Common use of Immaterial Event Clause in Contracts

Immaterial Event. If, prior to Closing: (a) less than ten percent (10%) of the net rentable area of the Building is rendered completely untenantable or permanently taken under the power of eminent domain, or (b) less than material access to the Property is destroyed or taken under the power of eminent domain, this transaction shall close on the Date of Closing and Purchaser shall pay the full Purchase Price set forth in Section 2, above, and Seller shall assign to Purchaser the physical damage proceeds of any insurance policies payable to Seller, or Seller’s portion of any condemnation award, in both cases, up to the amount of the Purchase Price and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.

Immaterial Event. If, prior to Closing: (a) , less than ten fifteen percent (10l5%) of the net rentable area of the Building is building(s) or of the parking spaces on the Property are rendered completely untenantable or permanently are destroyed, or are taken under the power of eminent domain, or (b) less than material access to the Property is destroyed or taken under the power of eminent domain, Purchaser shall close this transaction shall close on the Date of Closing date and Purchaser shall pay at the full Purchase Price set forth agreed upon in Section 2, above, and Seller shall will assign to Purchaser all required proofs of loss, assignments of claims and other similar items and the physical damage proceeds of any insurance policies payable to Seller, or Seller’s 's portion of any condemnation award, in both cases, up to the amount of the Purchase Price and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.

Immaterial Event. If, prior to Closing: (a) , less than ten percent (10%) of the net rentable area of the Building is or of the parking spaces on the Property are rendered completely untenantable or permanently are destroyed, or are taken under the power of eminent domain, or (b) less than material access to the Property is destroyed or taken under the power of eminent domain, Purchaser shall close this transaction shall close on the Date of Closing date and Purchaser shall pay at the full Purchase Price set forth agreed upon in Section 2, above1, and Seller shall assign to Purchaser (i) its interest in the physical damage proceeds of any insurance policies payable to Seller, up to the amount of the Purchase Price, or (ii) Seller’s portion of any condemnation award, in both cases, up to the amount of the Purchase Price Price, as applicable, and including any rights of Seller to prosecute, settle, compromise, or appeal such payments, and, if an insured casualty, pay to Purchaser the amount of any deductible not previously paid by Seller but not to exceed the amount of the loss.