Common use of Fire or Other Casualty; Condemnation Clause in Contracts

Fire or Other Casualty; Condemnation. 14.1 If the Property or any part thereof is damaged by fire or other casualty prior to the Closing Date which would cost in excess of One Hundred Thousand and no/100's Dollars ($100,000.00) to repair (as determined by an insurance adjuster selected by the insurance carriers), or which may have a material affect on the income generated by the Property and which is not covered by rental loss insurance. Purchaser may terminate this Agreement by written notice to Seller given on or before the earlier of (i) twenty (20) days following such casualty or (ii) the Closing Date. In the event of such termination, this Agreement shall be of no further force and effect and, except for the Surviving Obligations, neither party shall thereafter have any further obligation under this Agreement, and Seller shall direct the Title Company to promptly return all Xxxxxxx Money to Purchaser. If Purchaser does not elect to terminate this Agreement or the cost of repair is determined by said adjuster to be less than One Hundred Thousand and no/100's Dollars ($100,000.00), the Closing shall take place as herein provided without abatement of the Purchase Price, and Seller shall assign and transfer to Purchaser on the Closing Date, without warranty or recourse, all of Seller's right, title and interest to the balance of insurance proceeds paid or payable to Seller on account of such fire or casualty remaining after reimbursement to Seller for the total amount of all costs and expenses incurred by Seller in connection therewith including but not limited to making emergency repairs, securing the Property and complying with applicable governmental requirements. Seller shall pay to Purchaser the amount of the deductible of any of Seller's applicable insurance policies.

Fire or Other Casualty; Condemnation. 14.1 If the Property or any part thereof is damaged by fire or other casualty prior to the Closing Date which would cost in excess of One Hundred Thousand and no/100's Dollars ($100,000.00) 1,000,000 to repair (as determined by an insurance adjuster selected by the insurance carriers), or which may have a material affect on the income generated by the Property and which is not covered by rental loss insurance. Purchaser may terminate this Agreement by written notice to Seller given on or before the earlier of (i) twenty (20) days following such casualty or (ii) the Closing Date. In the event of such termination, this Agreement shall be of no further force and effect and, except for the Surviving Obligations, neither party shall thereafter have any further obligation under this Agreement, and Seller shall direct the Title Escrow Company to promptly return all Xxxxxxx Money to Purchaser. If Purchaser does not elect to terminate this Agreement or the cost of repair is determined by said adjuster to be less than One Hundred Thousand and no/100's Dollars $1,000,000, then ($100,000.00), a) the Closing shall take place as herein provided without abatement of the Purchase Price, and (b) Seller shall assign and transfer to Purchaser on the Closing Date, without warranty or recourse, all of Seller's ’s right, title and interest to the balance of insurance proceeds paid or payable to Seller on account of such fire or casualty remaining after reimbursement to Seller for the total amount of all costs and expenses incurred by Seller in connection therewith including but not limited to making emergency repairs, securing the Property and complying with applicable governmental requirements. , and (c) Seller shall pay to Purchaser the amount of the deductible of any of Seller's ’s applicable insurance policies.

Fire or Other Casualty; Condemnation. 14.1 If the Property or any part party thereof is damaged by fire or other casualty prior to the Closing Date which would cost in excess of One Hundred Thousand and no/100's Dollars ($100,000.00) 750,000 to repair (as determined by an insurance adjuster mutually selected by the insurance carriersPurchaser and Seller), or which may have a material affect on the income generated by the Property and which is not covered by rental loss insurance. Purchaser may terminate this Agreement by written notice to Seller given on or before the earlier of (i) twenty (20) days following such casualty or (ii) the Closing Date. In the event of such termination, this Agreement shall be of no further force and effect and, and (except for the Surviving Obligations, ) neither party shall thereafter have any further obligation under this Agreement, and Seller shall direct the Title Company to promptly return all Xxxxxxx Money to Purchaser. If Purchaser does not elect to terminate this Agreement Agreement, or in the cost event of repair is determined by said adjuster to be fire or casualty that costs less than One Hundred Thousand and no/100's Dollars $750,000 to repair ($100,000.00as determined above), then the Closing shall take place as herein provided without abatement of the Purchase Price, and Seller shall assign and transfer to Purchaser on the Closing Date, without warranty or recourse, all of Seller's right, title and interest to the balance of all insurance proceeds paid or payable to Seller on account of such fire or casualty remaining after reimbursement to Seller for the total amount of all costs and expenses incurred by Seller in connection therewith including but not limited to making emergency repairs, securing the Property and complying with applicable governmental requirements. Seller shall pay to Purchaser the amount cost of the deductible of such insurance policy. If Purchaser does not terminate as aforesaid, Seller agrees not to settle, compromise or adjust any of Sellerpending insurance claim relating to such fire or casualty without first obtaining Purchaser's applicable insurance policiesprior written consent, which consent will not be unreasonably withheld or delayed.

Fire or Other Casualty; Condemnation. 14.1 If the Property or any part thereof is damaged by fire or other casualty prior to the Closing Date which would cost in excess of One Hundred Thousand and no/100's Dollars ($100,000.00) 1,000,000 to repair (as determined by an insurance adjuster selected by the insurance carriers), or which may have a material affect on the income generated by the Property and which is not covered by rental loss insurance. Purchaser may terminate this Agreement by written notice to Seller given on or before the earlier of (i) twenty (20) days following such casualty or (ii) the Closing Date. In the event of such termination, this Agreement shall be of no further force and effect and, except for the Surviving Obligations, neither party shall thereafter have any further obligation under this Agreement, and Seller shall direct the Title Escrow Company to promptly return all Xxxxxxx Money to Purchaser. If Purchaser does not elect to terminate this Agreement or the cost of repair is determined by said adjuster to be less than One Hundred Thousand and no/100's Dollars ($100,000.00)1,000,000, then the Closing shall take place as herein provided without abatement of the Purchase Price, and Seller shall assign and transfer to Purchaser on the Closing Date, without warranty or recourse, all of Seller's right, title and interest to the balance of insurance proceeds paid or payable to Seller on account of such fire or casualty remaining after reimbursement to Seller for the total amount of all costs and expenses actually incurred by Seller in connection therewith including but not limited to making emergency repairs, securing the Property and complying with applicable governmental requirements. Seller shall pay to Purchaser the amount of the deductible of any of Seller's applicable insurance policies.

Fire or Other Casualty; Condemnation. 14.1 If the Property or any part thereof is damaged by fire or other casualty prior to the Closing Date which would cost in excess of One Two Million Five Hundred Thousand and no/100's Dollars ($100,000.002,500,000.00) to repair (as determined by an insurance adjuster selected by the insurance carriers), or which may have a material affect on the income generated by the Property and which is not covered by rental loss insurance. Purchaser may terminate this Agreement by written notice to Seller given on or before the earlier of (i) twenty (20) days following such casualty or (ii) the Closing Date. In the event of such termination, this Agreement shall be of no further force and effect and, except for the Surviving Obligations, neither party shall thereafter have any further obligation under this Agreement, and Seller shall direct the Title Escrow Company to promptly return all Xxxxxxx Money to Purchaser. If Purchaser does not elect to terminate this Agreement or the cost of repair is determined by said adjuster to be less than One Two Million Five Hundred Thousand and no/100's Dollars ($100,000.002,500,000.00), then the Closing shall take place as herein provided without abatement of the Purchase Price, and Seller shall assign and transfer to Purchaser on the Closing Date, without warranty or recourse, all of Seller's right, title and interest to the balance of insurance proceeds paid or payable to Seller on account of such fire or casualty remaining after reimbursement to Seller for the total amount of all costs and expenses incurred by Seller in connection therewith including but not limited to making emergency repairs, securing the Property and complying with applicable governmental requirements. Seller shall pay to Purchaser the amount of the deductible of any of Seller's applicable insurance policies.

Fire or Other Casualty; Condemnation. 14.1 If 11.1 If, prior to the Property or any part thereof is damaged Closing, there shall occur (a) damage caused by fire or other casualty prior to or (b) a taking by condemnation of the Closing Date Property which would (i) cost in excess of One Hundred Thousand and no/100's Dollars an amount equal to three million dollars ($100,000.003,000,000.00) or more to repair (repair, as reasonably determined by an insurance adjuster engineer selected by the insurance carriers), or which may have a material affect on the income generated by the Property and Seller which is reasonably satisfactory to Purchaser; (ii) permit a Tenant under a Lease to terminate its Lease or (iii) permit a Tenant under a Lease to axxxx its rent thereunder for a period of not covered by rental loss insurance. less than two (2) consecutive months pursuant to an express right therein, then, in any such event, Seller shall deliver to Purchaser written notice of such casualty or condemnation within five (5) Business Days of obtaining knowledge of same and Purchaser may elect to terminate this Agreement by written notice given to Seller given on or before within ten (10) Business Days after the earlier date of (i) twenty (20) days following such the casualty or condemnation, in which event Seller shall promptly instruct Escrow Agent, to refund to Purchaser the Downpayment (ii) the Closing Date. In the event of such terminationtogether with all interest earned thereon), and this Agreement shall thereupon be of no null and void and neither party hereto shall thereupon have any further force and effect andobligation to the other, except for the Surviving Obligations, neither party shall thereafter have any further obligation under provisions hereof that by their express terms survive the termination of this Agreement, and Seller shall direct the Title Company to promptly return all Xxxxxxx Money to Purchaser. If Purchaser does not elect to terminate this Agreement or the cost of repair is determined by said adjuster to be less than One Hundred Thousand and no/100's Dollars ($100,000.00)Agreement, then the Closing shall take place as herein provided provided, without abatement of the Purchase Price, and Seller shall assign and transfer to Purchaser on at the Closing DateClosing, without warranty or recourseby written instrument, all of Seller's right, title interest in and interest to the balance of any insurance proceeds paid or condemnation awards which may be payable to Seller on account of any such fire fire, casualty or casualty remaining after reimbursement to Seller condemnation, together with a credit for the total amount of all costs any deductible payable in connection with such proceeds or award, and expenses shall deliver to Purchaser any such proceeds or awards actually theretofore paid, less any amounts due to third-parties (the “Reimbursable Amounts”) (i) actually and reasonably expended or incurred by Seller in connection therewith including but not limited to making emergency repairsadjusting any insurance claim or negotiating and/or obtaining any condemnation award (including, securing without limitation, reasonable attorneys' fees of outside counsel) and/or (ii) theretofore actually and reasonably incurred or expended by or for the Property and complying with applicable governmental requirements. account of Seller shall pay to Purchaser for the amount of the deductible cost of any compliance with laws, protective restoration or emergency repairs made by or on behalf of Seller's applicable insurance policies. The proceeds of rent interruption insurance, if any, shall on the Closing Date be appropriately apportioned between Purchaser and Seller.