Damage and Condemnation. Prior to the Closing Date, no portion of the Facility shall have been damaged or destroyed by fire or other casualty where the estimate of damage to such Facility exceeds 10% of the Purchase Price allocated to such Facility, or proceedings be commenced or threatened to take or condemn any material part of the Real Property or improvements comprising a Facility by any public or quasi-public authority under the power of eminent domain. A proceeding shall be deemed to be “material” if such condemnation or taking (i) relates to the material taking or closing of any right of access to any Real Property or Facility, (ii) cause the Real Property or Facility to become non-conforming with then current legal requirements governing such Real Property or Facility, (iii) results in the loss of parking that is material to the operation of such Facility, or (iv) result in the loss of value in excess of 10% of the Purchase Price allocated to such Facility, in Buyer’s reasonable judgment. If such Facility shall have been so damaged or destroyed, Seller shall deliver prompt written notice of such condemnation, damage or destruction to Buyer. In the event Buyer waives this condition, by written notice to Seller within fifteen (15) business days of receipt of notice of such proceeding, and the Closing occurs, Seller shall assign to Buyer all its right to any insurance proceeds in connection therewith. If proceedings shall be so commenced or threatened to take or condemn the Real Property or the Facility or portion thereof prior to Closing, and if Buyer waives this condition and the Closing occurs, Seller shall pay or assign to Buyer all Seller’s right to the proceeds of any condemnation award in connection thereof.
Damage and Condemnation. 12.1 In the event during the Lease Term the Premises are damage by fire or other casualty, but not to such an extent that repairs and rebuilding cannot reasonably be completed within one hundred eighty (180) days of the date of the event causing such damage, Lessor may, at Lessor’s option, repair and rebuild the Premises. If Lessor elects to repair and rebuild the Premises which said notice shall be given to Lesssee within sixty (60) days of said damage, this Lease shall remain in full force and effect, but Lessor may require Lessee to temporarily vacate the Premises while the same are being repaired and, subject to the provisions of this Paragraph 12.1, rent shall abate during this period to the extent that the Premises are untenantable; provixxx, however, that Lessor shall not be liable to Lessee for any damage or expense which temporarily vacating the Premises may cause Lessee. If the Premises are not repaired, rebuilt or otherwise made suitable for occupancy by Lessee within the aforesaid one hundred eighty (180) day period, Lease shall have the right, by written notice to Lessor, to terminate this Lease, in which event rent shall be abated for the unexpired Lease Term, effective as of the date of such written notification, but the other terms hereof shall remain in full force and effect. If Lessor elects not to repair and rebuild the Premises said notice shall be given to Lessee within sixty (60) days or if the Business Park or any part thereof be so damaged that repairs and rebuilding cannot reasonably be completed within one hundred eighty (180) days of the date of the event causing such damage, which said notice shall be given to Lessee within sixty (60) days of Lessor or Lessee may be written notice to the other party terminate this Lease in which event rent shall be abated for the unexpired Lease Term, effective as of the date of such written notification, but the other terms hereof shall remain in full force and effect.
Damage and Condemnation. SELLER shall notify PURCHASER of the occurrence of any damage, destruction, taking or threat of taking affecting the Property. In the event of any damage to or destruction of any of the buildings or improvements, or in the event of any taking or threat of taking of the Property or any portion thereof by condemnation or expropriation, PURCHASER may elect to: (i) terminate this Agreement by giving notice thereof to SELLER within ten (10) days after receipt of notice from SELLER, whereupon the Deposit shall be refunded to PURCHASER, and neither party shall have any further rights or obligations hereunder; or (ii) consummate the purchase of the Property without a change in the Purchase Price, except that at the Closing SELLER shall assign to PURCHASER all of SELLER’S rights to any insurance proceeds or condemnations awards payable in connection therewith.
Damage and Condemnation. Subject to the rights of any Mortgagee, if the Resort or any material portion thereof is condemned, destroyed or materially damaged, Owner will determine whether or not to restore or replace the Resort to a condition at least substantially comparable to that before the casualty or condemnation occurred. Owner will notify Manager, within sixty (60) days after the occurrence of the condemnation, destruction or material damage in question of its election of whether or not to cause restoration/replacement to be undertaken. If Owner does not notify Manager in writing within such period that Owner has elected to restore or replace the Resort to a condition at least substantially comparable to that before the casualty or condemnation occurred, or if Owner does provide such notice within such period, but subsequently fails to prosecute such restoration or replacement with reasonable diligence continuously until completion, then Manager may terminate this Agreement ninety (90) days following written notice to Owner and an opportunity to complete restoration. To the extent that operation of the Resort is rendered impossible or commercially impracticable by virtue of casualty or condemnation, then, for so long as such operation is impossible or commercially impracticable, Manager’s obligations to operate the Resort hereunder, will be suspended. Any such period of suspension will not be deemed to have been part of the Term and the date of expiration of the Term shall be extended by the number of days of such period.
Damage and Condemnation. 2.8.1 In the event that all or portion of the Facilities is damaged or destroyed, any Capital Improvement for the repair, rebuilding or replacement of such damaged Facilities shall be conducted in accordance with the provisions of Article 2.4. However, if such damage or destruction is the result of the Wilful Misconduct of a Party or its Affiliate, then (i) unless the Parties agree otherwise, such damaged or destroyed asset shall be repaired or rebuilt at the sole expense of such Party and (ii) unless the Parties agree otherwise, such asset once restored shall continue to be owned by the Owners in their respective percentage ownership interests as existed prior to the damage or destruction.
Damage and Condemnation. Any damage to the Slip(s) or any other portion of the Marina caused by Lessee or Lessee’s invitees shall be repaired at the sole cost and expense of Lessee. Lessor shall have full control over the repair of any such damage. In case the Marina, or any part thereof, shall be partially or wholly destroyed by fire or other casualty, Lessor shall have the option to rebuild or repair the Marina, or Lessor may terminate this Agreement as of the date of such casualty. Lessor shall provide written notice of such election to Lessee within thirty (30) days after such casualty. In the event Lessor shall elect to rebuild or repair the Marina, such rebuilding or repairing shall be done as speedily as possible, and Lessor shall provide an alternative mooring location to Lessee, if applicable at no extra expense to Lessee. In the event all of the property on which the Marina is situated shall be lawfully condemned or taken in any manner for any public or quasi-public purpose, this Agreement shall terminate as of the date of taking, and all Mooring Fees paid in advance shall be proportionately refunded to Lessee. In the event that less than all of said property is condemned or taken, Lessor shall have the option of terminating this Agreement, refunding any prepaid Mooring Fees to Lessee, or relocating Lessee’s mooring space, in Lessor’s sole discretion. All proceeds of condemnation shall belong solely to Lessor.
Damage and Condemnation. Damage to or destruction of all or any portion of the buildings or improvements on the Premises by fire or any other cause or a taking of all or a portion of the Premises by condemnation shall not terminate this Agreement or cause any abatement or reduction in the payments to be made by Buyer or otherwise affect the respective obligations of Seller and Buyer. The purchase price of the Premises will be reduced by the amount of any reduction in Seller's indebtedness to PIDA under the Notes brought about by the application to such indebtedness of insurance proceeds or amounts paid as a result of condemnation. All proceeds from insurance or condemnation not required to be applied to the mortgage indebtedness shall be paid to and be the property of Buyer.
Damage and Condemnation. 10.1 Damage 10.2 Condemnation and Eminent Domain
Damage and Condemnation. If, prior to the Closing, (i) the Property is destroyed or damaged and such destruction or damage shall cost more than $250,000.00 to repair, (ii) the Property becomes subject to a taking by virtue of eminent domain, or (iii) any casualty or condemnation proceeding affecting the Property would allow Seller, as tenant, to terminate any or all of the Leases or xxxxx rent as a result of such occurrence (unless Seller waives, in writing, such right to xxxxx rent), Purchaser may terminate this Agreement, whereupon the Title Company shall return the Escrow Deposit to Purchaser immediately. If any destruction or damage shall cost less than $250,000.00 to repair, or if Purchaser otherwise does not elect to terminate this Agreement hereunder, then Purchaser shall close on the purchase of the Property without adjustment of the Purchase Price except as otherwise set forth in this Section 7, and Seller shall assign to Purchaser all interest of Seller in and to any condemnation awards or insurance proceeds which may be payable to Seller on account of such occurrence; provided that, if any such awards or proceeds are actually paid prior to the Closing, Seller shall be entitled to retain such awards or proceeds and Purchaser shall be entitled to a credit against the Purchase Price in an amount equal to the amount of such awards or proceeds retained by Seller up to the amount of the Purchase Price.
Damage and Condemnation. 35 21.1 Damage to the Premises...................................35 21.2 Condemnation.............................................36
