Common use of Taking Before Closing Clause in Contracts

Taking Before Closing. In the event of an eminent domain taking or the issuance of a notice of a proposed eminent domain taking prior to the Closing with respect to all or any portion of the Premises, the Seller shall promptly notify the Buyer. The Buyer shall have, as its sole and exclusive remedies in any such case, (i) the option to terminate this Agreement within thirty (30) days after its receipt of notice from the Seller as set forth above, by notice in writing to the Seller, or (ii) if the Buyer does not elect to terminate, this Agreement shall remain in full force and effect, the Buyer shall be obligated to consummate the transaction contemplated by this Agreement for the full Purchase Price, the Buyer shall be entitled to receive all eminent domain awards and shall control all condemnation award proceedings and, to the extent the same may be necessary and appropriate, the Seller shall assign to the Buyer at Closing the Seller’s rights to such awards.

Taking Before Closing. In the event of an eminent --------------------- domain taking or the issuance of a notice of a proposed eminent domain taking prior to the Closing with respect to all or any portion of the Premises, the Seller shall promptly notify the Buyer. The Buyer shall have, as its sole and exclusive remedies in any such case, (i) the option to terminate this Agreement within thirty (30) days after its receipt of notice from the Seller as set forth above, by notice in writing to the Seller, or (ii) if the Buyer does not elect to terminate, this Agreement shall remain in full force and effect, the Buyer shall be obligated to consummate the transaction contemplated by this Agreement for the full Purchase Price, the Buyer shall be entitled to receive all eminent domain awards and shall control all condemnation award proceedings and, to the extent the same may be necessary and appropriate, the Seller shall assign to the Buyer at Closing the Seller’s 's rights to such awards.

Taking Before Closing. In the event of an eminent domain taking or the issuance of a notice of a proposed eminent domain taking prior to the Closing with respect to all or any portion of the PremisesLeased Real Property, the Seller Sellers shall promptly notify the Buyer. The Buyer shall have, as its sole and exclusive remedies in any such case, (i) the option to terminate this Agreement within thirty (30) 30 days after its receipt of notice from the Seller Sellers as set forth above, by notice in writing to the SellerSellers, or (ii) if the Buyer does not elect to terminate, this Agreement shall remain in full force and effect, the Buyer shall be obligated to consummate the transaction transactions contemplated by by, and in accordance with, this Agreement for the full Purchase Price, the Buyer shall be entitled to receive all eminent domain awards and shall control all condemnation award proceedings and, to the extent the same may be necessary and appropriate, the Seller Sellers shall assign to the Buyer at Closing the Seller’s Sellers’ rights to such awards.