Common use of Casualty or Condemnation Clause in Contracts

Casualty or Condemnation. If, before the Closing Date, (i) the improvements on the Real Property are materially damaged by any casualty, as reasonably determined by Buyer, or (ii) proceedings are commenced for the taking by exercise of the power of eminent domain of all or a material part of the Property, as reasonably determined by Buyer, Buyer shall have the right, by giving notice to Seller within twenty (20) days after Seller gives written notice of the casualty or condemnation to Buyer, to terminate this Agreement, in which event this Agreement shall automatically terminate. If, before the Closing Date, (a) the improvements on the Real Property are damaged by any casualty, but not in a material manner, (b) proceedings are commenced for the taking by exercise of the power of eminent domain of less than such a material part of the Property, or (c) Buyer has the right to terminate this Agreement pursuant to the preceding sentence but Buyer does not exercise such right, then this Agreement shall remain in full force and effect and, on the Closing Date, one of the following shall occur, as applicable: (1) the full repair and restoration cost, as reasonably agreed upon by Buyer and Seller, shall be a credit to Buyer against the total Purchase Price for the Property, or (2) the condemnation award (or, if not theretofore received, the right to receive such award) payable on account of the taking shall be transferred to Buyer. Seller shall give notice to Buyer immediately after the occurrence of any damage to the improvements on the Real Property by any casualty or the commencement of any eminent domain proceedings. Buyer shall have a period of twenty (20) days after Seller has given the notice to Buyer required by this Section 13 to make the determination as to whether to terminate this Agreement. If necessary, the Closing Date shall be postponed until Seller has given the notice to Buyer required by this Section 13 and the period of twenty (20) days described in this Section 13 has expired.

Casualty or Condemnation. IfIn the event of any damage, before destruction or condemnation of the Closing Date, (i) the improvements on the Real Property are materially damaged by any casualty, as reasonably determined by BuyerSite, or (ii) proceedings are commenced for any part thereof, not caused by Tenant that renders the taking by exercise of the power of eminent domain of all Site unusable or a material part of the Propertyinoperable, as reasonably determined by Buyer, Buyer shall Owner will have the right, by giving notice but not the obligation, to Seller provide an alternate location, whether on the same Site or another Site, or to terminate this Agreement within twenty thirty (2030) days after Seller gives written notice of the casualty damage, destruction or condemnation to Buyer, condemnation. If Owner chooses to terminate this Agreement, in which event Owner agrees that it will, subject to any necessary third party consents or approvals, assign the underlying ground lease to Tenant for no consideration. If Owner does not terminate this Agreement shall automatically terminate. If, before the Closing Date, Agreement: (ai) the improvements on rent payable hereunder will be reduced or abated in proportion to the Real Property are damaged by any casualty, but not in a material manner, (b) proceedings are commenced for the taking by exercise actual reduction or abatement of use of the power of eminent domain of less than such a material part of the Property, or Site by Tenant; and (cii) Buyer has the right to terminate this Agreement pursuant Owner will make any necessary repairs to the preceding sentence but Buyer does Site caused by the damage or destruction and will be entitled to use any and all insurance proceeds to pay for any repairs. In the event Owner has not exercise such rightproceeded to repair, then this Agreement shall remain in full force and effect and, on replace or rebuild the Closing Date, one of the following shall occur, as applicable: Site within sixty (1) the full repair and restoration cost, as reasonably agreed upon by Buyer and Seller, shall be a credit to Buyer against the total Purchase Price for the Property, or (2) the condemnation award (or, if not theretofore received, the right to receive such award) payable on account of the taking shall be transferred to Buyer. Seller shall give notice to Buyer immediately after the occurrence of any damage to the improvements on the Real Property by any casualty or the commencement of any eminent domain proceedings. Buyer shall have a period of twenty (2060) days after Seller has given the damage or destruction, after giving thirty (30) days written notice and Owner's failure to Buyer required by this Section 13 to make the determination as to whether to comply within that time frame, then Tenant may terminate this Agreement. If necessaryOwner will in no event be liable to Tenant for any damage to or loss of Tenant's Equipment by Tenant's act or omission, or Tenant's violation of any of the Closing Date shall terms, covenants or conditions of this Agreement (unless caused solely by Owner's intentional misconduct or negligence). Owner will in no event be postponed until Seller has given the notice liable to Buyer required Tenant for any loss or damage sustained by reason of any business interruption suffered by reason of any act of God, (unless caused solely by Owner's intentional misconduct or gross negligence). The terms and conditions of this Section 13 and 20 shall survive the period termination of twenty (20) days described this Agreement. Owner acknowledges that Tenant may have certain emergency procedures that Tenant may desire to implement, including the temporary location of a cell on wheels on the Site, in this Section 13 has expiredthe event of a casualty. To the extent possible, Owner will cooperate with Tenant in Tenant's implementation of its emergency responses as the same may exist from time to time.

Casualty or Condemnation. If, If on or before the Closing Date, (i) Date all or any part of the improvements on the Real Property are materially is destroyed or damaged by fire or any casualty, as reasonably determined by Buyerother cause, or (ii) if eminent domain proceedings are commenced for the taking by exercise instituted, or a notice of condemnation is given, with respect to all or a portion of the power Property, Seller shall promptly notify Purchaser thereof. If such damage or destruction is repaired at the sole cost and expense of eminent domain Seller prior to Closing to the same condition existing prior to such damage or destruction, or if such damage or destruction does not exceed $100,000 (as determied by Seller's insurer in its reasonable discretion) and such damage or destruction is fully covered by Seller's insurance (provided, that if such damage or destruction is not fully covered by Seller's insurance Seller may, at its option, pay or credit Purchaser in any amount equal to the shortfall, in which event such damage or destruction will be deemed fully covered by Seller's insurance), or if the value of all any land taken or to be taken does not eceed $100,000 or does not in Purchaser's reasonable judgment constitute a material part of the PropertyProperty or does not adversely affect the existing zoning with respect to the Property , as reasonably determined by Buyer, Buyer Purchaser shall have be bound to purchase the right, by giving notice to Seller within twenty (20) days after Seller gives written notice Property without reduction in the Purchase Price. In the event of the casualty or condemnation to Buyer, to terminate this Agreement, in which event this Agreement shall automatically terminate. If, before the Closing Date, (a) damage to or destruction of all or any part of the improvements on the Real Property are damaged by any casualtyof $100,000 or more and Seller fails to repair such damage or destruction as provided herein, but not in a material manner, or (b) proceedings are commenced for the taking by exercise institution or giving of the power notice of eminent domain of less than such a material proceedings with respect to all or any part of the PropertyProperty the value of which exceeds $100,000, Purchaser or (c) Buyer has Seller shall have the right to terminate this Agreement pursuant by giving written notice to the preceding sentence but Buyer does not exercise such right, then this Agreement shall remain in full force and effect and, other on or before the Closing Date, one of Date and in the following shall occur, as applicable: (1) the full repair and restoration cost, as reasonably agreed upon by Buyer and Seller, shall be a credit to Buyer against the total Purchase Price for the Property, event Purchaser or (2) the condemnation award (or, if not theretofore received, the Seller excercises such right to receive such award) payable on account of the taking shall be transferred to Buyer. Seller shall give notice to Buyer immediately after the occurrence of any damage to the improvements on the Real Property by any casualty or the commencement of any eminent domain proceedings. Buyer shall have a period of twenty (20) days after Seller has given the notice to Buyer required by this Section 13 to make the determination as to whether to terminate this Agreement, the Escrow Agent shall make a Refund, whereupon no party hereto shall have rights,obligations or liabilities hereunder. If necessaryIn the event of any unrepaired damage or eminent domain proceedings which would permit termination hereunder and neither party elects to terminate, or if Purchaser is required to proceed permit termination hereunder , the Deed shall be subject to any such eminent domain proceeding, such taking shall be deemed a Permitted Exxception, and Seller shall deliver to Purchaser on the Closing Date shall be postponed until Seller has given the notice an assignment in a form reasonably satisfactory to Buyer required by this Section 13 Purchaser of all of Seller's right, title and interest in and to any eminent domain, award or insurance claim (including rental insurance except for any rental insurance proceeds attributable to the period prior to Closing), and any deductible with respect thereto, to the extent not previously applied to restoration of twenty the Property, but the Purchase Price shall not be affected by any such condemnation, damage or destruction (20) days described although in this Section 13 has expiredthe event of a casualty, Purchaser will receive a credit against the Purchase Price equal to any deductible on Seller's casualty insurance).

Casualty or Condemnation. If, before If any material part of the Closing Date, (i) the improvements on the Real Property are materially damaged Premises is taken by any casualty, as reasonably determined by Buyer, condemnation or (ii) proceedings are commenced for the taking by exercise of the power of eminent domain of all (including voluntary sale or a material part conveyance in lieu or under threat thereof), either Landlord or Tenant may terminate this Lease by written notice to the other. If portions of the PropertyShopping Center other than the Premises are materially damaged, as reasonably determined destroyed or taken, rendering the continued operation of the Shopping Center uneconomical in Landlord's reasonable business judgment, or if the Shopping Center no longer complies with the requirements of governmental. authority, Landlord may terminate this Lease by Buyer, Buyer shall have the right, by giving written notice to Seller within twenty Tenant. Tenant must provide notice of termination, if at all, prior to receiving notice from Landlord that Landlord intends to restore the Premises. Landlord's notice of intent to restore extinguishes Tenant's termination right. Termination of this Lease under this paragraph 7 is effective thirty (2030) days after Seller gives written the giving of notice of termination. In the casualty absence of termination of this Lease under this paragraph 7, Landlord will diligently restore the Premises to as near as possible their condition existing at the date of this Lease (with such additional improvements, if any, as Landlord agreed to make prior to Tenant's occupancy), after which Tenant will diligently further restore the Premises to as near as possible their condition existing prior to the damage, destruction or taking. However, Landlord's restoration obligations are conditioned upon Landlord's full recovery of insurance proceeds (less deductible) from its insurers, or the condemnation to Buyeraward from the condemning authority, as applicable, and upon Landlord's obtaining all necessary permits and regulatory approvals. Tenant waives any compensation or damages from Landlord, any insurance proceeds from policies maintained by Landlord, and any award in condemnation or settlement in lieu thereof, arising from the Premises being damaged, destroyed or taken. Tenant waives any statutory or other right of Tenant to terminate this AgreementLease if the Premises are damaged, in which event this Agreement shall automatically terminate. Ifdestroyed, before the Closing Date, (a) the improvements on the Real Property are damaged by any casualty, but not in a material manner, (b) proceedings are commenced for the taking by exercise of the power of eminent domain of less than such a material part of the Propertytaken, or (c) Buyer has the right to terminate this Agreement pursuant to the preceding sentence but Buyer does not exercise such right, then this Agreement shall remain in full force and effect and, on the Closing Date, one of the following shall occur, as applicable: (1) the full repair and restoration cost, as reasonably agreed upon by Buyer and Seller, shall be a credit to Buyer against the total Purchase Price for the Property, or (2) the condemnation award (or, if not theretofore received, the right to receive such award) payable on account of the taking shall be transferred to Buyer. Seller shall give notice to Buyer immediately after the occurrence of any damage to the improvements on the Real Property by any casualty or the commencement of any eminent domain proceedings. Buyer shall have a period of twenty (20) days after Seller has given the notice to Buyer required by this Section 13 to make the determination as to whether to terminate this Agreement. If necessary, the Closing Date shall be postponed until Seller has given the notice to Buyer required by this Section 13 and the period of twenty (20) days described in this Section 13 has expiredotherwise rendered untenantable.

Casualty or Condemnation. During the period from the Opening of Escrow through Closing, all risk of loss from fire or other casualty or condemnation shall be borne by Seller. If, before the Closing Date, (i) the improvements on the Real Property are materially damaged by any casualty, as reasonably determined by Buyer, or (ii) proceedings are commenced for the taking by exercise of the power of eminent domain of all or a material part of the Property, as reasonably determined by Buyer, Buyer shall have the right, by giving notice to Seller within twenty (20) days after Seller gives written notice of the casualty or condemnation to Buyer, to terminate this Agreement, in which event this Agreement shall automatically terminateterminate and the Deposit shall be returned to Buyer. If, before the Closing Date, (a) the improvements on the Real Property are damaged by any casualty, but not in a material manner, (b) proceedings are commenced for the taking by exercise of the power of eminent domain of less than such a material part of the Property, or (c) Buyer has the right to terminate this Agreement pursuant to the preceding sentence but Buyer does not exercise such right, then this Agreement shall remain in full force and effect and, on the Closing Date, one of the following shall occur, as applicable: (1) the full repair and restoration cost, as reasonably agreed upon mutually determined by Buyer and Seller, shall be a credit to Buyer against the total Purchase Price for the PropertyMembership Interests, or (2) the condemnation award (or, if not theretofore received, the right to receive such award) payable on account of the taking shall be transferred to Buyer. Seller shall give notice to Buyer immediately after the occurrence of any damage to the improvements on the Real Property by any casualty or the commencement of any eminent domain proceedings. Buyer shall have a period of twenty (20) days after Seller has given the notice to Buyer required by this Section 13 12 to make the determination as to whether to terminate this Agreement. If necessary, the Closing Date shall be postponed until Seller has given the notice to Buyer required by this Section 13 12 and the period of twenty (20) days described in this Section 13 12 has expired.