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 by written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser. If Purchaser has not elected to terminate this Agreement within ten (10) days after Seller 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. If Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the 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 under 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 damage, either Seller or Purchaser may terminate this Agreement by written notice to the other partySeller, in which event the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser. If Purchaser has does not elected elect to terminate this Agreement within ten (10) days after Seller has sent 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. If In the event that Seller elects to perform repairs upon 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 under Seller’s insurance policy(ies)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 by written notice to the other partynotice, in which event the Earnest Money plus an amount equal to the Initial Payment shall be ▇▇▇▇▇▇▇ Money shall be returned ed to Purchaser. If Purchaser has does not elected elect to terminate this Agreement within ten (10) days after Seller has sent 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 (bb)(i) 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 questionquestion and (ii) in the case of a casualty, pays Purchaser an amount equal to the deductible on Seller's applicable casualty insurance policies. If In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing Date shall be extended a reasonable time (not to exceed one hundred twenty (120) days) 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 's insurance policy(ies). Upon Closing, full risk of loss with respect to the Property shall pass to Purchaserpolicy.

Major Damage. In the event of a “"major” " loss or damage, either Seller or Purchaser may terminate this Agreement by written notice to the other partySeller, in which event the Earn▇▇▇ ▇▇▇▇▇▇▇ Money ey shall be returned to Purchaser. If Purchaser has does not elected elect to terminate this Agreement within ten (10) business days after Seller has sent 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. If In the event that Seller elects to perform repairs upon 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 under Seller’s 's insurance policy(ies)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 damageMajor Loss, either Seller or Purchaser Buyer may terminate this Agreement by written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money Deposit(s) shall be returned to PurchaserBuyer. If Purchaser has not elected neither Seller nor Buyer elects to terminate this Agreement within ten (10) business days after Seller has sent Purchaser sends 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. If In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the 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 under Seller’s 's insurance policy(ies)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 by written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser. If neither Seller nor Purchaser has not elected elects to terminate this Agreement within ten (10) days after Seller has sent 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. If In the event that Seller elects to perform repairs upon 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 under Seller’s 's insurance policy(ies)policy. Upon Closing, full risk of loss with respect to the Property Properties shall pass to Purchaser.

Major Damage. In the event of a “major” loss or damageMajor Loss, either Seller or Purchaser may terminate this Agreement by written notice to the other party, in which event the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser. If neither Seller nor Purchaser has not elected elects to terminate this Agreement within ten (10) days after Seller has sent sends Purchaser written notice of the occurrence of major loss or damagethe Major Loss, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (ai) perform any necessary repairs, or (bii) 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. If In the event that Seller elects to perform repairs upon 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 under Seller’s insurance policy(ies)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 by written notice to the other partySeller, in which event the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser. If Purchaser has does not elected elect to terminate this Agreement within ten (10) days after Seller has sent 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. If In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly 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 under Seller’s insurance policy(ies)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 by written notice to the other partySeller, in which event the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser. If Purchaser has not elected to terminate this Agreement within ten (10) days after Seller 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 assignable 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. If Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the Closing Date shall be extended a reasonable time by up to thirty (30) days 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(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 damage, either Seller or Purchaser may terminate this Agreement by written notice to the other partySeller, in which event the ▇▇▇▇▇▇▇ Money Deposit shall be returned to Purchaser. If Purchaser has does not elected elect to terminate this Agreement within ten (10) days after Seller has sent 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 Purchaser'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. If In the event that Seller elects is to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly 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 Purchaser elects to have Seller assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s 's insurance policy(ies)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 by written notice to the other partySeller, in which event the ▇▇▇▇▇▇▇ Money shall be promptly returned to Purchaser. If Purchaser has does not elected elect to terminate this Agreement within ten twenty (1020) days after Seller has sent 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. If In the event that Seller elects to perform repairs upon 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 under Seller’s insurance policy(ies). Upon Closing, full risk of loss with respect to the Property shall pass to Purchaserpolicy.