Common use of Casualty or Condemnation Clause in Contracts

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00) are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership Interests, and in such case, unless the Transferor Partners shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners shall pay over or assign to the BRI Partnership, on behalf of the Transferor Partnership, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) above.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00) are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership Interests, and in such case, unless the Transferor Partners shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners shall pay over or assign to the BRI Partnership, on behalf of the Transferor Partnership and the Borrower Partnership, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) above.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00) are damaged or destroyed by fire or casualtycasualty and are not restored by the Transferor Company prior to the Time of Closing, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners Members at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership Membership Interests, and in such case, unless the Transferor Partners Members shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners Members shall pay over or assign to the BRI Partnership, on behalf of the Transferor PartnershipCompany, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 750,000.00, or if any such damage or destruction shall occur and be restored by the Transferor Company prior to the Time of Closing, or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Membership Interests in accordance with the provisions of clause (b) above.. SECTION 8 --------- VIOLATIONS OF LAW -----------------

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00100,000.00) are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership Interests, and in such case, unless the Transferor Partners shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners shall pay over or assign to the BRI Partnership, on behalf of the Transferor Partnership and the Borrower Partnership, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 100,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) above.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00) are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding -30- which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership Interests, and in such case, unless the Transferor Partners shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners shall pay over or assign to the BRI Partnership, on behalf of the Transferor Partnership, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) above.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00100,000.00) are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners Corporation at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership InterestsProperty, and in such case, unless the Transferor Partners Corporation shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners Corporation shall pay over or assign to the BRI Partnership, on behalf of the Transferor PartnershipCorporation, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 100,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests Property in accordance with the provisions of clause (b) above.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00) 750,000.00 are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership Interests, and in such case, unless the Transferor Partners shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners shall pay over or assign to the BRI Partnership, on behalf of the Transferor Partnership and the Borrower Partnership, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) above.