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. 8.01. In the case of fire or other casualty, or the taking of the Premises or any part thereof by eminent domain (collectively a “Casualty/Taking Event”), and in the event the damage, if any, shall not have been repaired by the Closing, the parties agree that the provisions of Section 5-1311 of the General Obligations Law of the State of New York shall apply, except that: (i) A “material” part of the Premises within the meaning of such law shall be deemed to have been taken or damaged only if (x) the cost of repair in the case of fire or casualty or the value of the taking in the case of eminent domain, as the case may be, shall be $10,000,000.00 or more, or (y) the taking materially adversely affects Purchaser’s access to the Premises. In the event of taking or damage of a material part of the Premises, at Purchaser’s option, Purchaser may terminate this contract upon written notice to Seller and receive a refund of the Downpayment, or Purchaser may elect to have Seller assign (without representation, warranty and/or recourse, express or implied, other than that Seller has not encumbered or otherwise assigned the hereinafter described insurance and condemnation proceeds) to Purchaser all proceeds and rights with respect to such insurance and condemnation proceeds (net of all collection costs and amounts applied, in accordance with §8.03, to the restoration and protection of the Premises) and Purchaser shall accept same in lieu of any abatement and this contract shall not be terminated. (ii) In the event of a taking or damage of an immaterial part of the Premises, Seller, at Closing, shall assign (without representation, warranty and/or recourse, express or implied, other than that Seller has not encumbered or otherwise assigned the hereinafter described insurance and condemnation proceeds) to Purchaser all proceeds and rights with respect to such insurance and condemnation proceeds (net of all collection costs and amounts applied, in accordance with §8.03, to the restoration of the Premises) and Purchaser shall accept same in lieu of any abatement. Seller agrees that until the Closing it will maintain in force its existing insurance coverage as set forth on Schedule F or alternate insurance coverage provided the benefits thereof are not less than those of the presently existing policies. In the event of casualty and a subsequent Closing, Purchaser shall receive an additional credit at closing equal to the amount of any deductible under the policies so mai...
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.
Destruction, Damage or Condemnation. 7 Section 9....................................................................................
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. (a) If, prior to the Closing Date, any portion of the Fxxxxxxx Real Property is Materially damaged or destroyed by fire or other casualty (a "Casualty"), then Seller shall notify Buyer of such fact and Buyer shall have the option to terminate this Agreement upon notice to Seller given not later than ten business days after Seller gives such notice to Buyer. If this Agreement is terminated as aforesaid, then neither party shall have any further rights or obligations hereunder, other than those which expressly survive the termination of this Agreement, and all insurance proceeds shall belong to Seller. If, prior to the Closing Date, any portion of the Fxxxxxxx Real Property is Materially damaged or destroyed by a Casualty and Buyer does not elect to terminate this Agreement (or if Buyer does not have the right to elect to terminate this Agreement), then (i) Buyer shall accept so much of the Fxxxxxxx Real Property as remains after such Casualty with no abatement of the Purchase Price, and (ii) Seller shall (1) assign to Buyer at the Closing all rights of Seller to any insurance proceeds, (2) remit to Buyer at Closing any such insurance proceeds received by Seller after the date hereof and prior to the Closing (less reasonable costs of collection and/or restoration incurred by Seller prior to Closing), and (3) remit to Buyer promptly upon receipt any such insurance proceeds received by Seller after the Closing (which obligation shall survive the Closing).
Destruction, Damage or Condemnation. (a) The provisions of Section 5-1311 of the New York General Obligations Law shall apply to the purchase and sale of the Premises as contemplated by this Agreement in the event that the Premises are destroyed or damaged.
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. 8.01. (a) If, prior to the Closing Date, all or any portion of the Properties is taken by eminent domain (or is the subject of a pending taking which has not been consummated) and such taking results in a Material Loss (as hereinafter defined), then, Owner shall notify the Company of such fact and the Company shall have the option (which option shall be set forth in a notice from the Company to Owner given not later than thirty (30) days after receipt of Owner's notice):
Destruction, Damage or Condemnation. 9.01. (a) If, prior to the Closing Date, all or any portion of any Property or Properties to be contributed or sold on the Closing Date are taken by eminent domain (or is the subject of a pending condemnation proceeding that has not been reduced to judgment), Owner shall notify the Company of such fact and the Company shall accept title to the Property or Properties (other than the portion so taken), in which event Owner shall assign and turn over to the Company at the Closing, and the Company shall be entitled to receive and keep, all amounts awarded or to be awarded as the result of the taking of such Properties; it being understood and agreed that the Contribution Consideration or the Sale Price of the Property or Properties to be transferred to the Company pursuant to this Section 9.01(a), as applicable, shall not be reduced by the amounts so awarded or anticipated to be so awarded.
