Common use of Condemnation of Property Clause in Contracts

Condemnation of Property. Notwithstanding the provisions of Section 2.2 above, in the event of (a) any condemnation or sale in lieu of condemnation of any Project; or (b) any condemnation or sale in lieu of condemnation of greater than twenty percent (20%) of the allocated Purchase Price of any Project prior to the Closing or that materially interferes with the operations of the Project, Purchaser will have the option, to be exercised within fifteen (15) days after receipt of notice of such condemnation or sale, of (i) electing to have this Agreement remain in full force and effect with respect to all of the Projects or (ii) terminating this Agreement as to any Project condemned or affected by a sale in lieu of condemnation as set forth above (a "CONDEMNED PROJECT"), provided that if Purchaser elects to terminate this Agreement with respect to the Condemned Project, Purchaser must proceed to Closing with respect to the remaining Projects. In the event that either (i) any condemnation or sale in lieu of condemnation of any Project is for equal to or less than twenty percent (20%) of the allocated Purchase Price of the Project and does not materially interfere with the operations of the Project, or (ii) Purchaser does not terminate this Agreement with respect to a Condemned Project pursuant to the preceding sentence, Seller will assign to Purchaser any and all claims for the proceeds of such condemnation or sale to the extent the same are applicable to the Project, and Purchaser will take title to such Project with the assignment of such proceeds and subject to such condemnation and without reduction of the Purchase Price. The term "MATERIALLY INTERFERE" shall refer to a condemnation or sale that (a) leaves the remaining balance of the Project in a condition such that the Project may not reasonably be anticipated to be economically operated for the purposes and in the manner in which it was operated prior to such taking or (b) affects a sufficient amount of the Project such that the Project no longer complies with Governmental Regulations or (c) causes a default under any of the Leases or gives any Major Tenant a right to terminate its Lease. Should Purchaser elect to terminate Purchaser's obligations under this Agreement with respect to any Condemned Project under the provisions of this Section 11.2, the portion of the ▇▇▇▇▇▇▇ Money Deposit allocated to such Condemned Project and any accrued interest thereon shall remain on deposit with the Escrow Agent, re-allocated to the other Projects in the same proportions as set forth in Section 4.1(a), and neither Seller nor Purchaser will have any further obligation under this Agreement with respect to such Condemned Project, except for the Termination Surviving Obligations pertaining to such Project. Notwithstanding anything to the contrary herein, if any eminent domain or condemnation proceeding is instituted (or notice of same is given) solely for the taking of any subsurface rights for utility easements or for any right-of-way easement, and the surface may, after such taking, be used in substantially the same manner as though such rights have not been taken, Purchaser will not be entitled to terminate this Agreement as to any part of any Project, but any award resulting therefrom will be assigned to Purchaser at Closing and will be the exclusive property of Purchaser upon Closing.

Condemnation of Property. Notwithstanding the provisions of Section 2.2 above, in In the event of (a) any condemnation or sale in lieu of condemnation of any Project; or (b) any condemnation or sale in lieu of condemnation of greater than twenty percent (20%) of the allocated Purchase Price of any Project prior to the Closing or that materially interferes with the operations of the Project, Purchaser will have the option, to be exercised within fifteen (15) days after receipt of notice of such condemnation or sale, of (i) electing to have this Agreement remain in full force and effect with respect to all of the Projects or (ii) terminating this Agreement as to any Project condemned or affected by a sale in lieu all of condemnation as set forth above (a "CONDEMNED PROJECT"), provided that if Purchaser elects to terminate this Agreement with respect to the Condemned Project, Purchaser must proceed to Closing with respect to the remaining Projects. In the event that either (ix) any condemnation or sale in lieu of condemnation of any Project is for equal to or less than twenty percent (20%) of the allocated Purchase Price of the Project and does not materially interfere with the operations of the Project, or (iiy) Purchaser does not terminate this Agreement with respect to a Condemned Project pursuant to the preceding sentence, Seller will assign to Purchaser any and all claims for the proceeds of such condemnation or sale to the extent the same are applicable to the Projectsale, and Purchaser will take title to such Project with the assignment of such proceeds and subject to such condemnation and without reduction of the Purchase Price. The term "MATERIALLY INTERFERE" “materially interfere” shall refer to a condemnation or sale that (a) leaves the remaining balance of the Project in a condition such that the Project may not reasonably be anticipated to be economically operated for the purposes and in the manner in which it was operated prior to such taking or (b) affects a sufficient amount of the Project such that the Project no longer complies with Governmental Regulations or (c) causes a default under any of the Leases or gives any Major Tenant a right to terminate its Lease. Should Purchaser elect to terminate Purchaser's ’s obligations under this Agreement with respect to any Condemned Project under the provisions of this Section 11.2, the portion of the ▇▇▇▇▇▇▇ Money Deposit allocated to such Condemned Project and any accrued interest thereon shall remain on deposit with the Escrow Agent, re-allocated be returned to the other Projects in the same proportions as set forth in Section 4.1(a)Purchaser, and neither Seller nor Purchaser will have any further obligation under this Agreement with respect to such Condemned ProjectAgreement, except for the Termination Surviving Obligations pertaining to such ProjectObligations. Notwithstanding anything to the contrary herein, if any eminent domain or condemnation proceeding is instituted (or notice of same is given) solely for the taking of any subsurface rights for utility easements or for any right-of-way easement, and the surface may, after such taking, be used in substantially the same manner as though such rights have not been taken, Purchaser will not be entitled to terminate this Agreement as to any part of any ProjectAgreement, but any award resulting therefrom will be assigned to Purchaser at Closing and will be the exclusive property of Purchaser upon Closing.