DAMAGE TO TANGIBLE PROPERTY Clause Samples

DAMAGE TO TANGIBLE PROPERTY. If, between the date of this Agreement and the Closing Date, any of the Seller 's assets are damaged, the transactions contemplated by this Agreement shall proceed, provided that, at Buyer's option either (A) the amount of Cash being issued hereunder shall be decreased by the fair market value of the affected Property (herein, the "Affected Property") or (B) the proceeds from the Insurance Policies (together with a reimbursement to Buyer of the amount of any deductible thereon), shall be assigned and/or paid to Buyer. Buyer shall have the right to participate in the negotiation and settlement of any insurance claim or condemnation award, as the case may be. If the parties are unable in good faith to agree upon the fair market value of the Affected Property, the Closing Date shall be extended to the fifth business day after the date the appraisal procedure set forth in this Section 10 shall be completed. Within 10 days after such damage or condemnation, the parties shall attempt to agree upon the selection of a disinterested independent qualified appraiser to determine the fair market value of the Affected Property. If the parties are able to agree upon an appraiser, such appraiser shall be instructed to furnish a written appraisal within 30 days of its or his selection. If the parties are unable to agree upon the selection of an appraiser within such 10-day period, the Seller and Buyer shall, within five days thereafter, each select an appraiser to determine the fair market value of the Affected Property. Each appraiser so selected shall furnish the parties with a written appraisal within 30 days of its or his selection. If the two appraisals are within 10% of each other, the fair market value of the Affected Property shall be the average of the two appraisals. If the two appraisals are not within 10% of each other, the appraisers shall, within 10 days after the issuance of their respective reports, select a third appraiser to determine the fair market value of the Affected Property. The third appraiser shall issue a written appraisal within 30 days of its or his selection. The third appraisal shall be averaged with the other two and the appraisal furthest from the average of all three appraisals shall be disregarded. The average of the remaining two appraisals shall be the fair market value of the Affected Property. The Seller and Buyer shall each pay 50% of the total cost of the appraisal(s). The determination of the fair market value of the Affected Pro...