Destruction, Damage or Condemnation. 8.01. The provisions of Section 5-1311 of the General Obligations Law shall apply to the sale and purchase provided for in this contract.
Destruction, Damage or Condemnation. Prior to the Closing Date, risk of loss with regard to the Project and the construction, ownership, operation, management or maintenance thereof shall be borne by Seller. If, prior to the Closing Date, all or a material part of the Project is subjected to a bona fide threat of condemnation by a body having the power of eminent domain, or included in whole or in part in a governmental plan or proposal which may result in the taking of all or a material part of the Project, or is taken by eminent domain or condemnation (or a sale in lieu thereof), or all or a significant (by which term is meant damage or destruction where the estimated costs of restoration exceed $100,000.00) part of the Project is damaged or destroyed by fire or other casualty, Purchaser may, by written notice to Seller, given within thirty (30) days after Purchaser's receiving actual notice of such plan or proposal, threat of condemnation, condemnation, damage, destruction, or sale, elect to rescind and cancel this Agreement, and upon such rescission and cancellation, the Title Company shall return the Xxxxxxx Money to Purchaser and none of the parties shall have any rights, obligations or liabilities hereunder, except as set forth herein. The Closing Date shall be postponed, if necessary, to grant Purchaser such thirty (30) day period. If Purchaser does not elect so to rescind, or if less than a significant part of the Project is damaged or destroyed by fire or other casualty, this Agreement shall remain in full force and effect, and the purchase contemplated herein, less any property destroyed by fire or other casualty or taken by eminent domain or condemnation, or sold in lieu thereof, shall be effected with no further adjustments, and the provisions of the Lease shall govern any actions required to be taken by Purchaser and Seller in connection with such condemnation, damage, destruction, or sale. If this Agreement is not rescinded by Purchaser as set forth above, at such time as all or part of the Project is subject to a bona fide threat of condemnation as hereinabove provided, Purchaser shall be permitted to participate in the proceedings as if Purchaser were a party to the action.
Destruction, Damage or Condemnation. 21.1. If all, or any part, of the 91st Avenue WWTP is destroyed, damaged, or condemned, the SROG Cities shall restore or reconstruct the 91st Avenue WWTP in such a manner as to permit the SROG Cities to deliver Effluent to the Palo Verde Participants pursuant to this Agreement; or in the event substitute wastewater treatment facilities are constructed at a new location other than the site of the 91st Avenue WWTP, in lieu of restoration or reconstruction of the 91st Avenue WWTP, the SROG Cities shall sell and deliver the same rights to the treated wastewater from such substitute facilities on the same terms and conditions as apply to the sale and delivery of Effluent from the 91st Avenue WWTP pursuant to this Agreement. If the SROG Cities make changes to the 91st Avenue WWTP or construct substitute wastewater treatment facilities at a new location pursuant to this Section 21.1, the SROG Cities shall, at their sole expense, design, construct, and install all infrastructure necessary to deliver the Effluent pursuant to this Agreement.
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Destruction, Damage or Condemnation. (a) If (i) all or substantially all of the Premises shall be damaged by fire or other casualty or taken under power of eminent domain or rendered unusable in Tenant's business by reason of a governmental order or decree, (ii) the Premises remaining after damage by fire or other casualty or taking by eminent domain is, in the reasonable judgment of Tenant, insufficient for the feasible operation of Tenant's business, or (iii) in the exercise of reasonable judgment of Tenant (or, in the last two years (2) of the Term, Landlord), repair and restoration of the Building after damage by fire or other casualty or taking by eminent domain will require more than one hundred twenty (120) days, then Tenant (and in the last two years of the Term, Landlord) shall have the right, exercisable within thirty (30) days of receipt of notice of such casualty or condemnation, to terminate this Lease. If Landlord elects to terminate this Lease in the last two (2) years of any term prior to the last Extension Term, such election may be nullified by Tenant giving notice to Landlord exercising its right to the next Extension Term within thirty (30) days after Landlord's election.
Destruction, Damage or Condemnation. Section 8.01 Risk of loss due to damage or destruction or condemnation of the Parcel or any part thereof, shall remain with Seller until legal title passes to Purchaser. In the event of any damage, destruction or condemnation of the Parcel or any portion thereof, Purchaser shall have the option of (i) terminating this Contract, or (ii) accepting title in its damaged or destroyed condition whereupon such damage or destruction shall be deemed to have occurred for purposes of the Lease during the term of such Lease (in which event it shall be the obligation of Academy to restore after the closing of title). If Purchaser terminates this Contract pursuant to clause (i) above, neither party under this Contract shall have any obligation to the other and the Downpayment, together with accrued interest (less the Independent Consideration), shall be promptly returned to Purchaser by the Escrow Agent. Notwithstanding the foregoing, in the event of an immaterial damage to the Parcel prior to the Closing, Purchaser shall be required to accept title in accordance with the provisions of clause (ii) of this Section 8.01. For purposes hereof, damage to the Parcel shall be deemed to be “immaterial” if the cost to repair or restore such damage does not exceed $500,000.00 in the aggregate, the estimated time to repair or restore such damage does not exceed 90 days, and Academy cannot axxxx or offset any payments under the Lease or terminate the Lease.
Destruction, Damage or Condemnation. If, subsequent to the date hereof and prior to the Closing Date, all or any material portion of the Property shall be destroyed or damaged by one or more incidents of vandalism, fire and/or other casualty, whether or not covered by insurance, Seller shall immediately give Purchaser notice of such occurrence, and Purchaser may within fifteen (15) days after receipt of such notice, elect to (a) terminate this Agreement, in which event the Deposit, and any interest thereon, shall be returned forthwith to Purchaser, all obligations of the parties hereunder shall cease and this Agreement shall have no further force and effect, or (b) close the transaction contemplated hereby as scheduled (except that if the Closing Date is less than fifteen (15) days following Purchaser’s receipt of such notice, closing shall be delayed until Purchaser makes such election), in which event Purchaser shall have the right to participate in the adjustment and settlement of any insurance claim relating to said damage, and Seller shall assign and/or (if already received) pay to Purchaser at closing all insurance proceeds (and other related chooses in action, if any) claimed or collected with respect to said loss or damage plus any deductible or self-insured amount. For purposes of this Section 6.01 only damage or destruction to the Property reasonably estimated to cost in excess of $200,000.00 shall be deemed to be material. With respect to damage or destruction to the Property estimated to cost less than $200,000.00, Purchaser shall be obligated to close the transaction and Seller shall assign all insurance claims, if any, to Purchaser. With respect to damage or destruction to the Property which is not covered by insurance, Seller shall have the right to either repair the loss or damage or credit Purchaser with the cost of same. Seller must provide Purchaser with written notice of its election within ten (10) days from the date of the occurrence. Notwithstanding anything to the contrary, if the damage or destruction to the Property exceeds $1,000,000.00, Seller shall also have the right to terminate this Agreement and the Deposit together with any interest earned thereon shall be returned to Purchaser.
Destruction, Damage or Condemnation. 16.1 If all, or any part, of the 23rd Avenue Plant or the 91st Avenue Plant should be destroyed, damaged or condemned, Phoenix or the Cities as the case may be shall restore or reconstruct the 23rd Avenue Plant or the 91st Avenue Plant in such a manner as to permit the Cities to deliver Effluent to the Participants pursuant to this Agreement, or in the event substitute wastewater treatment facilities arc constructed at a new location other than the 23rd Avenue or 91st Avenue Plants in lieu of restoration or reconstruction of either such plant, the Cities shall transfer, sell and deliver the same rights to the treated wastewater from such substitute facilities on the same terms and conditions as apply to Uncommitted Effluent from the destroyed, damaged or condemned plant.
Destruction, Damage or Condemnation ss. 8.01. The provisions of the Uniform Vendor and Purchaser Risk Act, if effective in the state in which the Premises are located, shall apply to the sale and purchase provided for in this contract.
Destruction, Damage or Condemnation. If, prior to Closing, all or any portion of any or all of the Land and the Improvements is damaged by fire or other natural casualty (collectively “Damage”), or is taken or made subject to condemnation, eminent domain or other governmental acquisition proceedings (collectively “Eminent Domain”), then:
