Common use of Casualty and Rent Loss Insurance Clause in Contracts

Casualty and Rent Loss Insurance. If, under the terms of Section 6.1, Seller is obligated at Closing, to assign to Purchaser all rights under Seller's insurance policy to collect insurance proceeds for the repair of any pre-Closing destruction or damage, Seller shall, at Closing, make Purchaser a loss payee under such insurance policy in order to effectuate such assignment obligation of Seller and in addition shall make Purchaser a loss payee for any Loss of Rents insurance coverage relating to any rental loss arising from said destruction or damage, but relating solely to the period commencing on the Proration Date and thereafter while such coverage may be in effect and the rent is abated under any of the Leases as a result of such destruction or damage. In the event Seller is obligated to make Purchaser a loss payee for any Loss of Rents insurance coverage pursuant to the preceding paragraph and Seller's insurance to cover such Loss of Rents for a period of twelve (12) months from the date of any fire or casualty is not in effect at the time of Closing, Purchaser, at its election (to be exercised at or prior to Closing by written notice to Seller) may terminate this Agreement, obtain a return of its Deposit and thereupon the parties hereto shall be released from any and all further obligations hereunder.

Casualty and Rent Loss Insurance. If, under the terms of Section 6.1, Seller is obligated at Closing, Closing to assign to Purchaser all rights under Seller's insurance policy to collect insurance proceeds for the repair of any pre-Closing destruction or damage, Seller shall, at Closing, make Purchaser a loss payee under such insurance policy in order to effectuate such assignment obligation of Seller and in addition shall make Purchaser a loss payee for any Loss of Rents insurance coverage that Seller may have relating to any rental loss arising from said destruction or damage, but relating solely to the period commencing on the Proration Date and thereafter while such coverage may be in effect and the rent is abated under any of the Leases as a result of such destruction or damage. In the event Seller is obligated to make Purchaser a loss payee for any Loss of Rents insurance coverage pursuant to the preceding paragraph and Seller's insurance to cover such Loss loss of Rents rents for a period of twelve (12) months from the date of any fire or casualty is not in effect at the time of Closing, Purchaser, at its election (to be exercised at or prior to Closing by written notice to Seller) may terminate this Agreement, obtain a return of its Deposit and thereupon the parties hereto shall be released from any and all further obligations hereunder.

Casualty and Rent Loss Insurance. If, under the terms of Section Paragraph 6.1, Seller is obligated at Closing, Closing to assign to Purchaser all rights under Seller's insurance policy to collect insurance proceeds for the repair of any pre-Closing destruction or damage, Seller shall, at Closing, make Purchaser a loss payee under such insurance policy in order to effectuate such assignment obligation of Seller and in addition shall make Purchaser a loss payee for any Loss of Rents insurance coverage that Seller may have relating to any rental loss arising from said destruction or damage, but relating solely to the period commencing on the Proration Date and thereafter while such coverage may be in effect and the rent is abated under any of the Leases as a result of such destruction or damage. In the event Seller is obligated to make Purchaser a loss payee for any Loss of Rents insurance coverage pursuant to the preceding paragraph and Seller's insurance to cover such Loss loss of Rents rents for a period of twelve (12) months from the date of any fire or casualty is not in effect at the time of Closing, Purchaser, at its election (to be exercised at or prior to Closing by written notice to Seller) may terminate this Agreement, obtain a return of its Deposit and thereupon the parties hereto shall be released from any and all further obligations hereunder.

Casualty and Rent Loss Insurance. If, under the terms of Section 6.1, Seller is obligated at Closing, Closing to assign to Purchaser all rights under Seller's insurance policy to collect insurance proceeds for the repair of any pre-Closing destruction or damage, Seller shall, at Closing, make Purchaser a loss payee under such insurance policy in order to effectuate such assignment obligation of Seller and in addition shall make Purchaser a loss payee for any Loss of Rents insurance coverage that Seller may have relating to any rental loss arising from said destruction or damage, but relating solely to the period commencing on the Proration Date and thereafter while such coverage may be in effect and the rent is abated under any of the Leases as a result of such destruction or damage. In the event Seller is obligated to make Purchaser a loss payee for any Loss of Rents insurance coverage pursuant to the preceding paragraph and Seller's insurance to cover such Loss loss of Rents rents for a period of twelve (12) months from the date of any fire or casualty is not in effect at the time of Closing, Purchaser, at its election (to be exercised at or prior to Closing by written notice to Seller) may terminate this Agreement, obtain a return of its Deposit and -13- thereupon the parties hereto shall be released from any and all further obligations hereunder.