Common use of Significant Casualty Clause in Contracts

Significant Casualty. If, prior to the Closing Date, all or a Significant Portion of the Real Property and Improvements is destroyed or damaged by fire or other casualty, Seller will notify Purchaser of such casualty. Purchaser will have the option to terminate this Agreement upon notice to Seller given not later than ten (10) days after receipt of Seller’s notice. The Closing Date shall be adjourned as may be necessary to allow for the running of the full ten (10) day period. If this Agreement is terminated, the Xxxxxxx Money Deposit will be returned to Purchaser upon Purchaser’s compliance with Section 4.5 and thereafter neither Seller nor Purchaser will have any further rights or obligations to the other hereunder except with respect to the Termination Surviving Obligations. If Purchaser does not elect to terminate this Agreement, Seller will not be obligated to repair such damage or destruction but (a) Seller will assign and turn over to Purchaser all of the insurance proceeds net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty, and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser will receive a credit for the lesser of (i) any insurance deductible amount, or (ii) the cost of such repairs (other than repairs which are the responsibility of Tenants under Tenant Leases) as reasonably estimated by Purchaser.

Significant Casualty. If, prior to the Closing Date, all or a Significant Portion of the Real Property and Improvements is destroyed or damaged by fire or other casualty, Seller will notify Purchaser of such casualty. Purchaser will have the option to terminate this Agreement upon notice to Seller given not later than ten (10) days Business Days after receipt of Seller’s notice. The Closing Date shall be adjourned as may be necessary to allow for the running of the full ten (10) day period. If this Agreement is terminated, the Xxxxxxx Money Deposit will be returned to Purchaser upon Purchaser’s compliance with Section 4.5 and thereafter neither Seller nor Purchaser will have any further rights or obligations to the other hereunder except with respect to the Termination Surviving Obligations. If Purchaser does not elect to terminate this Agreement, Seller will not be obligated to repair such damage or destruction but (a) Seller will assign and turn over to Purchaser all of the insurance proceeds net of reasonable collection costs incurred by Seller (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty, and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser will receive a credit for the lesser of (i) any insurance deductible amount, or (ii) the cost of such repairs (other than repairs which are the express responsibility of Tenants under Tenant Leases) as reasonably estimated by PurchaserSeller.

Significant Casualty. If, prior to the Closing Date, all or a Significant Portion any portion of the Real Property and Improvements Improvements, and/or the real property and improvements on the Lantana North Property, is destroyed or damaged by fire or other casualty, Seller will notify Purchaser of such casualty. If a Significant Portion of the Real Property and Improvements and/or the real property and improvements on the Lantana North Property is damaged, Purchaser will have the option to terminate this Agreement upon notice to Seller given not later than ten (10) days after receipt of Seller’s 's notice. The Closing Date shall be adjourned as may be necessary to allow for the running of the full ten (10) day period. If this Agreement is terminated, the Xxxxxxx Money Deposit will be returned to Purchaser upon Purchaser’s 's compliance with Section 4.5 and thereafter neither Seller nor Purchaser will have any further rights or obligations to the other hereunder except with respect to the Termination Surviving Obligations. If Purchaser does not elect to terminate this Agreement, Seller will not be obligated to repair such damage or destruction but with respect to damage or destruction of the Real Property and Improvements under this Agreement (a) Seller will assign and turn over to Purchaser all of the insurance proceeds net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty, and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser will receive a credit for the lesser of (i) any insurance deductible amount, or (ii) the cost of such repairs (other than repairs which are the responsibility of Tenants under Tenant Leases) as reasonably estimated by PurchaserSeller.

Significant Casualty. If, prior to the Closing Date, all or a Significant Portion of the Real Property and Improvements is destroyed or damaged by fire or other casualty, Seller will notify Purchaser of such casualty. Purchaser will have the option to terminate this Agreement upon notice to Seller given not later than ten (10) days after receipt of Seller’s 's notice. The Closing Date shall be adjourned as may be necessary to allow for the running of the full ten (10) day period. If this Agreement is terminated, the Xxxxxxx Money Deposit will be returned to Purchaser upon Purchaser’s 's compliance with Section 4.5 and thereafter neither Seller nor Purchaser will have any further rights or obligations to the other hereunder except with respect to the Termination Surviving Obligations. If Purchaser does not elect to terminate this Agreement, Seller will not be obligated to repair such damage or destruction but (a) Seller will assign and turn over to Purchaser all of the insurance proceeds net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty, and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser will receive a credit for the lesser of (i) any insurance deductible amount, or (ii) the cost of such repairs (other than repairs which are the responsibility of Tenants under Tenant Leases) as reasonably estimated by PurchaserSeller.

Significant Casualty. If, prior to the Closing Date, all or a Significant Portion any portion of the Real Property and Improvements Improvements, and/or the real property and improvements on the Lantana South Property, is destroyed or damaged by fire or other casualty, Seller will notify Purchaser of such casualty. If a Significant Portion of the Real Property and Improvements and/or the real property and improvements on the Lantana South Property is damaged, Purchaser will have the option to terminate this Agreement upon notice to Seller given not later than ten (10) days after receipt of Seller’s 's notice. The Closing Date shall be adjourned as may be necessary to allow for the running of the full ten (10) day period. If this Agreement is terminated, the Xxxxxxx Money Deposit will be returned to Purchaser upon Purchaser’s 's compliance with Section 4.5 and thereafter neither Seller nor Purchaser will have any further rights or obligations to the other hereunder except with respect to the Termination Surviving Obligations. If Purchaser does not elect to terminate this Agreement, Seller will not be obligated to repair such damage or destruction but with respect to damage or destruction of the Real Property and Improvements under this Agreement (a) Seller will assign and turn over to Purchaser all of the insurance proceeds net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty, and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser will receive a credit for the lesser of (i) any insurance deductible amount, or (ii) the cost of such repairs (other than repairs which are the responsibility of Tenants under Tenant Leases) as reasonably estimated by PurchaserSeller.

Significant Casualty. If, prior to the earlier of (i) Purchaser’s termination of this Agreement pursuant to a right to do so, or (ii) the Closing Date, all or a Significant Portion of the Real Property and Improvements is destroyed or damaged by fire or other casualty, Seller will promptly notify Purchaser of such casualty. Purchaser will have the option to terminate this Agreement upon written notice to Seller given not later than ten twenty (1020) days after receipt of Seller’s notice. The written notice (and the Closing Date shall will be adjourned as may be postponed if necessary to allow for the running of afford Purchaser the full ten twenty (1020) day perioddays to elect such option). If this Agreement is terminated, the Xxxxxxx Exxxxxx Money Deposit will be returned to Purchaser upon Purchaser’s compliance with Section 4.5 and thereafter neither Seller nor Purchaser will have any further rights or obligations to the other hereunder except with respect to the Termination Surviving Obligations. If Purchaser does not elect to terminate this Agreement, Seller will not be obligated to repair such damage or destruction but (a) Seller will assign and turn over to Purchaser all of the insurance proceeds net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty, and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser will receive a credit for the lesser of (i) any insurance deductible amount, or (ii) the cost of such repairs (other than repairs which are the responsibility of Tenants under Tenant Leases) as reasonably estimated by Purchaser.

Significant Casualty. If, prior to the Closing Date, all or a Significant Portion of the Real Property and Improvements is destroyed or damaged by fire or other casualty, Seller will shall notify Purchaser of such casualty. Purchaser will shall have the option to terminate this Agreement upon notice to Seller given not later than ten (10) days after receipt of Seller’s 's notice. The Closing Date shall be adjourned as may be necessary to allow for the running of the full ten (10) day period. If this Agreement is terminated, the Xxxxxxx Money Earnxxx Xxxey Deposit will shall be returned to Purchaser upon Purchaser’s compliance in accordance with Section 4.5 the Earnxxx Xxxey Escrow Agreement and thereafter neither Seller nor Purchaser will shall have any further rights or obligations to the other hereunder except with respect to the Termination Surviving Obligations. If In the case of fire or other casualty, if Purchaser does not elect to terminate this Agreement, Seller will shall not be obligated to repair such damage or destruction but (ax) Seller will shall assign and turn over to Purchaser all of the insurance proceeds net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty, casualty along with an amount equal to the deductible and (by) the parties will shall proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser will receive a credit for the lesser of (i) any insurance deductible amount, or (ii) the cost of such repairs (other than repairs which are the responsibility of Tenants under Tenant Leases) as reasonably estimated by Purchaser.