Common use of Not Material Clause in Contracts

Not Material. If the Real Property is not Materially Damaged, then neither Buyer nor Seller shall have the right to terminate this Agreement, and Seller shall, at its option, either (i) repair the damage before the Closing in a manner reasonably satisfactory to Buyer, or (ii) assign to Buyer, 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, Buyer shall assume full responsibility for all needed repairs, and Buyer shall receive a credit at Closing for any deductible amount under such insurance policies (provided the amount of the deductible plus insurance proceeds shall not exceed the cost of repair).

Not Material. If the Real Property is not Materially Damaged, then neither Buyer nor Seller Sellers shall have the right to terminate this Agreement, and Seller Sellers shall, at its their option, either (i) repair the damage before the Closing in a manner reasonably satisfactory to Buyer, or (ii) assign to Buyer, without representation or warranty by or recourse against SellerSellers, all of Seller’s Sellers’ assignable 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 to Sellers as a result of such damage or destruction, destruction and Buyer shall assume full responsibility for all needed repairs, and Buyer shall receive a credit at Closing for any uninsured amount and any deductible amount under such insurance policies (provided to the amount of the deductible plus insurance proceeds shall extent not exceed the cost of repair)previously paid by Sellers.

Not Material. If the Real Property is not Materially Damaged, then neither Buyer nor Seller shall have the right to terminate this Agreement, and Seller shall, at its option, either (i) repair the damage before the Closing in a manner reasonably satisfactory to Buyer, or (ii) as of Closing assign to Buyer, without representation or warranty by or recourse against Seller, all of Seller’s rights in and to any resulting insurance proceeds (including excluding any rent loss insurance applicable to any period on and after before the Closing Date) due (net of collection costs and less repair and/or restoration costs incurred by Seller as a result of such damage or destruction, before the Closing) and Buyer shall assume full responsibility for all needed repairs, and Buyer shall receive a credit at Closing for any deductible amount under such insurance policies (provided the amount of the deductible plus insurance proceeds shall not exceed the cost of repair).