Common use of Not Material Clause in Contracts

Not Material. If the Real Property is not Materially Damaged, then Buyer shall not have the right to terminate this Agreement, and Seller shall assign to Buyer, without representation or warranty by or recourse against Seller, all of Seller’s rights (if any) in and to any resulting insurance proceeds (and Buyer shall receive a credit at the Close of Escrow in an amount equal to any applicable deductible under any applicable Seller property insurance policy) (excluding any rent loss insurance applicable to any period prior to the Closing Date) due Seller (or previously paid to Seller) as a result of such damage or destruction (less any portion thereof expended by Seller in connection with repairs to the Property) and, as between Seller and Buyer, Buyer shall assume full responsibility for all needed repairs.

Not Material. If the Real Property is not Materially Damaged, then Buyer neither Purchaser nor Seller shall not have the right to terminate this Agreement, and Seller shall shall, at its option, either (a) repair the damage before the Closing in a manner and using contractors reasonably satisfactory to Purchaser, or (b) assign to BuyerPurchaser, without representation or warranty by or recourse against Seller, all of Seller’s 's rights (if any) in and to any resulting insurance proceeds (and Buyer shall receive a credit at the Close of Escrow in an amount equal to including any applicable deductible under any applicable Seller property insurance policy) (excluding any assignable rent loss insurance applicable to any period prior to on and after the Closing Date) due Seller (or previously paid to Seller) as a result of such damage or destruction (less any portion thereof expended by Seller in connection with repairs to the Property) and, as between Seller and Buyer, Buyer 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.