Common use of Major Loss Clause in Contracts

Major Loss. If the amount of the damage or destruction or condemnation as specified above exceeds $500,000, then Buyer may at its option, to be exercised by written notice to Seller within ten (10) business days of Seller’s notice of the occurrence of the damage or destruction or the commencement of condemnation proceedings, terminate this Agreement. Buyer’s failure to elect to terminate this Agreement within said ten (10) business day period shall be deemed an election by Buyer to consummate this purchase and sale transaction. If Buyer elects to terminate this Agreement within such ten (10) business day period, then the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as expressly provided elsewhere in this Agreement. If Buyer elects or is deemed to have elected to proceed with the purchase, then upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds (other than business interruption or rental loss insurance applicable to the period prior to Closing) or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible, less any sums expended by Seller directly toward the restoration or repair of the Property. If the proceeds or awards have not been collected as of the Closing, then such proceeds (including business interruption or rental loss insurance of Seller which would be applicable to any period subsequent to Closing) or awards shall be assigned to Buyer, except to the extent needed to reimburse Seller for sums expended prior to the Closing to repair or restore the Property, without a reduction to the Purchase Price.

Major Loss. If the amount of the damage or destruction or condemnation as specified above exceeds $500,000ten percent (10%) of the Purchase Price and occurs prior to the Closing Date, then Buyer may at its option, to be exercised by written notice to Seller within ten (10) business days of Seller’s 's notice of the occurrence of the damage or destruction or the commencement of condemnation proceedings, terminate this Agreement. Buyer’s 's failure to elect to terminate this Agreement within said ten (10) business day period shall be deemed an election by Buyer to consummate this purchase and sale transaction. If Buyer elects to terminate this Agreement within such ten (10) business day period, then the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as expressly provided elsewhere in this AgreementSections 7.2.6(d), 7.3, and 8.11. If Buyer elects or is deemed to have elected to proceed with the purchase, then upon the Closing, there shall be a credit against the Purchase Price at Closing due hereunder thereunder equal to the amount of any insurance proceeds (other than business interruption or rental loss insurance applicable to the period prior to Closing) or condemnation awards collected by Seller or Cabot as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible, less any sums expended by Seller directly or Cabot toward the restoration or repair of the PropertyProperty or in collecting such insurance proceeds or condemnation awards. If the proceeds or awards have not been collected as of the Closingapplicable closing, then such proceeds (including business interruption or rental loss insurance of Seller which would be applicable to any period subsequent to Closing) or awards shall be assigned to Buyer, except to the extent needed to reimburse Seller or Cabot for sums expended prior to the Closing applicable closing to repair or restore the Property, without a reduction Property or to the Purchase Pricecollect any such proceeds or awards.

Major Loss. If the amount of the damage or destruction or condemnation as specified above exceeds One Million Five Hundred Thousand and 00/100 Dollars ($500,0001,500,000.00), then Buyer may at its option, to be exercised by written notice to Seller within ten (10) business days of Seller’s notice of the occurrence of the damage or destruction or the commencement of condemnation proceedings, terminate this Agreement. Buyer’s failure to elect to terminate this Agreement within said ten (10) business day period shall be deemed an election by Buyer to consummate this purchase and sale transactionterminate the Agreement. If Buyer elects or is deemed to have elected to terminate this Agreement within such ten (10) business day period, then the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as expressly provided elsewhere in this AgreementSections 3.4, 3.5, 9.6, 10.13 and 10.19. If Buyer elects or is deemed to have elected to proceed with the purchase, then upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds (other than business interruption or rental loss insurance applicable to the period prior to Closing) or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible, less any sums expended by Seller directly toward the restoration or repair of the PropertyReal Property or in collecting such insurance proceeds or condemnation awards. If the proceeds or awards have not been collected as of the Closing, then such proceeds (including business interruption or rental loss insurance of Seller which would be applicable to any period subsequent to Closing) or awards shall be assigned to Buyer, except to the extent needed to reimburse Seller for sums expended prior to the Closing to repair or restore the Property, without a reduction Real Property or to the Purchase Pricecollect any such proceeds or awards.

Major Loss. If the amount of the damage or destruction or condemnation as specified above exceeds is in excess of ten percent (10%) of the Purchase Price $500,000250,000.00 or allows any Tenant to terminate its Tenant Lease, then Buyer may Purchaser may, at its option, option to be exercised by written notice to Seller within ten (10) business days of Seller’s 's notice of the occurrence of the damage or destruction or the commencement of condemnation proceedings, terminate this Agreement. Buyer’s failure to elect to either terminate this Agreement within said ten (10) business day period shall be deemed an election or consummate the purchase for the full Purchase Price as required by Buyer to consummate this purchase and sale transactionthe terms hereof. If Buyer Purchaser timely elects to terminate this Agreement within such ten (10) business day periodAgreement, then the Deposit shall be returned to Buyer Purchaser and neither party shall have any further rights or obligations hereunder except as with respect to those that are herein specified to expressly provided elsewhere in this Agreementsurvive such a termination. If Buyer Purchaser elects or is deemed to have elected to proceed with the purchase, or fails to give Seller notice within such ten (10) day period that Purchaser has terminated this Agreement, then upon at the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds (other than business interruption or rental loss insurance applicable to the period prior to Closing) or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation, together with any rent insurance proceeds to the extent allocable to the period following the Closing, plus the amount of any insurance deductible, less any sums expended by Seller directly toward the restoration or repair of the Property. If the proceeds or awards have not been collected as of the Closing, in whole or in part, then such uncollected proceeds (including business interruption or rental loss insurance of Seller which would be applicable to any period subsequent to Closing) or awards shall be assigned to BuyerPurchaser, except to the extent needed to reimburse Seller for the sums previously expended prior to the Closing to repair or restore the Property, without affected Property as a reduction to the Purchase Priceresult of such casualty or condemnation.