LOSS BY FIRE OR OTHER CASUALTY. CONDEMNATION --------------------------------------------
LOSS BY FIRE OR OTHER CASUALTY. CONDEMNATION
LOSS BY FIRE OR OTHER CASUALTY. Condemnation. Promptly upon learning thereof, Seller shall give Buyer written notice of any condemnation, damage or destruction of the Property occurring prior to the Closing. Buyer shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to or destruction of any Improvements or condemnation of any portion of the Property, provided: (a) the cost to repair any damage or destruction, or the diminution in the value of the remaining Property as a result of a partial condemnation, does not exceed thirty-three percent (33%) of the Purchase Price, and (b) the square footage of the building which comprises part of the Improvements affected by any damage or destruction or by any partial condemnation, does not exceed thirty-three percent (33%) thereof, and (c) at Closing, Buyer shall be credited against the Purchase Price (A) in the event of damage or destruction fully covered (other than customary deductibles) by Seller’s insurance policies, the amount of any insurance proceeds collected by Seller as a result of any such damage or destruction plus applicable deductibles less any monies actually expended by Seller to repair any damage (or, if not previously collected, such proceeds shall be assigned to Buyer) or (B) in the event of damage or destruction not fully covered by Seller’s insurance policies, the cost to repair the damaged Improvements, as reasonably determined by a firm bid by a third party contractor designated by Seller and acceptable to Buyer, in both parties’ reasonable discretion (or, if a firm bid cannot be obtained prior to the Closing Date, as determined by a preliminary bid or estimate, with a post-Closing reconciliation between Buyer and Seller of the credit received by Xxxxx at such time as a firm bid is obtained from such contractor), or (C) in the event of condemnation, the amount of any condemnation awards collected by or payable to Seller. If either threshold described in clause (a) or (b) above is met or exceeded, then Buyer (or either Buyer or Seller, if such loss is not insured) may at its option terminate this Agreement, whereupon the Deposit and interest accrued thereon shall be returned to Buyer. If neither Buyer nor Seller exercises such option to terminate within fifteen (15) days after Seller notifies Buyer in writing of Seller’s estimate of the cost to repair or diminution in value, then this Agreement shall continue in full force ...
LOSS BY FIRE OR OTHER CASUALTY. If prior to the Closing, the Real Property is destroyed or materially damaged, Buyer shall have the right, exercisable by giving written notice of such decision to Seller within five (5) business days after receiving written notice from Seller of such damages or destruction to terminate this Agreement, in which case, this Agreement shall terminate and neither party hereto shall have any further rights or obligations under this Agreement. If Buyer elects to accept the Real Property in its then condition, all proceeds of insurance payable to Seller by reason of such damage or destruction shall be paid or assigned to Buyer.
LOSS BY FIRE OR OTHER CASUALTY. Except as otherwise set forth below, if the Improvements on the Premises shall be damaged or destroyed by fire or other casualty after the Full Rent Commencement Date, Tenant, within a reasonable time from the date of such damage or destruction, shall make necessary alterations, repairs and/or replacements to such Improvements for the purpose of restoring said Improvements to the same condition such Improvements were in immediately prior to such fire or other casualty loss, but no casualty shall affect Tenant’s liability to pay the full amount of Rent as provided in this Lease. The Rent herein required to be paid by Tenant shall not xxxxx during any period of untenantability caused by such damage or destruction. If, (i) in the reasonable judgment of Tenant, the damage to such Improvements is such that same cannot be restored and repaired or replaced within a period of two hundred (200) days and (ii) either any insurance proceeds are sufficient to pay off any existing loan secured by a mortgage against the Premises or Tenant agrees to and does pay any difference between such proceeds and the outstanding amount of such loan, then Tenant may, by written notice to Landlord, terminate the Lease as of the date of the damage, with insurance proceeds allocated toward repair of the Premises being paid to Landlord, or upon request by Landlord’s mortgagee, directly to such mortgagee, in an amount applicable to covered loss. If this Lease is not so cancelled, then such insurance proceeds shall be applied to such restoration and repairs, subject to and in accordance with the disbursement procedures set forth in Section 2.06 of the first mortgage given to TD Bank, N.A. If the Premises are to be restored but, because of a Force Majeure Event, the completion of such restoration and repairs is delayed, then the time for completion of such shall be extended accordingly but the obligation to pay Rent shall continue unabated. If more than fifty percent (50%) of the Improvements or a material portion or critical area of the Premises are destroyed in the last two (2) years of any term, Tenant may terminate this Lease, whereupon all rents herein provided shall xxxxx, but insurance proceeds shall apply to the covered loss according to the terms and conditions of the applicable policy and such insurance proceeds shall be paid to Landlord or to Landlord’s lender as may be provided in any agreements between Landlord and Landlord’s lender. Tenant shall be responsible for insuring and...
LOSS BY FIRE OR OTHER CASUALTY. 1. If prior to the Closing, the Property, or any part thereof, shall be damaged by fire or other casualty, Seller shall notify Buyer promptly thereof.
LOSS BY FIRE OR OTHER CASUALTY. If prior to the Closing, the Premises, or any part thereof, shall be damaged by fire or other casualty not arising from the acts or omissions of Buyer, its agents or employees, such that the cost of repair does not exceed twenty (20%) percent of the Purchase Price, Seller and Buyer shall consummate this transaction without any abatement of the Purchase Price whatsoever and, at the Closing, all of the insurance proceeds payable as a result of such damage shall belong (and, to the extent received by Seller, shall be paid) to Buyer or, if such proceeds have not then been received by Seller, such proceeds and all of Seller's rights thereto shall be assigned by Seller to Buyer. If the cost of repair is more than twenty (20%) percent of the Purchase Price and the casualty did not arise as a result of the acts or omissions of Buyer, its agents or employees, then Buyer shall have the option to cancel this Agreement upon notice to Seller within twenty (20) days after the date of the casualty. Failure of Buyer to cancel shall be deemed an election to proceed to Closing as in the first sentence of this Paragraph 8.
LOSS BY FIRE OR OTHER CASUALTY. In the case that the premises shall become untenantable by fire or other casualty, Landlord may at his option terminate this lease, or repair the premises within 30 days, and failing so to do, or upon the destruction of premises by fire, this agreement shall terminate. Landlord further agrees to provide Tenant with an estimated date of repair within 14 days of the time of the casualty. If there is more than one tenant, each of them shall be held liable and severally liable hereunder.
LOSS BY FIRE OR OTHER CASUALTY. Condemnation. In the event that, prior to Closing, the Properties, or any part thereof, are destroyed or damaged, or if condemnation proceedings are threatened or commenced against the Property, MRG shall have the right, exercisable by giving notice of such decision to Seller within three (3) days after receiving written notice from Seller or such damage, destruction or condemnation proceedings, to terminate this Agreement, in which case, neither party shall have any further rights or obligations hereunder and the full amount of the Deposit shall be returned to MRG. If MRG elects to accept the Property in its then condition, all proceeds of insurance or condemnation awards payable to Seller by reason of such damage, destruction or condemnation shall be paid or assigned to MRG. If MRG fails to give notice MRG shall be deemed to have elected to terminate this Agreement.
LOSS BY FIRE OR OTHER CASUALTY. If the dwelling unit shall be rendered unlivable by fire or other casualty, the agent may terminate this contract on five days notice. In such case, the agent shall refund to the occupants, after subtracting any amounts owed under other sections of this contract, the security deposit and all rents paid for each day beyond such termination of the contract. The agent shall not be liable for any damage done or occasioned by or from plumbing, or from gas, water, steam, sewerage or other pipes, or the bursting, leaking, or running from any cistern, tank, washstand, water closet or waste pipe in, above, upon or about the premises, nor for damage occasioned by water, snow or ice, being upon or coming through the roof, skylight, trap door, or otherwise, nor for any damage arising from acts or neglect of any owners or occupants of adjacent or contiguous property. Occupants are strongly encouraged to purchase insurance to protect against loss to their personal possessions.
