Common use of Damage to Assets Clause in Contracts

Damage to Assets. In the event of any damage to any of the Assets before Closing by reason of Act of God, theft, vandalism, destruction, condemnation, fire or other similar cause, the Seller shall give Purchaser immediate written notice (a "Casualty Notice") of such event. In such notice, the Seller shall indicate its best estimate of the extent of the damage or taking; the amount of insurance or condemnation award available; and if repairable, the length of time required for restoration and the cost thereof. Purchaser shall have the option, at its sole discretion, (i) to require the Seller to restore any damage or loss, or (ii) to require the Seller to pay the insurance or condemnation proceeds therefor to Purchaser, or (iii) to terminate this Agreement.