Common use of Immaterial Event Clause in Contracts

Immaterial Event. If, prior to Closing, the Property is subject to a casualty or a condemnation event that is not a Material Event, Purchaser shall close this transaction on the date and at the Purchase Price agreed upon in Section 2, and Seller will assign to Purchaser the physical damage proceeds of any insurance policies payable to Seller, or Seller’s rights to any portion of any condemnation award (or reduce the Purchase Price by the amount of such proceeds or award), in both cases, up to the amount of the Purchase Price and, if an insured casualty, pay to Purchaser as a credit to the Purchase Price at Closing the amount of any deductible but not to exceed the amount of the loss.

Immaterial Event. If, prior to Closing, the Property is subject to damaged or in the event of a casualty taking or a condemnation event threat of taking that is in each case does not constitute a Material Event, Purchaser shall close this transaction on the date and at the Purchase Price agreed upon in Section 21, and Seller will shall assign to Purchaser (i) its interest in the physical damage proceeds of any insurance policies payable to Seller, Seller or Seller’s rights to any portion of any condemnation award (or reduce the Purchase Price by the amount of such proceeds or award), as applicable, in both cases, up to the amount of the Purchase Price and including any rights of Seller to prosecute, settle, compromise, or appeal such payments, and, if an insured casualty, pay to Purchaser as a credit to the Purchase Price at Closing the amount of any deductible not previously paid by Seller but not to exceed the amount of the loss.