Common use of Major Damage Clause in Contracts

Major Damage. In the event of a “major” loss or damage, Purchaser may terminate this Agreement by written notice to Seller, in which event the ▇▇▇▇▇▇▇ Money previously paid by Purchaser, shall be returned to Purchaser (and if Seller elected to deliver the Letter of Credit, the Escrow Agent shall return the Letter of Credit to Purchaser, marked “Canceled”). If Purchaser does not elect to terminate this Agreement within ten (10) Business Days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall assign to Purchaser (i) 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 and condemnation awards relating to the premises in question, plus (ii) the proceeds of any insurance policies paid to Seller with respect thereto and Seller’s portion of any condemnation awards paid to Seller with respect thereto, plus (iii) the amount of the deductible (in no event to exceed the amount of the loss), which deductible amount shall be credited against the Purchase Price at Closing. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event that the Property is damaged or destroyed by fire or other casualty prior to Closing, and the cost for repairs is more than $250,000, then Seller shall have no obligation to repair such damage or destruction, and shall notify Purchaser in writing of a “major” loss such damage or damagedestruction (the "Damage Notice"). Within 10 days after Purchaser’s receipt of the Damage Notice, Purchaser may elect at its option to terminate this Agreement Contract by delivering written notice to Seller, in which event Seller and receive a return of the ▇▇▇▇▇▇▇ Money previously paid by Purchaser, shall be returned to Purchaser (and if Seller elected to deliver the Letter of Credit, Deposit from the Escrow Agent shall return Agent. In the Letter of Credit to Purchaser, marked “Canceled”). If event Purchaser does not elect fails to terminate this Agreement Contract within ten (10) Business Days after Seller sends Purchaser written notice of the occurrence of major loss or damageforegoing 10‑day period, then Purchaser this transaction shall be deemed to have elected to proceed closed in accordance with the terms of this Contract for the full Purchase Price, notwithstanding any such damage or destruction, and Purchaser shall, at Closing, execute and deliver an assignment and assumption (in which event a form prepared by Seller shall assign and reasonably acceptable to Purchaser (iPurchaser) all of Seller’s right, title 's rights and interest in and to any claims and proceeds Seller may have obligations with respect to any casualty the insurance policies claim and condemnation awards relating related to the premises in questionsuch casualty, and thereafter Purchase shall receive all remaining insurance proceeds pertaining to such claim (plus (ii) the proceeds of any insurance policies paid to Seller with respect thereto and Seller’s portion of any condemnation awards paid to Seller with respect thereto, plus (iii) the amount of the deductible (in no event to exceed the amount of the loss), which deductible amount shall be credited a credit against the Purchase Price at Closing. Upon ClosingClosing in the amount of (i) any deductible payable by Seller in connection therewith; and (ii) any insurance proceeds previously paid to Seller in connection with such damage or destruction, full risk of loss with respect to the Property shall pass to Purchaserand not spent by Seller for demolition, site cleaning, restoration or other repairs).

Major Damage. In the event that the Property is damaged or destroyed by fire or other casualty prior to Closing, and the cost of a “major” loss repair is more than $250,000, then Seller shall have no obligation to repair such damage or damagedestruction and shall promptly notify Purchaser in writing of such damage or destruction (the "Damage Notice"). Within 10 days after Purchaser's receipt of the Damage Notice, Purchaser may elect at its option to terminate this Agreement Contract by delivering written notice to Seller, in which event the ▇▇▇▇▇▇▇ Money previously paid by Purchaser, shall be returned to Purchaser (and if Seller elected to deliver Purchaser so terminates this Contract, Purchaser shall recover the Letter of Credit, Deposit hereunder. In the Escrow Agent shall return the Letter of Credit to Purchaser, marked “Canceled”). If event Purchaser does not elect fails to terminate this Agreement Contract within ten (the foregoing 10) Business Days after Seller sends Purchaser written notice of the occurrence of major loss or damage-day period, then Purchaser this transaction shall be deemed to have elected to proceed closed in accordance with the terms of this Contract for the full Purchase Price, notwithstanding any such damage or destruction, and Seller and Purchaser shall, at Closing, execute and deliver an assignment and assumption (in which event Seller shall assign to Purchaser (ia form reasonably required by Seller) all of Seller’s right, title 's rights and interest in and to any claims and proceeds Seller may have obligations with respect to any casualty the insurance policies claim and condemnation awards relating related to the premises in questionsuch casualty, and thereafter Purchaser shall receive all remaining insurance proceeds pertaining to such claim (plus (ii) the proceeds of any insurance policies paid to Seller with respect thereto and Seller’s portion of any condemnation awards paid to Seller with respect thereto, plus (iii) the amount of the deductible (in no event to exceed the amount of the loss), which deductible amount shall be credited a credit against the Purchase Price at Closing. Upon ClosingClosing in the amount of any deductible payable by Seller in connection therewith and not spent by Seller for demolition, full risk of loss with respect to the Property shall pass to Purchasersite cleaning, restoration or other repairs).

Major Damage. In the event that the Property is damaged or destroyed by fire or other casualty prior to Closing, and the cost of a “major” loss repair is more than $250,000, then Seller shall have no obligation to repair such damage or damagedestruction and shall notify Purchaser in writing of such damage or destruction (the "Damage Notice"). Within 10 days after Purchaser's receipt of the Damage Notice, Purchaser may elect at its option to terminate this Agreement Contract by delivering written notice to Seller, in which event Seller and receive a return of the ▇▇▇▇▇▇▇ Money previously paid by Purchaser, shall be returned to Purchaser (and if Seller elected to deliver the Letter of Credit, Deposit from the Escrow Agent shall return Agent. In the Letter of Credit to Purchaser, marked “Canceled”). If event Purchaser does not elect fails to terminate this Agreement Contract within ten (the foregoing 10) Business Days after Seller sends Purchaser written notice of the occurrence of major loss or damage-day period, then Purchaser this transaction shall be deemed to have elected to proceed closed in accordance with the terms of this Contract for the full Purchase Price, notwithstanding any such damage or destruction, and Purchaser shall, at Closing, execute and deliver an assignment and assumption (in which event a form prepared by Seller shall assign and reasonably acceptable to Purchaser (iPurchaser) all of Seller’s right, title 's rights and interest in and to any claims and proceeds Seller may have obligations with respect to any casualty the insurance policies claim and condemnation awards relating related to the premises in questionsuch casualty, and thereafter Purchase shall receive all remaining insurance proceeds pertaining to such claim (plus (ii) the proceeds of any insurance policies paid to Seller with respect thereto and Seller’s portion of any condemnation awards paid to Seller with respect thereto, plus (iii) the amount of the deductible (in no event to exceed the amount of the loss), which deductible amount shall be credited a credit against the Purchase Price at Closing. Upon ClosingClosing in the amount of (i) any deductible payable by Seller in connection therewith; and (ii) any insurance proceeds previously paid to Seller in connection with such damage or destruction, full risk of loss with respect to the Property shall pass to Purchaserand not spent by Seller for demolition, site cleaning, restoration or other repairs).

Major Damage. In the event that the Property is damaged or destroyed by fire or other casualty prior to Closing, and the cost of a repair is more than $250,000, then Seller shall have no obligation to repair such damage or destruction and shall promptly notify Purchaser in writing of such damage or destruction (the “major” loss or damageDamage Notice”). Within 10 days after Purchaser’s receipt of the Damage Notice, Purchaser may elect at its option to terminate this Agreement Contract by delivering written notice to Seller, in which event the ▇▇▇▇▇▇▇ Money previously paid by Purchaser, shall be returned to Purchaser (and if Seller elected to deliver Purchaser so terminates this Contract, Purchaser shall recover the Letter of Credit, Deposit hereunder. In the Escrow Agent shall return the Letter of Credit to Purchaser, marked “Canceled”). If event Purchaser does not elect fails to terminate this Agreement Contract within ten (the foregoing 10) Business Days after Seller sends Purchaser written notice of the occurrence of major loss or damage-day period, then Purchaser this transaction shall be deemed to have elected to proceed closed in accordance with the terms of this Contract for the full Purchase Price, notwithstanding any such damage or destruction, and Seller and Purchaser shall, at Closing, execute and deliver an assignment and assumption (in which event Seller shall assign to Purchaser (ia form reasonably required by Seller) all of Seller’s right, title rights and interest in and to any claims and proceeds Seller may have obligations with respect to any casualty the insurance policies claim and condemnation awards relating related to the premises in questionsuch casualty, and thereafter Purchaser shall receive all remaining insurance proceeds pertaining to such claim (plus (ii) the proceeds of any insurance policies paid to Seller with respect thereto and Seller’s portion of any condemnation awards paid to Seller with respect thereto, plus (iii) the amount of the deductible (in no event to exceed the amount of the loss), which deductible amount shall be credited a credit against the Purchase Price at Closing. Upon ClosingClosing in the amount of any deductible payable by Seller in connection therewith and not spent by Seller for demolition, full risk of loss with respect to the Property shall pass to Purchasersite cleaning, restoration or other repairs).

Major Damage. In the event that the Property is damaged or destroyed by fire or other casualty prior to Closing, and the cost of a repair is more than $250,000.00, then Seller shall have no obligation to repair such damage or destruction and shall, within 10 days after the occurrence of such casualty, notify Purchaser in writing of such damage or destruction (the “major” loss or damageDamage Notice”). Within 10 days after Purchaser’s receipt of the Damage Notice, Purchaser may elect at its option to terminate this Agreement Contract by delivering written notice to Seller, in which . In the event the ▇▇▇▇▇▇▇ Money previously paid by Purchaser, shall be returned to Purchaser (and if Seller elected to deliver the Letter of Credit, the Escrow Agent shall return the Letter of Credit to Purchaser, marked “Canceled”). If Purchaser does not elect fails to terminate this Agreement Contract within ten (the foregoing 10) Business Days after Seller sends Purchaser written notice of the occurrence of major loss or damage-day period, then Purchaser this transaction shall be deemed to have elected to proceed closed in accordance with the terms of this Contract for the full Purchase Price, notwithstanding any such damage or destruction, and Purchaser shall, at Closing, execute and deliver an assignment and assumption (in which event Seller shall assign to Purchaser (ia form reasonably required by Seller) all of Seller’s right, title rights and interest in and to any claims and proceeds Seller may have obligations with respect to any casualty the insurance policies claim and condemnation awards relating related to the premises in questionsuch casualty, and thereafter Purchase shall receive all remaining insurance proceeds pertaining to such claim (plus (ii) the proceeds of any insurance policies paid to Seller with respect thereto and Seller’s portion of any condemnation awards paid to Seller with respect thereto, plus (iii) the amount of the deductible (in no event to exceed the amount of the loss), which deductible amount shall be credited a credit against the Purchase Price at Closing. Upon ClosingClosing in the amount of any deductible payable by Seller in connection therewith and not spent by Seller for demolition, full risk of loss with respect to the Property shall pass to Purchasersite cleaning, restoration or other repairs).

Major Damage. In the event that the Property is damaged or destroyed by fire or other casualty prior to Closing, and the cost of a “major” loss repair is more than $250,000, then Seller shall have no obligation to repair such damage or damagedestruction and shall notify Purchaser in writing of such damage or destruction (the "Damage Notice"). Within 10 days after Purchaser's receipt of the Damage Notice, Purchaser may elect at its option to terminate this Agreement Contract by delivering written notice to Seller, Seller and in which such event Purchaser shall recover the ▇▇▇▇▇▇▇ Money previously paid by Purchaser, shall be returned to Deposit hereunder. In the event Purchaser (and if Seller elected to deliver the Letter of Credit, the Escrow Agent shall return the Letter of Credit to Purchaser, marked “Canceled”). If Purchaser does not elect fails to terminate this Agreement Contract within ten (the foregoing 10) Business Days after Seller sends Purchaser written notice of the occurrence of major loss or damage-day period, then Purchaser this transaction shall be deemed to have elected to proceed closed in accordance with the terms of this Contract for the full Purchase Price, notwithstanding any such damage or destruction, and Purchaser shall, at Closing, execute and deliver an assignment and assumption (in which event Seller shall assign to Purchaser (ia form reasonably required by Seller) all of Seller’s right, title 's rights and interest in and to any claims and proceeds Seller may have obligations with respect to any casualty the insurance policies claim and condemnation awards relating related to the premises in questionsuch casualty, and thereafter Purchaser shall receive all remaining insurance proceeds pertaining to such claim (plus (ii) the proceeds of any insurance policies paid to Seller with respect thereto and Seller’s portion of any condemnation awards paid to Seller with respect thereto, plus (iii) the amount of the deductible (in no event to exceed the amount of the loss), which deductible amount shall be credited a credit against the Purchase Price at Closing. Upon ClosingClosing in the amount of any deductible payable by Seller in connection therewith and not spent by Seller for demolition, full risk of loss with respect to the Property shall pass to Purchasersite cleaning, restoration or other repairs).