Common use of Damage; Destruction and Eminent Domain Clause in Contracts

Damage; Destruction and Eminent Domain. (a) If, prior to the Date of Closing, the Parcel or any part thereof is damaged or destroyed by fire, the elements or any other destructive force or cause to the extent that repairing such damage or destruction is reasonably estimated to cost Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) or more, then, within a reasonable time of any such damage or destruction, Seller shall give a written notice to Buyer specifying the insurance carrier's estimate of the amount of insurance payable as the result of such damage or destruction. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, Buyer may elect to terminate this Agreement by delivery of written notice to Seller. If Buyer elects to consummate the purchase despite the damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase Price, and the parties shall treat such casualty damage as having occurred during the term of the Lease.

Damage; Destruction and Eminent Domain. (a) If, prior to the Date of Closing, the any Parcel or any part thereof is damaged or destroyed by fire, the elements or any other destructive force or cause to the extent that repairing such damage or destruction is reasonably estimated to cost Two Three Hundred Fifty Thousand and 00/100 Dollars ($250,000.00300,000.00) or more, then, within a reasonable time of any such damage or destruction, Seller ONB shall give a written notice to Buyer Buyers specifying the insurance carrier's ’s estimate of the amount of insurance payable as the result of such damage or destruction. Within ten (10) business days after a Buyer has received the written notice described in the preceding sentence, the related Buyer may elect to terminate this Agreement by delivery of written notice to SellerONB. If the related Buyer elects to consummate the purchase despite the damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase Price, and the parties shall treat such casualty damage as having occurred during the term of the applicable Lease.

Damage; Destruction and Eminent Domain. (a) If, prior to the Date of Closing, the any Parcel or any part thereof is damaged or destroyed by fire, the elements or any other destructive force or cause to the extent that repairing such damage or destruction is reasonably estimated to cost Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00200,000.00) or more, then, within a reasonable time of any such damage or destruction, Seller ONB (or ONB Insurance in the case of the ONB Insurance Property) shall give a written notice to the related Buyer specifying the insurance carrier's ’s estimate of the amount of insurance payable as the result of such damage or destruction. Within ten (10) business days after the related Buyer has received the written notice described in the preceding sentence, the related Buyer may elect to terminate this Agreement by delivery of written notice to SellerONB. If the related Buyer elects to consummate the purchase despite the damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase PricePrice for the related Parcel, and the parties shall treat such casualty damage as having occurred during the term of the applicable Lease.

Damage; Destruction and Eminent Domain. (a) If, prior to the Date of Closing, the any Parcel or any part thereof is damaged or destroyed by fire, the elements or any other destructive force or cause to the extent that repairing such damage or destruction is reasonably estimated to cost Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00200,000.00) or more, then, within a reasonable time of any such damage or destruction, Seller ONB shall give a written notice to the related Buyer specifying the insurance carrier's ’s estimate of the amount of insurance payable as the result of such damage or destruction. Within ten (10) business days after the related Buyer has received the written notice described in the preceding sentence, the related Buyer may elect to terminate this Agreement by delivery of written notice to SellerONB. If the related Buyer elects to consummate the purchase despite the damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase PricePrice for the related Parcel, and the parties shall treat such casualty damage as having occurred during the term of the applicable Lease.