Common use of Casualty Clause in Contracts

Casualty. If, prior to the Closing, the Property is materially destroyed or damaged by fire or other casualty, the Seller shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement by giving notice to the Seller not later than ten (10) days after the giving the Seller’s notice (and, if necessary, the Closing Date shall be extended until one day after the expiration of such ten-day period). If the Purchaser elects to terminate this Agreement as aforesaid, this Agreement shall terminate and be of no further force and effect and no party shall have any liability to the other hereunder. If less than a material part of the Property shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller shall assign to the Purchaser at the Closing the rights of the Seller to the proceeds, if any, under the Seller’s insurance policies covering the Property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any deductible, any proceeds previously received by Seller on account thereof and any deficiency in proceeds.

Casualty. If, prior to the Closing, the Property is materially destroyed or damaged by fire or other casualty, the Seller shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement by giving notice to the Seller not later than ten (10) days after the giving of the Seller’s notice (and, if necessary, the Closing Date shall be extended until one day after the expiration of such ten-day period). If the Purchaser elects to terminate this Agreement as aforesaid, this Agreement shall terminate and be of no further force and effect and no party shall have any liability to the other hereunder. If less than a material part of the Property shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller shall assign to the Purchaser at the Closing the rights of the Seller to the proceeds, if any, under the Seller’s insurance policies covering the Property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any deductible, any proceeds previously received by Seller on account thereof and any deficiency in proceeds.

Casualty. If, prior to the Closing, all or any material part of the Property Facility is materially destroyed or materially damaged by fire or other casualty, the Seller shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement (in whole but not in part) by giving notice thereof to the Seller not later than ten (10) days after the giving the receiving Seller’s notice (and, if necessary, the Closing Date shall be extended until one day the second Business Day after the expiration of such ten-day period). If the Purchaser elects to terminate this Agreement as aforesaid, the Deposit shall be paid to Purchaser, whereupon, this Agreement shall terminate and be of no further force and effect and no party shall have any liability to rights or obligations hereunder except for the other hereunderSurviving Obligations. If less than a material part of the Property Facility shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller shall assign to the Purchaser at the Closing the rights all of the Seller Seller’s right, title and interest in and to the proceeds, if any, under the such Seller’s insurance policies covering the such Property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any applicable deductible, any proceeds previously received by Seller on account thereof and any deficiency in proceeds.

Casualty. If, prior to the Closing, all or any material part of the Property Facility is materially destroyed or materially damaged by fire or other casualty, the Seller shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement (in whole but not in part) by giving notice thereof to the Seller not later than ten (10) days after the giving the receiving Seller’s notice (and, if necessary, the Closing Date shall be extended until one day the second Business Day after the expiration of such ten-day period). If the Purchaser elects to terminate this Agreement as aforesaid, the Deposit shall be paid to Purchaser, whereupon, this Agreement shall terminate and be of no further force and effect and no party shall have any liability to rights or obligations hereunder except for the other hereunderSurviving Obligations. If less than a material part of the Property Facility shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller shall assign to the Purchaser at the Closing the rights all of the Seller Seller’s right, title and interest in and to the proceeds, if any, under the Seller’s insurance policies covering the such Property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any applicable deductible, any proceeds previously received by Seller on account thereof and any deficiency in proceeds.

Casualty. If, prior to the Closing, all or any material part of the Property Facilities (taken as a whole) is materially destroyed or materially damaged by fire or other casualty, the Seller shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement (in whole but not in part) by giving notice thereof to the Seller not later than ten (10) days after the giving the receiving Seller’s notice (and, if necessary, the Closing Date shall be extended until one day the second Business Day after the expiration of such ten-day period). If the Purchaser elects to terminate this Agreement as aforesaid, the Deposit shall be paid to Purchaser, whereupon, this Agreement shall terminate and be of no further force and effect and no party shall have any liability to rights or obligations hereunder except for the other hereunderSurviving Obligations. If less than a material part of the Property Facilities (taken as a whole) shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the applicable Seller shall assign to the Purchaser at the Closing the rights all of the Seller such Seller’s right, title and interest in and to the proceeds, if any, under the such Seller’s insurance policies covering the such Property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any applicable deductible, any proceeds previously received by Seller on account thereof and any deficiency in proceeds.

Casualty. If, prior to the Closing, the Property is materially destroyed or damaged by fire or other casualty, the Seller shall promptly notify the Purchaser of such fact. In such event, the whereupon Purchaser shall have the right to terminate this Agreement by giving notice to the Seller not later than ten (10) days after the giving the of Seller’s notice (and, if necessary, the Closing Date shall be extended until one day after the expiration of such ten-day period). If the Purchaser elects to terminate this Agreement as aforesaid, this Agreement shall terminate and be of no further force and effect and no party shall have any liability to the other hereunder. If less than a material part of the Property shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller shall assign to the Purchaser at the Closing the rights of the Seller to the proceeds, if any, under the Seller’s insurance policies covering the Property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any deductible, deductible and any proceeds previously received by Seller on account thereof and any deficiency in proceeds(to the extent not previously applied to the preservation or repair of the Property).

Casualty. If, prior to the Closing, the all or any part of any Property is materially destroyed or damaged by fire or other casualty, the Seller Sellers shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement by giving notice to the Seller Sellers not later than ten (10) days after the giving the Seller’s of Sellers’ notice (and, if necessary, the Closing Date shall be extended until one day after the expiration of such ten-day period). If the Purchaser elects to terminate this Agreement as aforesaid, this Agreement shall terminate and be of no further force and effect and no neither party shall have any liability to the other hereunder. If less than a material part of the any Property shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Purchaser Price and the Seller Sellers shall assign to the Purchaser at the Closing the rights of the Seller Sellers to the proceeds, if any, under the Seller’s Sellers’ insurance policies covering the such Property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any deductible, any proceeds previously received by Seller on account thereof Sellers and any deficiency in of proceeds.

Casualty. If, prior to the Closing, any of the individual buildings making up any Property is materially destroyed or damaged by fire or other casualtycasualty (i.e., five percent (5%) or more of any Property), or in the event that the physical condition of any Property otherwise suffers a material adverse change resulting in a diminution of value of five percent (5%) or more of such Property, the Seller shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement by giving written notice to the Seller not later than ten (10) days after the giving the Seller’s notice (and, if necessary, the Closing Date shall be extended until one day after the expiration of such ten-ten (10) day period). If the Purchaser elects to terminate this Agreement as aforesaid, this Agreement shall terminate and be of no further force and effect effect, the Deposit shall be promptly returned to Purchaser, and no party shall have any liability to the other hereunder. If less than a material part of any of the individual buildings making up the Property shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller shall assign to the Purchaser at the Closing the rights of the Seller to the proceeds, if any, under the Seller’s insurance policies covering the Property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any deductible, any proceeds previously received by Seller on account thereof and any deficiency in proceeds.

Casualty. If, prior to the Closing, the any Property is materially destroyed or damaged by fire or other casualty, the Seller Sellers shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement only with respect to such Property by giving notice to the Seller Sellers not later than ten (10) days after the giving the Seller’s Sellers notice (and, if necessary, the Closing Date shall be extended until one day after the expiration of such ten-day period). If the Purchaser elects to terminate this Agreement with respect to such Property as aforesaid, this Agreement shall terminate and be of no further force and effect with respect to such Property, and no party shall have any liability to the other hereunderhereunder with respect to such Property. If less than a material part of the any Property shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement with respect to such Property as aforesaid, there shall be no abatement of the Purchase Price and the applicable Seller shall assign to the Purchaser at the Closing the rights of the such Seller to the proceeds, if any, under the such Seller’s insurance policies covering the such Property with respect to such damage or destruction and there shall be credited against the Purchase Price and the Allocable Purchase Price the amount of any deductible, any proceeds previously received by Seller the Sellers on account thereof and any deficiency in proceeds.

Casualty. If, prior to the Closing, all or any material portion of the Property Properties is materially destroyed or damaged by fire or other casualty, the Seller Sellers shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement by giving notice to the Seller Sellers not later than ten (10) days after the giving the Seller’s of Sellers’ notice (and, if necessary, the Closing Date shall be extended until one day after the expiration of such ten-day period). If the Purchaser elects to terminate this Agreement as aforesaid, the Deposit shall be paid to the Purchaser, whereupon, this Agreement shall terminate and be of no further force and effect and no neither party shall have any liability to the other hereunder. If less than a material part of the Property shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller Sellers shall assign to the Purchaser at the Closing the rights of the Seller Sellers to the proceeds, if any, under the Seller’s Sellers’ insurance policies covering the Property Properties, or part thereof, with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any deductible, any proceeds previously received by Seller on account thereof the Sellers and any deficiency in of proceeds.

Casualty. If, prior to the Closing, any of the individual buildings making up any Property is materially destroyed or damaged by fire or other casualtycasualty (i.e., ten percent (10%) or more of any Property), or in the event that the physical condition of any Property otherwise suffers a material adverse change resulting in a diminution of value of ten percent (10%) or mere of such Property, the Seller shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement by giving written notice to the Seller not later than ten (10) days after the giving the Seller’s notice (and, if necessary, the Closing Date shall be extended until one day after the expiration of such ten-ten (10) day period). If the Purchaser elects to terminate this Agreement as aforesaid, this Agreement shall terminate and be of no further force and effect effect, the Deposit shall be promptly returned to Purchaser, and no party shall have any liability to the other hereunder. If less than a material part of any of the individual buildings making up the Property shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller shall assign to the Purchaser at the Closing the rights of the Seller to the proceeds, if any, under the Seller’s insurance policies covering the Property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any deductible, any proceeds previously received by Seller on account thereof and any deficiency in proceeds.

Casualty. If, prior to the Closing, all or any material part of the Property Facility is materially destroyed or materially damaged by fire or other casualty, the Seller Company shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement (in whole but not in part) by giving notice thereof to the Seller Company not later than ten (10) days after receiving the giving the SellerCompany’s notice (and, if necessary, the Closing Date shall be extended until one day the second Business Day after the expiration of such ten-day period). If the Purchaser elects to terminate this Agreement as aforesaid, this Agreement shall terminate and be of no further force and effect effect, the Deposit shall be returned to Purchaser, and no party shall have any liability to the other rights or obligations hereunder. If less than a material part of the Property Facility shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller Company shall assign to the Purchaser at the Closing the rights all of the Seller Company’s right, title and interest in and to the proceeds, if any, under the SellerCompany’s insurance policies covering the Property such property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any applicable deductible, any proceeds previously received by Seller on account thereof and any deficiency in proceeds.

Casualty. If, prior to the Closing, any of the individual buildings located on any Property is materially destroyed or damaged by fire or other casualtycasualty (i.e., ten percent (10%) or more of any building on a Property or any tenant would have the right to terminate its Lease), or in the event that the physical condition of any building on a Property otherwise suffers a material adverse change resulting in a diminution of value of ten percent (10%) or more of such building, the Seller shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement by giving written notice to the Seller not later than ten (10) days after the giving the Seller’s notice (and, if necessary, the Closing Date shall be extended until one day after the expiration of such ten-ten (10) day period). If the Purchaser elects to terminate this Agreement as aforesaid, this Agreement shall terminate and be of no further force and effect effect, the Deposit shall be promptly returned to Purchaser, and no party shall have any liability to the other hereunder. If less than a material part of any of the individual buildings making up the Property shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller shall assign to the Purchaser at the Closing the rights of the Seller to the proceeds, if any, under the Seller’s insurance policies covering the Property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any deductible, any proceeds previously received by Seller on account thereof and any deficiency in proceeds.

Casualty. If, prior to the Closing, all or any material part of the Property New Facility is materially destroyed or materially damaged by fire or other casualty, the Seller shall promptly notify the Purchaser Buyer of such fact. In such event, the Purchaser Buyer shall have the right to terminate this Agreement (in whole but not in part) by giving notice thereof to the Seller not later than ten (10) days after the giving the receiving Seller’s notice (and, if necessary, the Closing Date date shall be extended until one day the second Business Day after the expiration of such ten-day period). If the Purchaser Buyer elects to terminate this Agreement as aforesaid, the Deposit shall be paid to Buyer, whereupon, this Agreement shall terminate and be of no further force and effect and no party shall have any liability to the other rights or obligations hereunder. If less than a material part of the Property New Facility shall be affected by fire or other casualty or if the Purchaser Buyer shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller shall assign to the Purchaser Buyer at the Closing the rights all of the Seller Seller’s right, title and interest in and to the proceeds, if any, under the such Seller’s insurance policies covering the such Property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any applicable deductible, any proceeds previously received by Seller on account thereof and any deficiency in proceeds.

Casualty. If, prior to the Closing, all or any material part of the Property is materially Facilities are destroyed or materially damaged by fire or other casualty, the Seller shall promptly notify the Purchaser of such fact. In such event, the Purchaser shall have the right to terminate this Agreement (in whole but not in part) by giving notice thereof to the Seller not later than ten (10) days after the giving the receiving Seller’s notice (and, if necessary, the Closing Date shall be extended until one day the second Business Day after the expiration of such ten-day period). If the Purchaser elects to terminate this Agreement as aforesaid, the Deposit shall be refunded to Purchaser, whereupon, this Agreement shall terminate and be of no further force and effect and no party shall have any liability to rights or obligations hereunder except for the other hereunderSurviving Obligations. If less than a material part of the Property Facilities shall be affected by fire or other casualty or if the Purchaser shall not elect to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and the Seller shall assign to the Purchaser at the Closing the rights all of the Seller Seller’s right, title and interest in and to the proceeds, if any, under the Seller’s insurance policies covering the such Property with respect to such damage or destruction and there shall be credited against the Purchase Price the amount of any applicable deductible, any proceeds previously received by Seller on account thereof and any deficiency in proceeds.