Common use of CASUALTY LOSS AND CONDEMNATION Clause in Contracts

CASUALTY LOSS AND CONDEMNATION. If, prior to Closing, the Property or any part thereof shall be condemned or destroyed or damaged by fire or other casualty, Seller shall promptly so notify Purchaser. If the reasonably estimated cost to repair or restore the Property as a result of such condemnation or casualty exceeds Two Hundred Fifty Thousand Dollars ($250,000.00) (a "Material Loss"), Purchaser shall have the option to terminate this Agreement by giving notice to Seller within fifteen (15) days of Seller's request that the option be exercised. If the condemnation, destruction or damage does not result in a Material Loss, or if Purchaser fails to terminate this Agreement following a Material Loss as provided herein, then Seller and Purchaser shall consummate the transaction contemplated by this Agreement notwithstanding such condemnation, destruction or damage. If the transaction contemplated by this Agreement is consummated, Purchaser shall be entitled to receive the condemnation proceeds or settle the loss under all policies of insurance applicable to the destruction or damage and receive the proceeds of insurance applicable thereto, and Seller shall, at Closing, allow Purchaser a credit against the Purchase Price in an amount equal to any applicable deductibles and shall also execute and deliver to Purchaser all customary proofs of loss, assignments of claims and other similar items. If Purchaser elects to terminate this Agreement as a result of a Material Loss, the Xxxxxxx Money shall be returned to Purchaser by the Escrowee, in which event this Agreement shall, without further action of the parties, become null and void and neither party shall have any further rights or obligations under this Agreement except as otherwise provided for in Section 6 and 8(A) below.

CASUALTY LOSS AND CONDEMNATION. If, prior to Closing, the Property or any part thereof shall be condemned condemned, or destroyed or damaged by fire or other casualty, Seller shall promptly so notify Purchaser. If In the event the reasonably estimated cost to repair or restore the Property as a result effect of such condemnation condemnation, destruction or casualty exceeds Two Hundred Fifty Thousand Dollars (damage is at least $250,000.00) (a "Material Loss")250,000, Purchaser shall have the option either to terminate this Agreement by giving notice or to Seller within fifteen (15) days of Seller's request that the option be exercised. If the condemnation, destruction or damage does not result in a Material Loss, or if Purchaser fails to terminate this Agreement following a Material Loss as provided herein, then Seller and Purchaser shall consummate the transaction contemplated by this Agreement notwithstanding such condemnation, destruction or damage. If (i) the reasonably estimated cost to repair the effect of such condemnation, destruction or damage is less than $250,000, or (ii) Purchaser otherwise elects to consummate the transaction contemplated by this Agreement is consummatedAgreement, Purchaser shall be entitled to receive the condemnation proceeds or settle the loss under all policies of insurance applicable to the destruction or damage and receive the proceeds of insurance applicable thereto. In such event, and Seller shall, at Closing, allow Purchaser a credit against the Purchase Price in an amount equal to any applicable deductibles and shall also (i) execute and deliver to Purchaser all customary proofs of loss, assignments of claims and other similar items, and (ii) credit against the Purchase Price the amount of any deductible or co-insured amount under Seller's insurance. If Purchaser Seller elects to terminate this Agreement as a result of a Material Losspermitted above, the Xxxxxxx Money shall be returned to Purchaser by the Escrowee, in which event this Agreement shall, without further action of the parties, become null and void and neither party shall have any further rights or obligations under this Agreement except as otherwise provided for in Section 6 and 8(A) belowAgreement.

CASUALTY LOSS AND CONDEMNATION. A. If, prior to Closing, the Property or any part thereof shall be condemned or destroyed or damaged by fire or other casualty, Seller shall promptly so notify Purchaser. If the reasonably estimated cost to repair or restore the Property as a result of such condemnation or casualty exceeds Two Five Hundred Fifty Thousand Dollars ($250,000.00500,000) (a "Material Loss"), Purchaser shall have the option to terminate this Agreement by giving notice to Seller within fifteen (15) days of Seller's request that the option be exercised. If the condemnation, destruction or damage does not result in a Material Loss, or if Purchaser fails to terminate this Agreement following a Material Loss as provided herein, then Seller and Purchaser shall consummate the transaction contemplated by this Agreement notwithstanding such condemnation, destruction or damage. If the transaction contemplated by this Agreement is consummated, Purchaser shall be entitled to receive the condemnation proceeds or settle the loss under all policies of insurance applicable to the destruction or damage and receive the proceeds of insurance applicable theretothereto (but if Seller's insurer will not pay full replacement cost, then Purchaser may terminate this Agreement), and Seller shall, at Closing, allow Purchaser a credit against the Purchase Price in an amount equal to any applicable deductibles and shall also execute and deliver to Purchaser all customary proofs of loss, assignments of claims and other similar items. If Purchaser elects to terminate this Agreement as a result of a Material Loss, the Xxxxxxx Money shall be returned to Purchaser by the Escrowee, in which event this Agreement shall, without further action of the parties, become null and void and neither party shall have any further rights or obligations under this Agreement except as otherwise provided for in Section 6 and 8(A) below.

CASUALTY LOSS AND CONDEMNATION. If, prior to Closing, the Property or any material part thereof shall be condemned condemned, or destroyed or damaged by fire or other casualty, Seller shall promptly so notify Purchaser. If In the reasonably estimated cost to repair or restore event the Property as a result effect of such condemnation or casualty exceeds Two Hundred Fifty Thousand Dollars is material ($250,000.00) (a "Material Loss"as hereinafter defined), Purchaser shall have the option either to terminate this Agreement by giving notice or to Seller within fifteen (15) days of Seller's request that the option be exercised. If the condemnation, destruction or damage does not result in a Material Loss, or if Purchaser fails to terminate this Agreement following a Material Loss as provided herein, then Seller and Purchaser shall consummate the transaction contemplated by this Agreement notwithstanding such condemnation, destruction or damage. If Purchaser elects to consummate the transaction contemplated by this Agreement or if a casualty or condemnation is consummatedimmaterial, Purchaser shall be entitled to receive the condemnation proceeds or settle the loss under all policies of insurance applicable to the destruction or damage and receive the proceeds of insurance applicable theretothereto as well as the amount of deductible under such policies from Seller, and Seller shall, at Closing, allow Purchaser a credit against the Purchase Price in an amount equal to any applicable deductibles and shall also execute and deliver to Purchaser all customary proofs of loss, assignments of claims and other similar items. If Purchaser elects to terminate this Agreement as a result of a Material Lossand is not in default hereunder, the Xxxxxxx Money shall be returned to Purchaser by the Escrowee, subject to compliance with Section 11 and Section 12(G) below, in which event this Agreement shall, without further action of the parties, become null and void and neither party shall have any further rights or obligations under this Agreement except as otherwise provided for Agreement. For purposes of this provision, a condemnation or casualty loss shall be deemed to be "material" if the cost of repairing or restoring the premises in Section 6 question would be, in the opinion of an architect selected by Seller and 8(A) belowreasonably approved by Purchaser, equal to or greater than Three Hundred Thousand Dollars ($300,000.00).

CASUALTY LOSS AND CONDEMNATION. If, prior to Closing, the Property or any part thereof shall be condemned or destroyed or damaged by fire or other casualty, Seller shall promptly so notify Purchaser. If the reasonably estimated cost to repair or restore the Property as a result of such condemnation or casualty exceeds Two Hundred Fifty Thousand One Million Dollars ($250,000.001,000,000.00) (a "Material Loss"), Purchaser shall have the option to terminate this Agreement by giving notice to Seller within fifteen (15) days of Seller's request that the option be exercised. If the condemnation, destruction or damage does not result in a Material Loss, or if Purchaser fails to terminate this Agreement following a Material Loss as provided herein, then Seller and Purchaser shall consummate the transaction contemplated by this Agreement notwithstanding such condemnation, destruction or damage. If the transaction contemplated by this Agreement is consummated, Purchaser shall be entitled to receive the condemnation proceeds or settle the loss under all policies of insurance applicable to the destruction or damage and receive the proceeds of insurance applicable thereto, and Seller shall, at Closing, allow Purchaser a credit against the Purchase Price in an amount equal to any applicable deductibles and shall also execute and deliver to Purchaser all customary proofs of loss, assignments of claims and other similar items. If Purchaser elects to terminate this Agreement as a result of a Material LossAgreement, the Xxxxxxx Exxxxxx Money shall be returned to Purchaser by the EscroweeEscrow Agent, in which event this Agreement shall, without further action of the parties, become null and void and neither party shall have any further rights or obligations under this Agreement except as otherwise provided for in Section 6 and 8(A7(B) below.

CASUALTY LOSS AND CONDEMNATION. A. If, prior to Closing, the Property or any part thereof shall be condemned condemned, or destroyed or materially damaged by fire or other casualtycasualty (that is, damage or destruction which Seller reasonably believes could be in excess of $250,000.00 or which impedes access), Seller shall promptly so notify Purchaser. If the reasonably estimated cost to repair or restore the Property as a result of In such condemnation or casualty exceeds Two Hundred Fifty Thousand Dollars ($250,000.00) (a "Material Loss")event, Purchaser either party shall have the option either to terminate this Agreement by giving notice or to Seller within fifteen (15) days of Seller's request that the option be exercised. If the condemnation, destruction or damage does not result in a Material Loss, or if Purchaser fails to terminate this Agreement following a Material Loss as provided herein, then Seller and Purchaser shall consummate the transaction contemplated by this Agreement notwithstanding such condemnation, destruction or damage. If either of the parties elects to consummate the transaction contemplated by this Agreement is consummatedAgreement, Purchaser shall be entitled to receive the condemnation proceeds or settle the loss under all policies of insurance applicable to the destruction or damage and receive the proceeds of insurance applicable thereto, and Seller shall, Purchaser shall receive at Closing, allow Purchaser Closing a credit against the Purchase Price in an amount equal to any deductible(s) and uninsured amounts applicable deductibles thereto and shall also Seller shall, at Closing, execute and deliver to Purchaser all customary proofs of loss, assignments of claims and other similar items. If Purchaser either of the parties elects to terminate this Agreement as a result of a Material LossAgreement, the Xxxxxxx Money shall be returned to Purchaser by the Escrowee, in which event this Agreement shall, without further action of the parties, become null and void and neither party shall have any further rights or obligations under this Agreement except as otherwise provided for in Section 6 and 8(A) belowAgreement.