Common use of Obligation to Close Clause in Contracts

Obligation to Close. Notwithstanding any condemnation or casualty event, CHPPENN shall remain obligated to close under this Agreement so long as such condemnation or casualty event does not materially and adversely affect the Ground Lease Premises. For purposes of this Section, a condemnation or casualty event will “materially and adversely affect the Ground Lease Premises” if, after completion of such condemnation or the occurrence of such casualty event, as applicable, CHPPENN would no longer be able to develop the Ground Lease Premises in substantial accordance with the Ground Lease, subject to any minor adjustments caused by such condemnation or casualty event, as applicable. In the event of a condemnation or casualty event that has a material and adverse effect on the Ground Lease Premises, (A) CHPPENN shall have the right to terminate this Agreement without liability on its part by so notifying the FCRHA within fifteen (15) days of the FCRHA’s notification to CHPPENN of said condemnation or casualty event, and except as otherwise expressly set forth in this Agreement, neither the FCRHA nor CHPPENN shall any further liability hereunder, and (B) if CHPPENN does not so terminate the Agreement, then CHPPENN shall remain obligated to close under this Agreement and neither such condemnation or casualty event nor the condition of the Ground Lease Premises thereafter shall be deemed to give rise to a default hereunder.

Obligation to Close. Notwithstanding any condemnation or casualty event, CHPPENN shall LAC9- North will remain obligated to close under this Agreement so long as such condemnation or casualty event does not materially and adversely affect the Ground Lease PremisesProperty. For purposes of this Section, a condemnation or casualty event will “materially and adversely affect the Ground Lease PremisesProperty” if, after completion of such condemnation or the occurrence of such casualty event, as applicable, CHPPENN LAC9- North would no longer be able to develop and construct the Ground Lease Premises Development in substantial accordance with Land Use Approvals, the Final Plans and Specifications and the Ground Lease, subject to any minor adjustments caused by such condemnation or casualty event, as applicable. In the event of a condemnation or casualty event that has a material and adverse effect on the Ground Lease PremisesProperty, (A) CHPPENN shall LAC9- North will have the right to terminate this Agreement without liability on its part by so notifying the FCRHA within fifteen (15) days 15 Business Days of the FCRHA’s notification to CHPPENN LAC9-North of said condemnation or casualty event, and except as otherwise expressly set forth in this Agreement, neither the FCRHA nor CHPPENN shall LAC9-North will have any further liability hereunder, and (B) if CHPPENN LAC9-North does not so terminate the Agreement, then CHPPENN shall LAC9-North will remain obligated to close under this Agreement and neither such condemnation or casualty event nor the condition of the Ground Lease Premises Property thereafter shall will be deemed to give rise to a default hereunder.

Obligation to Close. Notwithstanding any condemnation or casualty event, CHPPENN Fairfax Properties shall remain obligated to close under this Agreement so long as such condemnation or casualty event does not materially and adversely affect the Ground Lease Premises. For purposes of this Section, a condemnation or casualty event will “materially and adversely affect the Ground Lease Premises” if, after completion of such condemnation or the occurrence of such casualty event, as applicable, CHPPENN Fairfax Properties would no longer be able to develop the Ground Lease Premises in substantial accordance with the Ground Lease, subject to any minor adjustments caused by such condemnation or casualty event, as applicable. In the event of a condemnation or casualty event that has a material and adverse effect on the Ground Lease Premises, (A) CHPPENN Fairfax Properties shall have the right to terminate this Agreement without liability on its part by so notifying the FCRHA within fifteen (15) 15 days of the FCRHA’s notification to CHPPENN Fairfax Properties of said condemnation or casualty event, and except as otherwise expressly set forth in this Agreement, neither the FCRHA nor CHPPENN Fairfax Properties shall have any further liability hereunder, and (B) if CHPPENN Fairfax Properties does not so terminate the Agreement, then CHPPENN Fairfax Properties shall remain obligated to close under this Agreement and neither such condemnation or casualty event nor the condition of the Ground Lease Premises thereafter shall be deemed to give rise to a default hereunder.