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insurance policy covering the damage or loss,and all claims for monies payable from Chamber's <br /> insurer(s) in connection with the damage or loss, and(ii)pay to City at the close of escrow the <br /> amount of Chamber's deductible under the insurance policy or policies covering the damage or <br /> loss. If City elects to terminate this Agreement,all funds and documents deposited into escrow <br /> by or on behalf of City shall be returned to City, and all rights and obligations of the Parties <br /> hereunder shall terminate. <br /> In the event of any damage or other loss to the Office Parcel, or any portion thereof, <br /> caused by fire,flood or other casualty prior to the close of escrow in an amount not exceeding <br /> $50,000, Chamber shall not be entitled to terminate this Agreement, but shall be obligated to <br /> close the escrow and purchase the Office Parcel as provided in this Agreement,without <br /> abatement in the Purchase Price,provided that City shall: (i)assign and transfer to Chamber all <br /> of City's rights under any insurance policy covering the damage or loss, and all claims for <br /> monies payable from City's insurer(s) in connection with the damage or loss, and(ii)pay to <br /> Chamber at the close of escrow the amount of City's deductible under the insurance policy or <br /> policies covering the damage or loss. In the event of damage or destruction of the Office Parcel <br /> or any portion thereof prior to the close of escrow in an amount in excess of$50,000, Chamber <br /> may elect either to terminate this Agreement upon written notice to City, or to consummate the <br /> purchase of the Office Parcel, in which case City shall (i) assign and transfer to Chamber all of <br /> City's rights under any insurance policy covering the damage or loss, and all claims for monies <br /> payable from City's insurer(s) in connection with the damage or loss, and (ii)pay to Chamber at <br /> the close of escrow the amount of City's deductible under the insurance policy or policies <br /> covering the damage or loss. If Chamber elects to terminate this Agreement, all funds and <br /> shall be returned to Chamber, and <br /> escrow by or on behalf of Chamber sha b , <br /> documents deposited into esc y <br /> all rights and obligations of the Parties hereunder shall terminate. <br /> 24. Condemnation. If prior to Close of Escrow, a material portion of the Chamber <br /> Property is taken by eminent domain(or an action of eminent domain has been commenced <br /> against all or any portion of the Chamber Property) (excluding for purposes of this Section,the <br /> exercise of any eminent domain powers by the City),upon Chamber's receipt of notice thereof <br /> Chamber shall promptly notify City of such fact, and City shall have the option to terminate this <br /> Agreement upon notice to C hamber given not later than ten (10) da y s after City's receipt t of <br /> Chamber's notice. If City elects to terminate this Agreement,all funds and documents deposited <br /> into escrow by or on behalf of City shall be returned to City,and all rights and obligations of the <br /> Parties hereunder shall terminate. <br /> If City does not exercise such option to terminate this Agreement,Chamber shall assign <br /> to City at the close of escrow,and City shall be entitled to negotiate for, receive, and keep, all <br /> awards, and rights to receive future awards,for such taking by eminent domain, and the <br /> transaction contemplated by this Agreement shall be consummated pursuant to the terms hereof, <br /> without any reduction in value of the consideration for the Property. <br /> 25. One and Only Right of First Offer. Chamber hereby grants to City a One and <br /> Only Right of First Offer to purchase the Office Parcel in the event that at any time after <br /> Chamber's acquisition thereof, Chamber determines to sell, lease or otherwise convey the Office <br /> 10 <br />