Common use of Major Damage Clause in Contracts

Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser. If neither Seller nor Purchaser elects to terminate this Agreement with respect to such damaged or condemned Property within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon such Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the amount of any deductible or self-insured amount. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “"major” " loss or damage, either Seller or Purchaser may terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other partySeller and Escrow Agent, in which event the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser. If neither Seller nor Purchaser elects fails to terminate deliver notice of termination of this Agreement with respect to such damaged or condemned Property within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s 's option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s 's right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon such the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount of any deductible or self-insured amountunder Seller's insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “"major” " loss or damage, either Seller or Purchaser Buyer may terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money Deposit shall be returned to PurchaserBuyer. If neither Seller nor Purchaser Buyer elects to terminate this Agreement with respect to such damaged or condemned Property within ten (10) days after Seller sends Purchaser Buyer written notice of the occurrence of major loss or damage, then Seller and Purchaser Buyer shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s 's option, either (a) perform any necessary repairs, or (b) assign to Purchaser Buyer all of Seller’s 's right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon such the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to PurchaserBuyer, the Purchase Price shall be reduced by an amount equal to the deductible amount of any deductible or self-insured amountunder Seller's insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to PurchaserBuyer.

Major Damage. In the event of a “"major” " loss or damage, either Seller or Purchaser Buyer may terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money entire Deposit (including both the First Deposit and Second Deposit, and whether or not the Inspection Period was extended) shall be returned to PurchaserBuyer. If neither Seller nor Purchaser Buyer elects to terminate this Agreement with respect to such damaged or condemned Property within ten twenty (1020) days after Seller sends Purchaser Buyer written notice of the occurrence of major loss or damage, then Seller and Purchaser Buyer shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s 's option, either (a) perform any necessary repairsrepairs to a condition similar to that which existed prior to such damage, or (b) assign to Purchaser Buyer all of Seller’s 's right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon such the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs, but not to exceed fifteen (15) days. If Seller elects to assign a casualty claim to PurchaserBuyer, the Purchase Price shall be reduced by an amount equal to the deductible amount of under Seller's insurance policy and the costs to repair any deductible uninsured or self-insured amountuncompensated damage. Upon Closing, full risk of loss with respect to the Property shall pass to PurchaserBuyer.

Major Damage. In the event of a “major” condemnation, loss or damage, either Seller or Purchaser may terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money Initial Deposit and the Additional Deposit and the Extension Deposits (if applicable) shall be returned to Purchaser. If neither Seller nor Purchaser elects to terminate this Agreement with respect to such damaged or condemned Property within ten (10) business days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon such the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairsrepairs (but in no event more than sixty (60) days). If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount of any deductible or self-insured amountunder Seller’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser. If neither Seller nor Purchaser elects has not elected to terminate this Agreement with respect to such damaged or condemned Property within ten (10) days after Seller sends has sent Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that If Seller elects to perform repairs upon such the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount of any deductible or self-insured amountunder Seller’s insurance policy(ies). Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “major” loss or damageMajor Loss, either Seller or Purchaser Buyer may terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money Deposit(s) shall be returned to PurchaserBuyer. If neither Seller nor Purchaser Buyer elects to terminate this Agreement with respect to such damaged or condemned Property within ten (10) business days after Seller sends Purchaser Buyer written notice of the occurrence of major loss or damagethe Major Loss, then Seller and Purchaser Buyer shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s 's option, either (ai) perform any the necessary repairs, or (bii) assign to Purchaser Buyer all of Seller’s 's right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon such the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing Date shall be extended for a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to PurchaserBuyer, the Purchase Price shall be reduced by an amount equal to the deductible amount of any deductible or self-insured amountunder Seller's insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to PurchaserBuyer.

Major Damage. In the event of a “"major” " loss or damage, either Seller or Purchaser may terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser. If neither Seller nor Purchaser elects to terminate this Agreement with respect to such damaged or condemned Property within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s 's option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s 's right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon such the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount of any deductible or self-insured amountunder Seller's insurance policy. Upon Closing, full risk of loss with respect to the Property Properties shall pass to Purchaser.

Major Damage. In Seller shall promptly notify Buyer of the event occurrence of a any “majorMajor” loss or damage, either which notice shall state the cost of repair or restoration thereof as opined by a qualified expert in accordance with Section 8.3. Buyer shall have the right, exercisable by giving written notice to Seller or Purchaser may within five (5) days after receipt of Seller’s written notice, to terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money provisions of Section 2.5 shall be returned to Purchaserapply. If neither Seller nor Purchaser elects Buyer does not elect to terminate this Agreement with respect to such damaged or condemned Property within ten said five (105) days after Seller sends Purchaser written notice of the occurrence of major loss or damageday period, then Seller and Purchaser Buyer shall be deemed to have elected to proceed with Closing, in which . In that event Seller shall, shall at Seller’s option, option either (a) perform any necessary repairs, or (b) cause the Closing to occur promptly and assign to Purchaser Buyer through Escrow all of Seller’s right, title and interest in and to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that If Seller elects to perform repairs upon such the Property, Seller shall use reasonable efforts to complete such repairs promptly promptly, and the date of Closing shall be extended for a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to PurchaserBuyer, the Purchase Price shall not be reduced by an amount equal to the amount of any deductible or self-insured amountreduced. Upon Closing, full risk of loss with respect to the Property shall pass to PurchaserBuyer.

Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other party, in which event the Independent Consideration shall be released to Seller, all ▇▇▇▇▇▇▇ Money shall will be returned to PurchaserPurchaser (if any), and neither party will have any further rights or obligations hereunder except those which by their express terms survive termination. If neither Seller nor Purchaser elects have elected to terminate this Agreement with respect to such damaged or condemned Property within ten (10) days after Seller sends has sent Purchaser written notice of the occurrence of a major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser at Closing all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in questionquestion less costs actually incurred by Seller prior to Closing in pursuing such claim, securing the Property or making repairs. In the event that If Seller elects to perform repairs upon such the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the amount of any deductible or self-insured amount. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “major” "Major" loss or damage, either Seller or Purchaser may terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other partySeller, in which event the ▇▇▇▇▇▇▇ Money Deposit and any accrued interest thereon shall be returned to Purchaser. If neither Seller nor Purchaser elects fails to terminate this Agreement with respect to such damaged or condemned Property within ten (10) days after Seller sends Purchaser written notice of the occurrence of major such Major loss or damagedamage (which notice shall state the cost of repair or restoration thereof as opined by an architect in accordance with Section 7.3 hereof), then Seller and Purchaser shall be deemed to have elected to proceed with the Closing, in which event Seller shall, at Seller’s 's option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s 's right, title and interest in and to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon such the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of the Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the lesser of the deductible amount under Seller's insurance policy or the cost of any deductible or self-insured amountsuch repairs as determined in accordance with Section 7.3 hereof. Upon the Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “major” "Major" loss or damage, either Seller or Purchaser may terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money Deposit shall be returned to Purchaser. If neither Seller nor Purchaser elects to terminate this Agreement with respect to such damaged or condemned Property within ten (10) days after Seller sends Purchaser written notice of the occurrence of major such Major loss or damagedamage (which notice shall state the cost of repair or restoration thereof as opined by an architect in accordance with Section 7.3 hereof), then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s 's option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s 's right, title and interest in and to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon such the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the lesser of the deductible amount under Seller's insurance policy or the cost of any deductible or self-insured amountsuch repairs as determined in accordance with Section 7.3 hereof. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this Agreement with respect to such damaged or condemned Property only by delivering written notice to the other partySeller, in which event the ▇▇▇▇▇▇▇ Money Deposit shall be returned to Purchaser. If neither Seller nor Purchaser elects does not elect to terminate this Agreement with respect to such damaged or condemned Property within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform or cause the Property LLCs to perform any necessary repairs, or (b) assign take such steps to Purchaser ensure that the Trusts or the Property LLCs retain all of Seller’s right, title and interest to any claims and proceeds Seller Seller, the Trusts and the Property LLCs may have with respect to any casualty insurance policies or condemnation awards relating to the premises in questionProperty, notwithstanding the transactions contemplated by this Agreement. In the event that Seller elects to perform repairs upon such the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy, and, subject to Seller’s rights under Section 8.4, the amount of any deductible or self-insured amountuninsured loss. Upon Closing, full risk of loss with respect to a casualty or condemnation to the Property shall pass to PurchaserPurchaser due to its ownership of the Trusts and the Property LLCs.