Examples of Material Loss in a sentence
For the avoidance of doubt, in no event shall the COVID-19 pandemic or any governmental response thereto constitute a Material Loss.
If the damage or condemnation does not result in a Material Loss, then (i) Buyer shall have no right to terminate this Agreement, and (ii) Seller shall assign to Buyer at the Closing all proceeds of insurance or condemnation awards payable by reason of such damage or condemnation, if any.
If, before the Closing Date, the Property suffers a Material Loss, then Buyer may either (i) terminate this Agreement and the rights and obligations of the parties hereunder by delivering written notice thereof to Seller and Escrow Holder (the “Termination Right”), in which event Sections 4.3(a) through (d) hereof shall apply, or (ii) accept the Property in its existing condition (the “Acceptance Right”).
Subject to Section 8.3 hereof, there shall have been no Material Loss.
If neither Buyer nor Seller elects to terminate this Agreement as a result of a Material Loss, the transaction shall be closed without reduction in Purchase Price, unless the parties agree otherwise.