Common use of Material Damage Clause in Contracts

Material Damage. In the event that, prior to the Closing, the Property is destroyed or materially damaged (as defined in Section 15(c) below) by casualty, Purchaser shall have the right, exercisable by giving notice to Seller within fifteen (15) days after receiving written notice of such casualty, either (i) to terminate this Agreement and obtain a refund of the Deposit, in which case neither party shall have any further rights or obligations hereunder other than those obligations that expressly survive a termination of this Agreement and except that Purchaser and Seller each shall be responsible for one-half (1/2) of any title or escrow cancellation fee or (ii) to accept the Property in its then condition and to proceed with the Closing with an abatement or reduction in the Purchase Price in the amount of the deductible for the applicable insurance coverage, in which case Purchaser shall be entitled to receive an assignment of all of Seller’s rights to any insurance proceeds payable by reason of such damage or destruction. If Purchaser elects to proceed under clause (ii) above, Seller shall not compromise, settle or adjust any claims to such proceeds without Purchaser’s prior written consent.

Material Damage. In the event that, prior to the Closing, the Property is destroyed or materially damaged (as defined in Section 15(c) below) by casualty, Purchaser shall have the right, exercisable by giving notice to Seller within fifteen (15) days after receiving written notice of such casualty, either (i) to terminate this Agreement and obtain a refund of the DepositAgreement, in which case neither party shall have any further rights or obligations hereunder other than those obligations that expressly survive a termination of this Agreement and except that Purchaser will receive a refund of the Deposit and Purchaser and Seller each shall be responsible for one-half (1/2) of any title or escrow cancellation fee fee, and Purchaser shall remain obligated under Section 3, or (ii) to accept the Property in its then condition and to proceed with the Closing with an abatement or reduction in the Purchase Price in the amount of the deductible for the applicable insurance coverage, in which case Purchaser shall be entitled to receive an assignment of all of Seller’s rights to any insurance proceeds payable by reason of such damage or destruction. If Purchaser elects to proceed under clause (ii) above, Seller shall not compromise, settle or adjust any claims to such proceeds without Purchaser’s prior written consent.

Material Damage. In the event that, prior to the Closing, the Property is destroyed or materially damaged (as defined in Section 15(c) below) by casualty, Purchaser shall have the right, exercisable by giving notice to Seller within fifteen (15) days after receiving written notice of such casualty, either (i) to terminate this Agreement and obtain a refund of the DepositAgreement, in which case neither party shall have any further rights or obligations hereunder other than those obligations that expressly survive a termination of this Agreement and except that Purchaser and Seller each shall be responsible for one-half (1/2) of any title or escrow cancellation fee fee, and Purchaser shall remain obligated under Section 3, or (ii) to accept the Property in its then condition and to proceed with the Closing with an abatement or reduction in the Purchase Price in the amount of the deductible for the applicable insurance coverage, in which case Purchaser shall be entitled to receive an assignment of all of Seller’s rights to any insurance proceeds payable by reason of such damage or destruction. If Purchaser elects to proceed under clause (ii) above, Seller shall not compromise, settle or adjust any claims to such proceeds without Purchaser’s prior written consent.

Material Damage. In the event that, that prior to the ClosingClose of Escrow, the Property Real Property, or any portion thereof, is destroyed or materially damaged (as defined in Section 15(c) below) by casualtydamaged, Purchaser Buyer shall have the right, exercisable by giving written notice to Seller within fifteen seven (157) business days after receiving receipt of written notice of such casualtydamage or destruction, either (i) to terminate this Agreement and obtain a refund of Agreement, in which event any documents or moneys, including the Deposit, together with any and all interest earned thereon, in which case Escrow shall be returned to the party depositing the same, and neither party hereto shall have any further rights or obligations hereunder other than those obligations that expressly survive a termination of this Agreement and except that Purchaser and Seller each shall be responsible for one-half (1/2) of any title or escrow cancellation fee hereunder, or (ii) to accept the Real Property in its then condition and to proceed with the Closing consummation if the transaction contemplated by this Agreement, with an abatement or reduction in the Purchase Price in equal to the amount of the deductible for the applicable insurance coverage, in which case Purchaser shall be entitled and to receive an assignment of all of Seller’s 's rights to any insurance proceeds payable by reason of such damage or destruction. If Purchaser Buyer elects to proceed under clause (ii) above, Seller shall not compromise, settle or adjust any claims to such proceeds without Purchaser’s Buyer's prior written consent, which consent Buyer may withhold in its sole, absolute, and subjective discretion.