the subject of a threatened or pending condemnation or eminent domain proceeding that has not been consummated prior to the Close of Escrow resulting in a decrease in the value of the Real Property in an amount in excess of One Hundred Thousand Dollars ($100,000), Buyer may elect to terminate this Agreement upon written notice to Seller given within ten (10) days after learning of such taking or proceeding, with the same effect as if terminated under Section 7.1.1. If Buyer does not terminate this Agreement as provided in the preceding sentence, the parties shall proceed to consummate this Agreement in which event Seller shall assign to Buyer at Close of Escrow its rights, if any, to all awards for such condemnation or taking.

Substantial Portion. In the event all or any portion of the Real Property is taken by condemnation or eminent domain or is the subject of a threatened or pending condemnation or eminent domain proceeding that has not been consummated prior to the Close of Escrow resulting in a decrease in the value of the Real Property in an amount in excess of One Hundred Thousand Dollars ($100,000), Buyer may elect to terminate this Agreement upon written notice to Seller given within ten (10) days after learning of such taking or proceeding, with the same effect as if terminated under Section 7.1.17.1. 1. If Buyer does elects not to terminate this Agreement as provided in the preceding sentence, the parties shall proceed to consummate this Agreement in which event Seller shall assign to Buyer at Close of Escrow its rights, if any, to all awards for such condemnation or taking.