Common use of Material Event Clause in Contracts

Material Event. If, prior to Closing, the Property is damaged and the cost of repair exceeds $500,000.00 (as mutually determined by Purchaser and Seller and their consultants) or access to the Property is materially and adversely affected, or is destroyed or taken under power of eminent domain and the cost or repair exceeds $500,000 (as mutually determined by Purchaser and Seller and their consultants), or a casualty or taking occurs that could, with the passage of time, grant the Tenant a right to terminate under its Lease (a “Material Event”), Purchaser may elect to terminate this Agreement by giving written notice of its election to Seller within fifteen (15) days after receiving notice of such destruction or taking. If Purchaser does not give such written notice within such fifteen (15) day period, this transaction shall be consummated on the date and at the Purchase Price provided for in Section 2, and Seller will assign to Purchaser the physical damage proceeds of any insurance policy(ies) payable to Seller, or Seller’s portion of any condemnation award, in both cases, up to the amount of the Purchase Price, and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.

Material Event. If, prior to Closing, the Property is damaged and the cost of repair exceeds $500,000.00 fifteen percent (as mutually determined by Purchaser and Seller and their consultants15%) or more of the net rentable area of the building(s) or of the parking spaces on the Real Property or all access to the Real Property is materially and adversely affectedrendered completely untenantable, or is destroyed or taken under power of eminent domain and the cost or repair exceeds $500,000 domain, then (as mutually determined by Purchaser and Seller and their consultants), or a casualty or taking occurs that could, with the passage of time, grant the Tenant a right to terminate under its Lease (a “Material Event”), i) Purchaser may elect to terminate this Agreement by giving written notice of its election to Seller within fifteen ten (1510) days after receiving Seller’s notice of such destruction or takingtaking (“Seller’s Notice”) or (ii) Seller may elect to terminate this Agreement by including such election in the Seller’s Notice. If Seller does not elect to terminate in the Seller’s Notice or Purchaser does not give such written notice in response to the Seller’s Notice within such fifteen the ten (1510) day response period, then this transaction shall be consummated on the date and at the Purchase Price provided for in Section 2, and Seller will assign to Purchaser the physical damage proceeds of any insurance policy(ies) payable to Seller, or Seller’s 's portion of any condemnation award, in both cases, up to the amount of the Purchase Price, and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.

Material Event. If, prior to Closing, the number of parking spaces on the Property is are reduced by fifteen percent (15%) or more, the Improvements are damaged and the cost of repair exceeds $500,000.00 (as mutually determined by Purchaser and Seller and their consultantsits contractors in consultation with Purchaser) or all access to the Property is materially and adversely affectedrendered completely unusable, or is destroyed or taken under power of eminent domain and the cost or repair exceeds $500,000 500,000.00 (as mutually determined by Purchaser and Seller and their consultants), or a casualty or taking occurs that could, its contractors in consultation with the passage of time, grant the Tenant a right to terminate under its Lease Purchaser) (a “Material Event”), Purchaser may elect to terminate this Agreement by giving written notice of its election to Seller within fifteen seven (157) days after receiving written notice of such destruction or takingtaking from Seller of such Material Event, in which case, that Purchaser timely terminates this Agreement, the Title Company shall promptly return the Deposit to Purchaser and the parties shall have no further liability hereunder except for any Surviving Obligations. If Purchaser does not give such written termination notice within such fifteen seven (157) day period, this transaction shall be consummated on the date Closing Date and at the Purchase Price provided for in Section 2, and Seller will assign to Purchaser the physical damage proceeds of any insurance policy(ies) payable to Seller, or Seller’s portion of any condemnation award, in both cases, up to the amount of the Purchase Price, and, if an insured casualty, pay to Purchaser as a credit to the Purchase Price at Closing the amount of any deductible but not to exceed the amount of the loss.

Material Event. IfNotwithstanding anything to the contrary set forth in this Agreement, if, prior to Closing, the Property is damaged and the cost of repair exceeds $500,000.00 : either (as mutually determined by Purchaser and Seller and their consultantsa) ten percent (10%) or more of the net rentable area of the Building is rendered untenantable as a result of a casualty or is permanently taken under the power of eminent domain, or (b) material access to the Property is materially and adversely affected, destroyed as a result of a casualty or is destroyed or permanently taken under the power of eminent domain and the cost or repair exceeds $500,000 (as mutually determined by Purchaser and Seller and their consultants)domain, or a casualty or taking occurs that couldthen, with the passage of time, grant the Tenant a right to terminate under its Lease (a “Material Event”)in any such event, Purchaser may elect to terminate this Agreement by giving given written notice to Seller of its election to Seller terminate this Agreement (a “Material Event Termination Notice”) within fifteen thirty (1530) days after receiving written notice of such destruction or permanent taking. If Purchaser does not give such written notice a Material Event Termination Notice within such fifteen thirty (15) day 30)-day period, this transaction shall be consummated close on the date Date of Closing and at Purchaser shall pay the full Purchase Price provided for in Section 2, and Seller will shall assign to Purchaser the physical damage proceeds of any insurance policy(ies) policies payable to Seller, or Seller’s portion of any condemnation award, in both cases, up to the amount of the Purchase Price, and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.