Destruction or Condemnation. Without limiting the effects described in Section 8.3, above, and if during the term hereof any Store is damaged or destroyed by a fire or other casualty or is partially acquired or condemned by right of eminent domain for any public or quasi-public use or purpose, this Agreement shall remain in full force and effect except that: in the event of such casualty, the License Fee for the affected Licensed Premises shall xxxxx (except to the extent that such fees are recoverable from insurance proceeds) pursuant to Section 4.3, above, from the date of destruction until the restoration and re-opening for business of the affected Store; and in the event of a partial condemnation, the License Fee for the affected Licensed Premises shall xxxxx equitably and proportionately from: the date of the physical taking in an amount upon which the parties shall mutually agree according to the nature and extent of the taking of the affected Store and the affected Licensed Premises, if any.
Destruction or Condemnation. If the Premises or Lessee Facilities are damaged, destroyed, condemned or transferred in lieu of condemnation (due to no cause or fault of its own), Lessee may elect to terminate this Agreement as of the date of the damage, destruction, condemnation or transfer in lieu of condemnation by giving notice to Lessor no more than forty-five (45) days following the date of such damage, destruction, condemnation or transfer in lieu of condemnation. If Lessee chooses not to terminate this Agreement, Rent shall be reduced or abated in proportion to the actual reduction or abatement of use of the Premises.
Destruction or Condemnation. In the event of total damage or destruction of the Premises, both LESSOR and LESSEE shall have the option to terminate this Lease in its entirety. In the event of partial damage or destruction of the Premises by fire or other cause, LESSOR shall deliver to LESSEE, within thirty (30) days of such damage or destruction, a written opinion from LESSOR’s architect stating the estimated time needed to repair or rebuild the Premises to its condition immediately prior to the occurrence of such damage or destruction. In the event that such notice states that such repair or reconstruction of the Premises to its previous condition shall take longer than one hundred eighty (180) day after the occurrence of such damage or destruction, both LESSEE and LESSOR shall have the option to terminate the Lease in its entirety by notifying the other in writing within fifteen (15) days after such notice is delivered. In the event that this Lease is not so terminated, LESSOR shall be obligated to reconstruct and repair the Premises to a condition substantially the same as that existing prior to the casualty, and shall promptly commence and proceed with due diligence in such repair or reconstruction and use commercially reasonable efforts (including, without limitation, performing such work on weekends if reasonably necessary to timely complete the work) to complete such work as soon as is reasonably practicable, provided that if such repair or reconstruction is not completed within one hundred eighty (180) days after the date of such casualty, LESSEE shall have the option to terminate this Lease; provided further, however, if the repair or reconstruction work is at least ninety percent (90%) complete on the 180th date after such casualty, LESSEE shall not have the right to terminate this Lease as long as LESSOR substantially completes the repair or reconstruction within thirty (30) days thereafter. In the event that this Lease is not terminated as provided above, Rent shall xxxxx proportionately from the date of such damage or destruction until the Premises is repaired or reconstructed to a condition substantially the same as that existing prior to the casualty. In the event that this Lease is terminated under this Paragraph 18, such termination shall be effective as of the date of the casualty. LESSOR shall not be responsible for damage or destruction to LESSEE’s trade fixtures, furniture and/or equipment; and LESSEE shall have the sole responsibility of carrying insurance or the...
Destruction or Condemnation. Licensor and Licensee agree that Licensor shall in no way be liable for loss or use or other damage of any nature arising out of the loss, destruction or damage to the Premises or Licensee’s Equipment located thereon, by fire, explosion, windstorms, water or any other casualty or acts of third parties. In the event the Premises or any part thereof is damaged or destroyed by elements or any other cause, Licensor may elect to repair, rebuild, or restore the Premises or any part thereof, to at least the same condition as it was immediately prior to such casualty. In such event, the Fee shall cease as of the date of such casualty until the Premises, in Licensor’s opinion, is restored to a usable condition for Licensee’s operations. If Licensor chooses not to repair, restore or rebuild the Premises, Licensor shall send to Licensee a notice of cancellation of this License Agreement within thirty (30) days of such casualty. If this License Agreement is cancelled, the payments required herein shall terminate as of the date of such casualty.
Destruction or Condemnation. (a) If on or prior to the date set for Closing there is a casualty or condemnation affecting the Property which constitutes a Substantial Loss, Purchaser shall have the option of cancelling this Contract within fifteen (15) days after notice of such casualty or condemnation, in which event, the Deposit shall be returned to the Purchaser and this Contract deemed cancelled and of no force and effect and neither party shall have any further rights or liabilities against or to the other. In the event of a Substantial Loss, and Purchaser does not elect to cancel this Contract, or in the event that the casualty or condemnation does not constitute a Substantial Loss, then the Purchaser and Seller shall consummate the transaction contemplated by this Contract without any reduction or abatement in the Purchase Price and Seller, upon the Closing, shall assign to the Purchaser all of its rights in and to any insurance proceeds (and shall pay to Purchaser, or allow on account the Purchase Price, a sum equal to the amount of the deductible, if any, on Seller's casualty insurance policy for the Premises) or condemnation awards, as the case may be, in connection with such casualty or condemnation.
Destruction or Condemnation. By Buyer, if any of the Purchased Assets are damaged, destroyed or taken, and if such damage, destruction or condemnation is not "Non-Material" as such term is described in Section 6.11.
Destruction or Condemnation. In the event of the destruction or condemnation of any or all of the Owner’s Land, the Owner shall at Owner’s expense restore the premises to the same condition as prior to the destruction if it can be reasonably restored. If it cannot be reasonably restored this Agreement shall terminate as to that portion of Owner’s Land. In the event of condemnation this License shall terminate as to the condemned portion and be of no further force or effect, but both Owner and Mauna Loa may pursue their separate rights against the condemning authority.
Destruction or Condemnation a. If Property Owner’s property is destroyed or taken by condemnation during the term of this Agreement, either party may terminate this Agreement immediately by written notice to the other party.
Destruction or Condemnation. If, on or before the Closing Date, either the Property is materially damaged, or condemnation proceedings are commenced with respect to a material portion of the Property, Buyer shall have the right, at its sole election, by giving notice to Seller, either to terminate this Purchase Agreement or to purchase the Property in accordance with this Purchase Agreement. If Buyer elects to terminate this Purchase Agreement, all rights and obligations of Seller and Buyer shall terminate except obligations of Seller and Buyer that expressly survive the expiration or termination of this Purchase Agreement. Buyer shall immediately give notice to Seller upon the occurrence of any damage to the improvements on the Property. The term "material damage" as used in this section shall mean any damage or destruction of five percent (5%) or more of the area of the Property, and the term "material portion" shall mean five percent (5%) or more of the area of the Property.
Destruction or Condemnation. If the Site or Facilities are damaged, destroyed, condemned or transferred in lieu of condemnation, Tenant may elect to terminate this Agreement as of the date of the damage, destruction, condemnation or transfer in lieu of condemnation by giving notice to Owner no more than forty-five (45) days following the date of such damage, destruction, condemnation or transfer in lieu of condemnation. If Tenant elects not to terminate this Agreement, Rent shall be reduced or abated in proportion to the actual reduction or abatement of use of the Site.
