Common use of Material Damage Clause in Contracts

Material Damage. In the event of any Material Damage to or destruction of the Property or any portion thereof prior to Closing, either Seller or Purchaser may, at its option, terminate this Agreement by delivering written notice to the other on or before the expiration of thirty (30) days after the date Seller delivers the Casualty Notice to Purchaser (and if necessary, the Closing Date shall be extended to give the parties the full thirty (30) day period to make such election and to obtain insurance settlement agreements with Seller’s insurers). Upon any such termination, the parties hereto shall have no further rights or obligations hereunder, other than those that by their terms survive the termination of this Agreement. If neither Seller nor Purchaser so terminates this Agreement within said thirty (30) day period, then the parties shall proceed under this Agreement and close on schedule, and as of Closing, Seller shall assign to Purchaser, without representation or warranty by or recourse against Seller, all of Seller’s rights in and to any resulting insurance proceeds due Seller as a result of such damage or destruction, and Purchaser shall assume full responsibility for all needed repairs, and Purchaser shall receive a credit at Closing for any deductible amount under such insurance policies (but the amount of the deductible plus insurance proceeds shall not exceed the lesser of (A) the cost of repair or (B) the Purchase Price and a pro rata share of the rental or business loss proceeds, if any). For the purposes of this Agreement, “Material Damage” and “Materially Damaged” means damage which, in Seller’s reasonable estimation, exceeds $500,000.00 to repair or which, in Seller’s reasonable estimation, will take longer than ninety (90) days to repair.

Material Damage. In the event of any Material Damage to or destruction of the Property or any portion thereof prior to Closing, either Seller or Purchaser may, at its option, terminate this Agreement by delivering written notice thereof to the other Seller on or before the expiration of thirty ten (3010) days after the date Seller delivers the Casualty Notice to Purchaser (and if necessary, or the Closing Date shall be extended to give the parties the full thirty (30) day period to make such election and to obtain insurance settlement agreements with Seller’s insurersDate, if earlier). Upon any such termination, the E▇▇▇▇▇▇ Money shall be returned to Purchaser and the parties hereto shall have no further rights or obligations hereunder, other than those that by their terms survive the termination of this Agreement. If neither Seller nor Purchaser does not so terminates terminate this Agreement within said thirty (30) day periodAgreement, then the parties shall proceed under this Agreement and close on scheduleschedule (subject to extension of Closing as provided above), and as of Closing, Closing (a) Seller shall assign to Purchaser, without representation or warranty by or recourse against Seller, all of Seller’s rights in and to any resulting insurance proceeds due Seller as a result of such damage or destruction, provided, however, if Seller’s insurance policy(ies) does(do) not permit such assignment, then Seller shall collect all such insurance proceeds, hold same in trust for Purchaser’s benefit and promptly remit such proceeds to Purchaser upon any receipt thereof, (b) Purchaser shall assume full responsibility for all needed repairsrepairs as a result of such casualty, and (c) Purchaser shall receive a credit at Closing for any deductible amount under such any insurance policies (but policy covering the amount of the deductible plus insurance proceeds shall not exceed the lesser of (A) the cost of repair Property as well as any uninsured or (B) the Purchase Price and a pro rata share of the rental or business loss proceeds, if any)underinsured loss. For the purposes of this Agreement, “Material Damage” and “Materially Damaged” means damage which, which (1) in SellerPurchaser’s reasonable estimation, exceeds $500,000.00 50,000.00 to repair or which, in Seller’s reasonable estimation, will could take longer than ninety (90) 30 days to repair, or (2) could cause any portion of the Property to fail to comply with any Legal Requirement.

Material Damage. In the event of any Material Damage (as defined below) --------------- to or destruction of the Property or any portion thereof prior to Closing, either Seller or Purchaser may, at its option, terminate this Agreement by delivering written giving notice to the other on or before the expiration of thirty (30) days after the date Seller delivers the Casualty Notice to Purchaser (and and, if necessary, the Closing Date shall be extended to give the parties the full thirty (30) thirty-day period to make give such election notice and to obtain insurance settlement agreements with Seller’s 's insurers). Upon any such termination, the Deposit shall be returned to Purchaser immediately and the parties hereto shall have no further rights or obligations hereunder, other than those that by their terms survive the termination of this Agreement. If neither Seller nor Purchaser so terminates this Agreement within said thirty (30) day period, then the parties shall proceed under this Agreement and close on scheduleschedule (subject to extension of Closing as provided above), and as of Closing, Closing Seller shall assign to Purchaser, without representation or warranty by or recourse against Seller, all of Seller’s 's rights in and to any resulting insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due Seller as a result of such damage or destruction, destruction and provide a credit to Purchaser at Closing in an amount equal to any deductible payable under any applicable insurance policy and Purchaser shall assume full responsibility for all needed repairs, and Purchaser shall receive a credit at Closing for any deductible amount under such insurance policies (but the amount of the deductible plus insurance proceeds shall not exceed the lesser of (A) the cost of repair or (B) the Purchase Price and a pro rata share of the rental or business loss proceeds, if any). For the purposes of this Agreement, “"Material Damage” and “" or "Materially Damaged” " means damage which, in Seller’s 's reasonable estimation, exceeds $500,000.00 100,000.00 to repair or which, in Seller’s 's reasonable estimation, will take longer than ninety (90) days to repair.. (ii)

Material Damage. In the event of any Material Damage to or destruction of the Property or any portion thereof prior to Closing, either Seller or Purchaser Buyer may, at its option, terminate this Agreement by delivering written notice to the other on or before the expiration of thirty (30) days after the date Seller delivers the Casualty Notice to Purchaser Buyer (and if necessary, the Closing Date shall be extended to give the parties the full thirty (30) thirty-day period to make such election and to obtain insurance settlement agreements with Seller’s insurers). Upon any such termination, the ▇▇▇▇▇▇▇ Money Deposit shall be returned to Buyer and the parties hereto shall have no further rights or obligations hereunder, other than those that by their terms survive the termination of this Agreement. If neither Seller nor Purchaser Buyer so terminates this Agreement within said thirty (30) day period, then the parties shall proceed under this Agreement and close on scheduleschedule (subject to extension of Closing as provided above), and as of Closing, Closing Seller shall assign to PurchaserBuyer, without representation or warranty by or recourse against Seller, all of Seller’s rights in and to any resulting insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due Seller as a result of such damage or destruction, destruction and Purchaser Buyer shall assume full responsibility for all needed repairs, and Purchaser Buyer shall receive a credit at Closing for any deductible amount under such insurance policies (but the amount of the deductible plus insurance proceeds shall not exceed the lesser of (A) the cost of repair or (B) the Purchase Price and a pro rata share of the rental or business loss proceeds, if any). For the purposes of this Agreement, “Material Damage” and “Materially Damaged” means damage which, in Sellersuch adjuster’s reasonable estimation, certified to Seller and Buyer, exceeds $500,000.00 500,000 to repair or which, in Sellersuch adjuster’s reasonable estimation, certified to Seller and Buyer, will take longer than ninety one hundred eighty (90180) days to repair.

Material Damage. In the event of any Material Damage to or destruction of the Property or any portion thereof prior to Closing, either Seller or Purchaser may, at its option, terminate this Agreement by delivering written giving notice to the other on or before the expiration of thirty (30) days (the “Termination Notice Period”) after the date Seller delivers the Casualty Notice to Purchaser (and and, if necessary, the Closing Date shall be extended to give the parties the full thirty (30) thirty-day period to make give such election notice and to obtain insurance settlement agreements with Seller’s insurers). Upon any such termination, the Deposit shall be returned to Purchaser promptly and the parties hereto shall have no further rights or obligations hereunder, other than those that by their terms survive the termination of this Agreement. If neither Seller nor Purchaser so terminates this Agreement within said thirty (30) day period, then the parties shall proceed under this Agreement and close on scheduleschedule (subject to extension of Closing as provided above), and as of Closing, Closing Seller shall credit Purchaser with the applicable deductible or retention and assign to Purchaser, without representation or warranty by or recourse against Seller, all of Seller’s rights in and to any resulting insurance proceeds due Seller as a result of such damage or destruction, and Purchaser shall assume full responsibility for all needed repairs, and Purchaser shall receive a credit at Closing for any deductible amount under repairs to such insurance policies (but the amount elements of the deductible plus insurance proceeds shall not exceed the lesser of (A) the cost of repair or (B) the Purchase Price and a pro rata share of the rental or business loss proceeds, if any)Property. For the purposes of this Agreement, “Material Damage” and or “Materially Damaged” means damage which, to those elements of the Property which Seller is not obligated to insure or repair which would cost in Seller’s reasonable estimation, exceeds excess of $500,000.00 250,000.00 to repair or which, in as reasonably estimated by Seller’s reasonable estimation, will take longer than ninety (90) days to repair.