Common use of Property Damage Clause in Contracts

Property Damage. If, after the Effective Date and prior to Closing, the Property shall suffer significant damage as the result of fire or other casualty, Seller shall immediately notify Purchaser in writing. In the event said damage results in damage of the improvements situated on the Property in the amount of Ten Thousand and No/100 Dollars ($10,000.00) or greater, Purchaser shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all ▇▇▇▇▇▇▇ Money shall be refunded to Purchaser and this Agreement shall be void and of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damage, in which event the Purchase Price shall remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than Ten Thousand and No/100 Dollars ($10,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss.

Property Damage. If, after the Effective Date and prior to Closing, the Property shall suffer significant damage as the result of fire or other casualty, Seller shall immediately notify Purchaser in writing. In the event said damage results in damage of the improvements situated on the Property Improvements or Irrigation Equipment in the amount of Ten Fifty Thousand and No/100 Dollars ($10,000.0050,000.00) or greater, Purchaser shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all ▇▇▇▇▇▇▇ Money shall be refunded to Purchaser and this Agreement shall be void and of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damage, in which event the Purchase Price shall remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than Ten Fifty Thousand and No/100 Dollars ($10,000.0050,000.00) of damage to the improvements situated on the Property existsImprovements or Irrigation Equipment, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss.

Property Damage. If, after the Effective Date and prior to Closing, the Property shall suffer significant damage as the result of fire or other casualty, Seller Contributor shall immediately notify Purchaser Recipient in writing. In the event said damage results in damage of the improvements situated on the Property in the amount of Ten Thousand and No/100 Dollars ($10,000.00) or greater, Purchaser Recipient shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all ▇▇▇▇▇▇▇ Money shall be refunded to Purchaser Recipient and this Agreement shall be void and of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damage, in which event the Purchase Price Closing Consideration shall remain the same and Seller Contributor shall transfer and assign to Purchaser Recipient at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser Recipient shall receive a credit against the Purchase Price Closing Consideration for any insurance deductible or uninsured loss. If Purchaser Recipient does not make such election within the aforesaid time period, Purchaser Recipient shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than Ten Thousand and No/100 Dollars ($10,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller Contributor shall transfer and assign to Purchaser Recipient all insurance proceeds received or to be received as a result of such damage, and Purchaser Recipient shall receive a credit against the Purchase Price Closing Consideration for any insurance deductible or uninsured loss.

Property Damage. If, after the Effective Date and prior to Closing, the Property shall suffer significant damage as the result of fire or other casualty, Seller shall immediately notify Purchaser in writing. In the event said damage results in damage of the improvements situated on the Property (which shall not include crops), in the amount of Ten One Hundred Thousand and No/100 Dollars ($10,000.00100,000.00) or greater, Purchaser shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all ▇▇▇▇▇▇▇ Money shall be refunded to Purchaser and this Agreement shall be void and of no further force and effecteffect except for the provisions that by their terms, survive the termination; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damage, in which 001/16597.001/EscrowPhase1/PSA5.1(hhb) event the Purchase Price shall remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than Ten One Hundred Thousand and No/100 Dollars ($10,000.00100,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss.

Property Damage. If, after the Effective Date and prior to Closing, the Property shall suffer significant damage as the result of fire or other casualty, Seller shall immediately notify Purchaser in writing. In the event said damage results in damage of the improvements situated on the Property in the amount of Ten One Hundred Thousand and No/100 Dollars ($10,000.00100,000.00) or greater, Purchaser shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all ▇▇▇▇▇▇▇ Money shall be refunded to Purchaser and this Agreement shall be void and of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damage, in which event the Purchase Price shall remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than Ten One Hundred Thousand and No/100 Dollars ($10,000.00100,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss. 16.

Property Damage. If, after the Effective Date and prior to Closing, the Property shall suffer significant damage as the result of fire or other casualty, Seller shall immediately O01/16587.001/EscrowPhase2/Psa4.1(hhb) notify Purchaser in writing. In the event said damage results in damage of the improvements situated on the Property (which shall not include crops), in the amount of Ten One Hundred Thousand and No/100 Dollars ($10,000.00100,000.00) or greater, Purchaser shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all ▇▇▇▇▇▇▇ Money shall be refunded to Purchaser and this Agreement shall be void and of no further force and effecteffect except for the provisions that by their terms, survive the termination; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damage, in which event the Purchase Price shall remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than Ten One Hundred Thousand and No/100 Dollars ($10,000.00100,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss.

Property Damage. If, after the Effective Date and prior to Closing, the Property shall suffer significant damage as the result of fire or other casualty, Seller shall immediately notify Purchaser in writing. In the event said damage results in damage of the improvements situated on the Property in the amount of Ten Two Hundred Fifty Thousand and No/100 Dollars ($10,000.00250,000.00) or greater, Purchaser shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all ▇E▇▇▇▇▇▇ Money shall be refunded to Purchaser and this Agreement shall be void and of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damage, in which event the Purchase Price shall remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than Ten Two Hundred Fifty Thousand and No/100 Dollars ($10,000.00250,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss.

Property Damage. IfIf any time prior to closing any portion of the Property is destroyed or damaged by fire or any other casualty whatsoever, Seller shall give notice thereof to Purchaser within one (1) business day after the Effective Date and Seller becomes aware of such casualty, but in any event prior to Closing, . The rights and obligations of the Property parties by reason of such destruction or damage shall suffer significant be as follows: (a) If the cost of repair and restoration of such destruction or damage as the result of fire shall be $500,000 or other casualtyless, Seller shall repair such damage as promptly as is reasonably possible, restoring the damaged Property at least to its condition immediately notify prior to such damage; and in such event, Purchaser in writingmay elect to defer closing until such repair is made to Purchaser's reasonable satisfaction or accept the proceeds of Seller's insurance plus deductible and loss of rent reimbursement for the period after closing to the extent Seller receives such reimbursement from its insurer. (b) If the cost of repair and restoration of such destruction or damage, as agreed to by Purchaser and Seller, shall exceed $500,000, Purchaser may elect to terminate this Agreement; and if Purchaser does not elect to terminate this Agreement, closing shall occur as scheduled, whereupon Seller shall pay to Purchaser, at closing, all insurance proceeds payable for such damage, plus an amount equal to any deductible and reimbursement for loss of rent for the period after closing, to the extent Seller receives such reimbursement from its insurer. and the sale shall be closed without Seller's repairing such damage. In the event said damage results in damage of the improvements situated on the Property in the amount of Ten Thousand and No/100 Dollars ($10,000.00) or greaterPurchaser elects to terminate this Agreement, Purchaser shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all ▇▇▇▇▇▇▇ Money shall be refunded to Purchaser and this Agreement shall be void rendered null and of void, the deposit shall be returned, and the parties shall have no further force and effect; obligations or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damageliabilities hereunder, in which event the Purchase Price shall remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for other than any insurance deductible or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than Ten Thousand and No/100 Dollars ($10,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured lossindemnification obligations set forth herein.

Property Damage. If, after the Effective Date and prior to Closing, the Property shall suffer significant damage as the result of fire or other casualty, Seller shall immediately notify Purchaser in writing. In the event said damage results in damage of the improvements situated on the Property (which shall not include crops), in the amount of Ten One Hundred Thousand and No/100 Dollars ($10,000.00100,000.00) or greater, Purchaser shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all ▇▇▇▇▇▇▇ Money shall be refunded to Purchaser and this Agreement shall be void and of no further force and effecteffect except for the provisions that by their terms, survive the termination; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damage, in which event the Purchase Price shall remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than Ten One Hundred Thousand and No/100 Dollars ($10,000.00100,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss.

Property Damage. IfIf any time prior to closing any portion of the Property is destroyed or damaged by fire or any other casualty whatsoever, Seller shall give notice thereof to Purchaser within one (1) business day after the Effective Date and Seller becomes aware of such casualty, but in any event prior to Closing, . The rights and obligations of the Property parties by reason of such destruction or damage shall suffer significant be as follows: (a) If the cost of repair and restoration of such destruction or damage as the result of fire shall be $200,000 or other casualtyless, Seller shall repair such damage as promptly as is reasonably possible, restoring the damaged Property at least to its condition immediately notify prior to such damage; and in such event, Purchaser in writingmay elect to defer closing until such repair is made to Purchaser's reasonable satisfaction or accept the proceeds of Seller's insurance plus deductible and loss of rent reimbursement for the period after closing. (b) If the cost of repair and restoration of such destruction or damage, as agreed to by Purchaser and Seller, shall exceed $200,000, Purchaser may elect to terminate this Agreement; and if Purchaser does not elect to terminate this Agreement, closing shall occur as scheduled, whereupon Seller shall pay to Purchaser, at closing, all insurance proceeds payable for such damage, plus an amount equal to any deductible and reimbursement for loss of rent for the period after closing and the sale shall be closed without Seller's repairing such damage. In the event said damage results in damage of the improvements situated on the Property in the amount of Ten Thousand and No/100 Dollars ($10,000.00) or greaterPurchaser elects to terminate this Agreement, Purchaser shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all ▇▇▇▇▇▇▇ Money shall be refunded to Purchaser and this Agreement shall be void rendered null and of void, the deposit shall be returned, and the parties shall have no further force and effect; obligations or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damageliabilities hereunder, in which event the Purchase Price shall remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for other than any insurance deductible or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than Ten Thousand and No/100 Dollars ($10,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured lossindemnification obligations set forth herein.