LOSS BY FIRE OR OTHER CASUALTY. CONDEMNATION --------------------------------------------
LOSS BY FIRE OR OTHER CASUALTY. CONDEMNATION
LOSS BY FIRE OR OTHER CASUALTY. Condemnation. Promptly upon learning thereof, Seller shall give Buyer written notice of any condemnation, damage or destruction of the Property occurring prior to the Closing. Buyer shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to or destruction of any Improvements or condemnation of any portion of the Property, provided: (a) the cost to repair any damage or destruction, or the diminution in the value of the remaining Property as a result of a partial condemnation, does not exceed thirty-three percent (33%) of the Purchase Price, and (b) the square footage of the building which comprises part of the Improvements affected by any damage or destruction or by any partial condemnation, does not exceed thirty-three percent (33%) thereof, and (c) at Closing, Buyer shall be credited against the Purchase Price (A) in the event of damage or destruction fully covered (other than customary deductibles) by Seller’s insurance policies, the amount of any insurance proceeds collected by Seller as a result of any such damage or destruction plus applicable deductibles less any monies actually expended by Seller to repair any damage (or, if not previously collected, such proceeds shall be assigned to Buyer) or (B) in the event of damage or destruction not fully covered by Seller’s insurance policies, the cost to repair the damaged Improvements, as reasonably determined by a firm bid by a third party contractor designated by Seller and acceptable to Buyer, in both parties’ reasonable discretion (or, if a firm bid cannot be obtained prior to the Closing Date, as determined by a preliminary bid or estimate, with a post-Closing reconciliation between Buyer and Seller of the credit received by Xxxxx at such time as a firm bid is obtained from such contractor), or (C) in the event of condemnation, the amount of any condemnation awards collected by or payable to Seller. If either threshold described in clause (a) or (b) above is met or exceeded, then Buyer (or either Buyer or Seller, if such loss is not insured) may at its option terminate this Agreement, whereupon the Deposit and interest accrued thereon shall be returned to Buyer. If neither Buyer nor Seller exercises such option to terminate within fifteen (15) days after Seller notifies Buyer in writing of Seller’s estimate of the cost to repair or diminution in value, then this Agreement shall continue in full force ...
LOSS BY FIRE OR OTHER CASUALTY. If prior to the Closing, the Real Property is destroyed or materially damaged, Buyer shall have the right, exercisable by giving written notice of such decision to Seller within five (5) business days after receiving written notice from Seller of such damages or destruction to terminate this Agreement, in which case, this Agreement shall terminate and neither party hereto shall have any further rights or obligations under this Agreement. If Buyer elects to accept the Real Property in its then condition, all proceeds of insurance payable to Seller by reason of such damage or destruction shall be paid or assigned to Buyer.
LOSS BY FIRE OR OTHER CASUALTY. In the event that the leased premises shall be rendered untenable by fire or other casualty, the terms of this lease shall cease and the lessor shall, within 5 days, return to the lessee(s) the security deposit and all rents paid for each day past such termination of the lease.
LOSS BY FIRE OR OTHER CASUALTY. If prior to the Closing, the Real Property is destroyed or materially damaged, all proceeds of insurance payable to Seller by reason of such damage or destruction shall be paid or assigned to Buyer.
LOSS BY FIRE OR OTHER CASUALTY. In the case that the premises shall become untenantable by fire or other casualty, Landlord may at his option terminate this lease, or repair the premises within 30 days, and failing so to do, or upon the destruction of premises by fire, this agreement shall terminate. Landlord further agrees to provide Tenant with an estimated date of repair within 14 days of the time of the casualty. If there is more than one tenant, each of them shall be held liable and severally liable hereunder.
LOSS BY FIRE OR OTHER CASUALTY. If the dwelling unit shall be rendered unlivable by fire or other casualty, the agent may terminate this contract on five days notice. In such case, the agent shall refund to the occupants, after subtracting any amounts owed under other sections of this contract, the security deposit and all rents paid for each day beyond such termination of the contract. The agent shall not be liable for any damage done or occasioned by or from plumbing, or from gas, water, steam, sewerage or other pipes, or the bursting, leaking, or running from any cistern, tank, washstand, water closet or waste pipe in, above, upon or about the premises, nor for damage occasioned by water, snow or ice, being upon or coming through the roof, skylight, trap door, or otherwise, nor for any damage arising from acts or neglect of any owners or occupants of adjacent or contiguous property. Occupants are strongly encouraged to purchase insurance to protect against loss to their personal possessions.
LOSS BY FIRE OR OTHER CASUALTY. In the event that the Demised Premises are partially destroyed by fire or other casualty, the proceeds of such policy shall be used to restore said premises to their condition prior to said loss and the rental due and payable under the terms of this Lease shall be abated in proportion that the portion of said premises rendered unleaseable by said fire or other casualty bears to the whole of the Demised Premises. In the event the Demised Premises should be totally destroyed by fire or other casualty, the rent shall be abated in its entirety and the entire proceeds of such policy shall be used to restore said premises to their condition prior to said loss without unnecessary delay after which said rent shall again accrue. Any additional costs which may be necessary to restore said premises in the event of a total loss shall be borne by the Lessor; provided, that in the event any damage to or destruction of said premises cannot reasonably be repaired within sixty (60) days, Lessor and Lessee shall each have the option of terminating this Lease, whereupon all rents herein provided shall xxxxx. A copy of such policy or policies certified by the agent as in full force and effect shall be delivered to the Lessor. Lessor and Lessee hereby waive any and all rights of recovery against the other for or arising out of damage to or destruction of the Demised Premises, or the building and improvements thereon, and any other of their property from causes then included under standard fire and extended coverage insurance policies or endorsements and, if any additional premium is required to effectuate such waiver, then such additional premium shall be paid by the beneficiary of such waiver of subrogation.
LOSS BY FIRE OR OTHER CASUALTY. 1. If prior to the Closing, the Property, or any part thereof, shall be damaged by fire or other casualty, Seller shall notify Buyer promptly thereof.
