Common use of Fire or Other Casualty Clause in Contracts

Fire or Other Casualty. Seller agrees to promptly advise Buyer in writing of any material damage to the Property. If all or any substantial portion of the Property (i.e. 10% or more of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause, and such damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, Buyer may, at Buyer's option: (a) remain obligated to perform this Agreement and receive all insurance proceeds received by or payable to Seller as a result of such damage or destruction plus an amount equal to any insurance policy deductible; or (b) by written notice of termination given to Seller not later than thirty (30) days after Seller provides Buyer with written notice of such damage or destruction, terminate this Agreement and receive any documents, instruments and funds previously deposited or paid including the Earnxxx Xxxey Deposit (together with all interest earned thereon). If an unsubstantial portion of the Property (i.e. 10% or less of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause and such damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, then Buyer shall be obligated to proceed to close the transaction contemplated hereby, but shall receive from Seller, on the Closing Date, an assignment of proceeds of the insurance payable under Seller's insurance policy plus an amount equal to any insurance policy deductible. Upon termination of this Agreement by Buyer pursuant to this Section 13, neither party shall thereafter be under any further liability to the other, except as otherwise expressly set forth in this Agreement.

Fire or Other Casualty. Seller agrees to promptly advise Buyer in writing of any material damage to the Property. If all or any substantial portion of the Property (i.e. 10% or more of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause, and such damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, Buyer may, at Buyer's option: (a) remain obligated to perform this Agreement and receive all insurance proceeds received by or payable to Seller as a result of such damage or destruction plus an amount equal to any insurance policy deductible; or (b) by written notice of termination given to Seller not later than thirty (30) days after Seller provides Buyer with written notice of such damage or destruction, terminate this Agreement and receive any documents, instruments and funds previously deposited or paid including the Earnxxx Xxxey Xxxxxxx Money Deposit (together with all interest earned thereon). If an unsubstantial portion of the Property (i.e. 10% or less of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause and such damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, then Buyer shall be obligated to proceed to close the transaction contemplated hereby, but shall receive from Seller, on the Closing Date, an assignment of proceeds of the insurance payable under Seller's insurance policy plus an amount equal to any insurance policy deductible. Upon termination of this Agreement by Buyer pursuant to this Section 13, neither party shall thereafter be under any further liability to the other, except as otherwise expressly set forth in this Agreement.

Fire or Other Casualty. Seller agrees to promptly advise Buyer in writing of any material damage to the PropertyProject. If all or any substantial portion of the Property Project (i.e. 10% or more of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause, and such damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, Buyer may, at Buyer's option: (a) remain obligated to perform this Agreement and receive all insurance proceeds received by or payable to Seller as a result of such damage or destruction plus an amount equal to any insurance policy deductible; or (b) by written notice of termination given to Seller not later than thirty (30) days after Seller provides Buyer with written notice of such damage or destruction, terminate this Agreement and receive any documents, instruments and funds previously deposited or paid 152 including the Earnxxx Xxxey Deposit (together with all interest earned thereon). If an unsubstantial portion of the Property Project (i.e. 10% or less of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause and such damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, then Buyer shall be obligated to proceed to close the transaction contemplated hereby, but shall receive from Seller, on the Closing Date, an assignment of proceeds of the insurance payable under Seller's insurance policy plus an amount equal to any insurance policy deductible. Upon termination of this Agreement by Buyer pursuant to this Section 1312, neither party shall thereafter be under any further liability to the other, except as otherwise expressly set forth in this Agreement.

Fire or Other Casualty. In the event that, prior to Closing, the Subject Property is condemned in whole or in part or is damaged by fire or other casualty, Seller agrees to shall promptly advise Buyer notify Purchaser in writing of any material damage such event. If, prior to the Property. If all or any substantial portion of the Property Closing, ten percent (i.e. 10% %) or more of the value) shallSubject Property is condemned or is conveyed under the threat of condemnation, prior to or if the Closing, be Subject Property is damaged or destroyed by fire or any other cause, and casualty to the extent that the cost of repairing such damage shall not have been repaired be $5,000,000.00 or reconstructed prior to the Closing more, then, and in a good and workmanlike manner to the reasonable satisfaction any of Buyersuch events, Buyer may, at Buyer's option: Purchaser (a) remain obligated to perform may terminate this Agreement and receive all insurance proceeds received by or payable notice in writing to Seller delivered prior to Closing (but in no event later than the tenth (10th) day after the occurrence thereof), and thereupon the parties shall be released and discharged from any further obligations to each other except as a result of such damage or destruction plus an amount equal described in Section 13.3, this Agreement shall become null and void, and the Xxxxxxx Money shall be refunded to any insurance policy deductiblePurchaser; or (b) may proceed to Closing, in which event the Purchase Price shall be reduced by written notice the total of termination given any awards or other proceeds received by Seller on or before the Closing Date with respect to any such condemnation, fire or other casualty (as applicable) and, at Closing Seller not later than thirty shall assign to Purchaser all of Seller's right to any and all awards or other proceeds paid or payable thereafter by reason of any such taking, fire or other casualty (30) days after Seller provides Buyer with written notice of such damage or destruction, terminate this Agreement and receive any documents, instruments and funds previously deposited or paid including the Earnxxx Xxxey Deposit (together with all interest earned thereonas applicable). If an unsubstantial Seller shall be responsible, however, for the payment of any deductible due in connection with any such insurance proceeds. In each case, Seller shall have no responsibility for the restoration or repair of that portion of the Subject Property (i.e. 10% condemned, destroyed or less of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause and such damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, then Buyer shall be obligated to proceed to close the transaction contemplated hereby, but shall receive from Seller, on the Closing Date, an assignment of proceeds of the insurance payable under Seller's insurance policy plus an amount equal to any insurance policy deductible. Upon termination of this Agreement by Buyer pursuant to this Section 13, neither party shall thereafter be under any further liability to the other, except as otherwise expressly set forth in this Agreementaforesaid.

Fire or Other Casualty. Seller agrees to promptly advise Buyer in writing of any material damage to the PropertyProject. If all or any substantial portion of the Property Project (i.e. 10% or more of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause, and such -26- 95 damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, Buyer may, at Buyer's option: (a) remain obligated to perform this Agreement and receive all insurance proceeds received by or payable to Seller as a result of such damage or destruction plus an amount equal to any insurance policy deductible; or (b) by written notice of termination given to Seller not later than thirty (30) days after Seller provides Buyer with written notice of such damage or destruction, terminate this Agreement and receive any documents, instruments and funds previously deposited or paid including the Earnxxx Xxxey Deposit (together with all interest earned thereon). If an unsubstantial portion of the Property Project (i.e. 10% or less of the value) shall, prior to the Closing, be damaged or destroyed by fire or any other cause and such damage shall not have been repaired or reconstructed prior to the Closing in a good and workmanlike manner to the reasonable satisfaction of Buyer, then Buyer shall be obligated to proceed to close the transaction contemplated hereby, but shall receive from Seller, on the Closing Date, an assignment of proceeds of the insurance payable under Seller's insurance policy plus an amount equal to any insurance policy deductible. Upon termination of this Agreement by Buyer pursuant to this Section 1312, neither party shall thereafter be under any further liability to the other, except as otherwise expressly set forth in this Agreement.