Examples of Substantial Loss or Damage in a sentence
If any such loss or damage which constitutes Substantial Loss or Damage occurs prior to Closing, Patriot shall have the right to terminate this Agreement.
In the event any of the Property or any of the items constituting the Personal Property should be damaged or destroyed as a result of fire or other casualty and such damage does not constitute Substantial Loss or Damage and such damage is not repaired prior to Closing, the rights and obligations of Crow and Patriot hereunder with respect to the Property shall not be affected by such destruction or damage and Patriot shall accept title to the Property in its destroyed or damaged condition.
In the event that Patriot and Crow are unable to agree on the cost of repair of any Substantial Loss or Damage, then such cost of repair shall be determined by an insurance adjuster selected by Crow and approved by Patriot, such approval not to be unreasonably withheld.
For purposes of this Section 9.2, "Substantial Loss or Damage" ----------- -------------------------- shall mean loss or damage, the cost for repair of which (as mutually determined by Patriot and Crow at the time of such loss or damage) exceeds $1,000,000.00.
In the event of Substantial Loss or Damage to the Real Property by fire or other casualty (not resulting from acts of Purchaser), either party may, upon written notice to the other party given within 10 days of receipt of notice of such event, cancel this Agreement in which event Seller shall instruct the Title Company to return the Deposit to Purchaser and this Agreement shall terminate and neither party shall have any rights or obligations hereunder except for the Surviving Covenants.