Common use of Minor Damage Clause in Contracts

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not “major” (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs so that the Property is restored to the same standard of quality that existed immediately prior to the event of loss or damage or, at Purchaser’s option, assigns to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Purchaser elects to have Seller perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Purchaser elects to have Seller assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property Property, or any portion thereof of the Property, which is not “"major” " (as hereinafter defineddefined in Section 9.2), this Agreement shall remain in full force and effect effect, provided that Seller either performs any necessary repairs so that to restore the Property is restored to the same standard condition it was in at the time of quality that existed immediately prior to the event of loss or damage this Agreement, or, at Purchaser’s Seller's option, assigns the cash portion of the Purchase Price shall be reduced by an amount sufficient to cover the cost of such repairs, as determined by such architect and contractor as Purchaser may hire to review and estimate the cost of the repairs, with any excess left over after the completion of the repairs to be returned to Seller; and as of Closing, all of Seller’s right, title title, and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in questionProperty shall be the property of Purchaser. In the event that Purchaser Seller elects to have Seller perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly promptly, and the date of the Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Purchaser elects to have Seller assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not “"major” " (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs so that the Property is restored to the same standard of quality that existed immediately prior to the event of loss or damage or, at Purchaser’s Seller's option, assigns to Purchaser all of Seller’s 's right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies (including without limitation business interruption or rent insurance proceeds for the period from and after Closing) or condemnation awards relating to the premises in question. In the event that Purchaser Seller elects to have Seller perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time not to exceed ninety (90) days in order to allow for the completion of such repairs. If Purchaser Seller elects to have Seller assign a the casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s 's insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to or any condemnation of the Property Property, or any portion thereof thereof, which is not “majorMajor” (as hereinafter defined), this Agreement shall remain in full force and effect effect, provided Seller performs any necessary repairs so that the Property is restored to the same standard of quality that existed immediately prior to the event of loss or damage or, at PurchaserSeller’s option, assigns to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating awards. Seller agrees to maintain the insurance currently in place with respect to the premises in questionProperty during the term of this Agreement. In the event that Purchaser Seller elects to have Seller perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly promptly, and the date of Closing shall be extended for a reasonable time (not to exceed one hundred twenty (120) days) in order to allow for the completion of such repairs. If Purchaser Seller elects to have Seller assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the lesser of the deductible amount under Seller’s insurance policypolicy or the cost of such repairs as determined in accordance with Section 8.3 hereof. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not “major” "Major" (as hereinafter defined), this Agreement shall remain in full force and effect provided that Seller performs shall, at Seller's option, either (a) perform any necessary repairs so that the Property is restored to the same standard of quality that existed immediately prior to the event of loss repairs, or damage or, at Purchaser’s option, assigns (b) assign to Purchaser all of Seller’s 's right, title and interest in and to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Purchaser Seller elects to have Seller perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of the Closing shall be extended a reasonable time time, not to exceed thirty (30) days, in order to allow for the completion of such repairs. If Purchaser Seller elects to have Seller assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the lesser of the deductible amount under Seller’s 's insurance policypolicy or the cost of such repairs as determined in accordance with Section 7.3 hereof. Upon the Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not “major” (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs so that the Property is restored to the same standard of quality that existed immediately prior to the event of loss or damage or, at PurchaserSeller’s option, assigns to Purchaser all of Seller’s right, title and interest to any claims and the proceeds Seller may have actually receives with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Purchaser Seller elects to have Seller perform repairs upon the Property, Seller shall use all reasonable and diligent efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Purchaser Seller elects to have Seller assign a casualty claim its insurance proceeds to Purchaser, such right to assign being subject to Seller actually receiving proceeds from its insurance claim, the date of Closing shall be extended to allow for Seller to obtain such proceeds and the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not “"major” " (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs so that the Property is restored to the same standard of quality that existed immediately prior to the event of loss or damage or, at Purchaser’s Seller's option, assigns to Purchaser all of Seller’s 's right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Purchaser Seller elects to have Seller perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairsrepairs not to exceed sixty (60) days, provided said extension does not cause Purchaser's financing to lapse or the rate of said financing to increase. If Purchaser Seller elects to have Seller assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s 's insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not “major” "Major" (as hereinafter defined), this Agreement shall remain in full force and effect provided that Seller performs shall, at Seller's option, either (a) perform any necessary repairs so that the Property is restored repairs, or (b) assign to the same standard of quality that existed immediately prior Purchaser, without representation, warranty or recourse to the event of loss or damage orSeller, at Purchaser’s option, assigns to Purchaser all of Seller’s 's right, title and interest in and to any claims and proceeds Seller may have with respect to any net casualty insurance policies or net condemnation awards relating to the premises in questionquestion (that is, after expense of collection), subject however, to Seller's right to receive reimbursement therefrom of any amounts paid or incurred by Seller for or on account of any amounts paid or incurred by Seller for or on account of repairs and/or restoration of the Property prior to Closing. In the event that Purchaser Seller elects to have Seller perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Purchaser Seller elects to have Seller assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the lesser of the deductible amount under Seller’s 's insurance policypolicy or the cost of such repairs as determined in accordance with Section 7.3 hereof. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not “major” (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs so that the Property is restored to the same standard of quality that existed immediately prior to the event of loss or damage or, at PurchaserSeller’s option, assigns to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question, less the costs and expenses incurred by Seller in collecting such insurance proceeds or condemnation awards and in effectuating any repairs to the Property. In the event that Purchaser Seller elects to have Seller perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Purchaser Seller elects to have Seller assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not “major” (as hereinafter defined), this Agreement shall will remain in full force and effect provided Seller performs any necessary repairs so that the Property is restored to the same standard of quality that existed immediately prior to the event of loss or damage or, at PurchaserSeller’s option, assigns to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. Seller agrees to maintain the insurance currently in place with respect to the Property during the term of this Agreement. In the event that Purchaser Seller elects to have Seller perform repairs upon the Property, Seller shall will use reasonable efforts to complete such repairs promptly and the date of Closing shall will be extended a reasonable time (but not more than thirty (30) days) in order to allow for the completion of such repairs. If Purchaser Seller elects to have Seller assign a casualty claim to Purchaser, the Purchase Price shall will be reduced by an amount equal to the deductible amount under Seller’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall will pass to Purchaser.

Minor Damage. In the event of loss or damage to the Real Property or any portion thereof which is not “major” "Major" (as hereinafter defined), this Agreement shall remain in full force and effect provided that Seller performs shall, at Seller's option, either (a) perform any necessary repairs so that the Property is restored to the same standard of quality that existed immediately prior to the event of loss or damage or, at Purchaser’s option, assigns (b) assign to Purchaser all of Seller’s 's right, title and interest in and to any claims and proceeds Seller may have with respect to any casualty property insurance policies or condemnation awards as the result of such loss or damage relating to the premises in question. In the event that Purchaser Seller elects to have Seller perform repairs upon the Property, Seller shall use commercially reasonable efforts to complete such repairs promptly and the date of Closing Date shall be extended a reasonable time (not to exceed a total of sixty (60) days) in order to allow for the completion of such repairs. If Purchaser Seller elects to have Seller assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the lesser of the deductible amount under Seller’s 's insurance policypolicy or the cost of such repairs as determined in accordance with Section 7.3. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.