Common use of Interim Repairs Clause in Contracts

Interim Repairs. If a Property is the subject of a Major Casualty but the Transferee either is not entitled to or does not terminate this Agreement as to such Damaged Property pursuant to the provisions of this Article 12, then the appropriate Property Partnership shall prior to the Closing Date cause all temporary repairs to be made to the Damaged Property as shall be required to prevent further deterioration and damage to the Damaged Property and to protect public health and safety; provided, that the cost of any such repairs shall not exceed the amount of proceeds made available to such Property Partnership. The appropriate Property Partnership shall have the right to be reimbursed from the proceeds of any insurance with respect to the Damaged Property for the cost of such temporary repairs.

Appears in 1 contract

Sources: Contribution Agreement (Merry Land & Investment Co Inc)

Interim Repairs. If a Property is the subject of a Major Casualty but the Transferee Contributee either is not entitled to or does not terminate this Agreement as to such Damaged Property pursuant to the provisions of this Article 1214, then the appropriate Property Partnership Contributor shall prior to the Closing Date cause all temporary repairs to be made to the Damaged Property as shall be required to prevent further deterioration and damage to the Damaged Property and to protect public health and safety; provided, provided that the cost of any such repairs shall not exceed the amount of proceeds made available to such Property PartnershipContributor. The appropriate Property Partnership Contributor shall have the right to be reimbursed from the proceeds of any insurance with respect to the Damaged Property for the cost of such temporary repairs.

Appears in 1 contract

Sources: Contribution and Sale Agreement (American Campus Communities Inc)

Interim Repairs. If a Property is the subject of a Major Casualty but the Transferee either is not entitled to or does not terminate this Agreement as to such Damaged Property pursuant to the provisions of this Article 1216, then the appropriate Property Partnership Contributor shall prior to the applicable Closing Date cause all temporary repairs to be made to the Damaged Property as shall be required to prevent further deterioration and damage to the Damaged Property and to protect public health and safety; provided, provided that the cost of any such repairs shall not exceed the amount of proceeds made available to such Property PartnershipContributor. The appropriate Property Partnership Such Contributor shall have the right to be reimbursed from the proceeds of any insurance with respect to the Damaged Property for the cost of such temporary repairs.

Appears in 1 contract

Sources: Contribution and Exchange Agreement (Avalon Properties Inc)

Interim Repairs. If a Property is the subject --------------- of a Major Casualty but the Transferee either is not entitled to or does not terminate this Agreement as to such Damaged Property pursuant to the provisions of this Article 1214, then the appropriate Property Partnership Contributor shall prior to the ---------- Closing Date cause all temporary repairs to be made to the Damaged Property as shall be required to prevent further deterioration and damage to the Damaged Property and to protect public health and safety; provided, that the cost of any -------- such repairs shall not exceed the amount of proceeds made available to such Property PartnershipContributor. The appropriate Property Partnership Contributor shall have the right to be reimbursed from the proceeds of any insurance with respect to the Damaged Property for the cost of such temporary repairs.

Appears in 1 contract

Sources: Contribution Agreement (Bre Properties Inc /Md/)

Interim Repairs. If a Property is the subject of a Major Casualty but the Transferee either is not entitled to or does not terminate this Agreement as to such Damaged Property pursuant to the provisions of this Article 1213, then the appropriate Property Partnership Contributor shall prior to the Closing Date cause all temporary repairs to be made to the Damaged Property as shall be required to prevent further deterioration and damage to the Damaged Property and to protect public health and safety; provided, that the cost of any such repairs shall not exceed the amount of proceeds made available to such Property PartnershipContributor. The appropriate Property Partnership Contributor shall have the right to be reimbursed from the proceeds of any insurance with respect to the Damaged Property for the cost of such temporary repairs.

Appears in 1 contract

Sources: Contribution Agreement (Gables Realty Limited Partnership)