Common use of Eminent Domain Proceedings Clause in Contracts

Eminent Domain Proceedings. Seller shall promptly notify Buyer of any condemnation proceeding commenced prior to the Close of Escrow. If any such proceeding relates to or may result in the loss of any material portion of the Properly, Seller or Buyer may, at its option, elect either to (i)terminate this Agreement, in which event all funds deposited into Escrow by Buyer or released to Seller shall be returned to Buyer,all instruments shall be returned to the respective parties who deposited the same, and neither party shall have any further rights or obligations hereunder except as provided in Section 4.15,or(ii)continue the Agreement in effect, in which event upon the Close of Escrow. Buyer shall be entitled to any compensation, awards,or other payments or relief resulting from such casualty or condemnatioli proceeding.

Eminent Domain Proceedings. Seller shall promptly notify Buyer of any condemnation proceeding commenced prior to the Close of Escrow. If any such proceeding relates to or may result in the loss of any material portion of the ProperlyProperty, Seller or Buyer may, at its option, elect either to (i)terminate i) terminate this Agreement, in which event all funds deposited into Escrow by Buyer or released to Seller shall be returned to Buyer,, all instruments shall be returned to the respective parties who deposited the same, and neither party shall have any further rights or obligations hereunder except as provided in Section 4.15,or(ii)continue 4.15, or(ii) continue the Agreement in effect, in which event upon the Close of Escrow. Buyer shall be entitled to any compensation, awards,, or other payments or relief resulting from such casualty or condemnatioli condemnation proceeding.