Common use of Material Casualty Clause in Contracts

Material Casualty. The absence of any material damage by casualty to the Improvements which has not been repaired by the Closing Date. For the purposes hereof, a "MATERIAL DAMAGE BY CASUALTY" shall be deemed any damage by fire or other casualty which has not been repaired and paid for by the Closing Date and for which the estimated cost of the remaining repairs exceeds Fifty Thousand Dollars ($50,000). If the Improvements suffer any material damage by casualty Purchaser shall have the right and option to terminate this Agreement within fifteen (15) days after the date Purchaser is notified of the casualty in writing or by the Closing Date, whichever first occurs. Seller shall also have the right to cancel this Agreement if such material damage by casualty is not covered by existing insurance policies held by Seller, unless Purchaser is willing to reduce the purchase price by the amount estimated to be necessary to pay the labor and material costs to restore the damage. If Purchaser does not elect to terminate this Agreement by the Closing Date as a result of any material casualty damage, this transaction shall close without increase or decrease in the purchase price, and Seller shall assign to Purchaser all insurance proceeds which are paid because of the casualty. If the estimated cost to repair any damage by casualty as of the Closing Date is less than Fifty Thousand Dollars ($50,000), Purchaser shall not have the right to terminate this Agreement because of such casualty and Seller shall assign to Purchaser all insurance proceeds that are paid because of the casualty, as stated above. All repair cost estimates referred to in this paragraph shall be made by reference to a fixed price construction contract which Seller shall obtain as promptly as is reasonably possible after the date of the casualty.

Material Casualty. The absence of any material damage by casualty to ----------------- the Improvements which has not been repaired by Seller by the Closing Date. For the purposes hereof, a "MATERIAL DAMAGE BY CASUALTY" shall be deemed any damage by fire or other casualty which has not been repaired and paid for by the Closing Date and for which the estimated cost of the remaining repairs exceeds Fifty Ten Thousand Dollars ($50,00010,000). If the Improvements suffer any material damage by casualty Purchaser shall have the right and option to terminate this Agreement within fifteen (15) days after the date Purchaser is notified of the casualty in writing or by the Closing Date, whichever first occurs. Seller shall also have the right to cancel this Agreement if such material damage by casualty is not covered by existing Seller's insurance policies held by Seller, policy unless Purchaser is willing to reduce the purchase price by the amount estimated to be necessary to pay the labor and material costs to restore the damage. If Purchaser does not elect to terminate this Agreement by the Closing Date as a result of any material casualty damagesuch date, this transaction shall close without increase or decrease in the purchase price, and Seller shall assign proceed to Purchaser effect such repairs to return the damaged portions of the Property to the condition existing immediately prior to the casualty and shall complete the same as soon as reasonably possible prior to or after the Closing Date and shall be entitled to all insurance proceeds which are paid because of the casualty. If the estimated cost to repair any damage by casualty as of the Closing Date is less than Fifty Ten Thousand Dollars dollars ($50,00010,000), Purchaser shall not have the right to terminate this Agreement because of such casualty and Seller shall assign promptly proceed to Purchaser all insurance proceeds that are paid because of effect the casualty, repairs as stated above. All repair cost estimates referred to in this paragraph shall be made by reference to a fixed price construction contract which Seller shall obtain as promptly as is reasonably possible after the date of the casualty.

Material Casualty. The absence of any material damage by casualty to the Improvements which has not been repaired by the Closing Date. For the purposes hereof, a "MATERIAL DAMAGE BY CASUALTYmaterial damage by casualty" shall be deemed any damage by fire or other casualty which has not been repaired and paid for by the Closing Date and for which the estimated cost of the remaining repairs repair exceeds Fifty Five Hundred Thousand Dollars ($50,000500,000). If the Improvements suffer any material damage by casualty casualty, Purchaser shall have the right and option option, as its sole remedy, to terminate this Agreement within fifteen thirty (1530) days after the date Purchaser is notified of the casualty in writing or by the Closing Date, whichever first occurs. Seller , whereupon the Deposit shall also be returned to Purchaser, and, except for the Post-Closing Obligations referred to in Section 12.1 below, neither party shall have any obligations to the right to cancel other by virtue of this Agreement if such material damage by casualty is not covered by existing insurance policies held by Seller, unless Purchaser is willing to reduce the purchase price by the amount estimated to be necessary to pay the labor and material costs to restore the damage. If Purchaser does not elect to terminate this Agreement by the Closing Date as a result of any material casualty damage, this transaction shall close without increase or decrease in the purchase price, and Seller shall assign to Purchaser all insurance proceeds which are paid because of the casualtyAgreement. If the estimated cost to repair any damage by casualty as of the Closing Date is less than Fifty Five Hundred Thousand Dollars ($50,000500,000), Purchaser shall not have the right to terminate this Agreement. If Purchaser does not elect timely to terminate this Agreement because or does not have the right to terminate this Agreement, this transaction shall close without increase or decrease in the Purchase Price. Sellers shall proceed to cause such repairs as are reasonably possible prior to Closing to be made unless otherwise agreed to in writing by Purchaser, and the applicable Seller shall retain all insurance proceeds which are not used to pay the costs of such casualty and repairs; provided, however, that the applicable Seller shall assign to Purchaser all casualty insurance proceeds that are payable on account of damage which is not repaired prior to Closing. Sellers shall also credit against the Purchase Price the amount of any deductible or self-insurance applicable to such casualty (unless Sellers have caused such repairs to be completed and paid because for prior to Closing). No termination of the casualty, as stated above. All repair cost estimates referred to in this paragraph Agreement under this Section shall be made by reference to a fixed price construction contract which Seller shall obtain as promptly as is reasonably possible after the date of the casualtyaffect any Post Termination Obligations.

Material Casualty. The absence of any material damage by casualty to the Improvements which has not been repaired by the Closing Date. For the purposes hereof, a "MATERIAL DAMAGE BY CASUALTYmaterial damage by casualty" shall be deemed any damage by fire or other casualty which has not been repaired and paid for by Seller by the Closing Date and for which the estimated cost of the remaining repairs equals or exceeds Fifty Thousand Two Million Dollars ($50,0002,000,000). If the Improvements suffer any material damage by casualty casualty, Purchaser shall have the right and option option, as its sole remedy, to terminate this Agreement within fifteen ten (1510) days after the date Purchaser is notified of the casualty in writing or by the Closing DateClosing, whichever first occurs. occurs (unless Seller shall also have restores the right Property to cancel this Agreement if such material damage by casualty is not covered by existing insurance policies held by Seller, unless Purchaser is willing to reduce the purchase price by the amount estimated to be necessary to pay the labor and material costs to restore the damage. If Purchaser does not elect to terminate this Agreement by its prior condition before the Closing Date as a result of any material casualty damage, this transaction shall close without increase or decrease in the purchase price, and Seller shall assign to Purchaser all insurance proceeds which are paid because of the casualtyDate). If the estimated cost to repair any damage by casualty as of the Closing Date is less than Fifty Thousand Two Million Dollars ($50,0002,000,000), Purchaser shall not have the right to terminate this Agreement. If Purchaser does not elect timely to terminate this Agreement because of such casualty and or does not have the right to terminate this Agreement, this transaction shall close without increase or decrease in the Purchase Price. Seller shall assign proceed to effect such repairs as are reasonably possible prior to Closing unless otherwise agreed to in writing by Purchaser, and Purchaser shall be entitled at Closing to an assignment of all insurance proceeds that which are paid because not used to pay the costs of such repairs or to pay Seller's reasonable out-of-pocket expenses in connection therewith (insurance proceeds received by Purchaser shall be remitted to Seller, as tenant under the New Lease (hereafter defined), for repair and reconstruction of the casualty, as stated aboveProperty). All repair cost estimates referred to in No termination of this paragraph Agreement under this Section shall be made by reference to a fixed price construction contract which Seller shall obtain as promptly as is reasonably possible after the date of the casualtyaffect any Post Termination Obligations.

Material Casualty. The absence of any material damage by casualty to the Improvements which that has not been repaired by the Closing Date. For the purposes hereof, a "MATERIAL DAMAGE BY CASUALTY" shall be deemed “material damage by casualty” means any damage by fire or other casualty which that has not been repaired and paid for by the Closing Date and for which the estimated cost of the remaining repairs exceeds Fifty Thousand Dollars ($50,000)250,000. If the Improvements suffer any material damage by casualty casualty, Purchaser shall have has the right and option to terminate this Agreement within fifteen (15) 30 days after the date Purchaser is notified of the casualty in writing or by the Closing Date, whichever first occursoccurs first. Seller shall will also have the right to cancel this Agreement if such the material damage by casualty is not fully covered by existing Seller’s insurance policies held by Seller, unless Purchaser is willing to reduce the purchase price by the amount estimated to be necessary to pay the labor and material costs to restore the damagepolicy. If Seller and Purchaser does do not elect to terminate this Agreement by the Closing Date as a result of any material casualty damageAgreement, this transaction shall will close without increase or decrease in the purchase price, Seller must proceed to effect any repairs that are reasonably possible prior to closing unless otherwise agreed to in writing by Purchaser, and Seller shall assign Purchaser is entitled to Purchaser all insurance proceeds which that are paid because not used to pay the costs of those repairs. Seller must also credit against the purchase price the amount of any deductible or self-insurance applicable to the casualty. If the estimated cost to repair any damage by casualty as of the Closing Date is less than Fifty Thousand Dollars ($50,000)250,000, Purchaser shall does not have the right to terminate this Agreement because of such that casualty and Purchaser will be given a credit against the purchase price in the amount of the estimated cost to repair the damage, whereupon Seller shall assign will be entitled to Purchaser retain the right to all insurance proceeds that are would otherwise be paid because of to Purchaser on the casualty, as stated aboveClosing Date. All repair cost estimates referred to in this paragraph shall section will be made by reference to a fixed fixed-price construction contract contract, which Seller shall must obtain as promptly as is reasonably possible after the date of the casualty. If the contract price cannot be ascertained as of the Closing Date, Purchaser may waive its election to take a purchase price credit or must deposit with the Escrow Agent on the Closing an amount of the purchase price reasonably agreed to by the parties as a reasonable estimate of the credit, whereupon the actual estimate of the repairs will be ascertained by the means described above as soon as practicable. When the actual estimate is so determined, Purchaser will be given a credit against the purchase price in that amount, and the estimated amount deposited with the Escrow Agent will be paid to Purchaser to the extent of the actual estimate and any remainder paid to Seller. If the actual estimated repair costs exceed the escrowed amount, Seller will pay the difference to Purchaser.

Material Casualty. The absence of any material damage by casualty to the Improvements which has not been repaired by the Closing Date. For the purposes hereof, a "MATERIAL DAMAGE BY CASUALTYmaterial damage by casualty" shall be deemed any damage by fire or other casualty which has not been repaired and paid for by Seller by the Closing Date and for which the estimated cost of the remaining repairs exceeds Fifty Thousand Dollars ($50,000). If the Improvements suffer any material damage by casualty casualty, Purchaser shall have the right and option option, as its sole remedy, to terminate this Agreement within fifteen ten (1510) days after the date Purchaser is notified of the casualty in writing or by the Closing Date, whichever first occurs. occurs (unless Seller shall also have restores the right Property to cancel this Agreement if such material damage by casualty is not covered by existing insurance policies held by Seller, unless Purchaser is willing to reduce the purchase price by the amount estimated to be necessary to pay the labor and material costs to restore the damage. If Purchaser does not elect to terminate this Agreement by its prior condition before the Closing Date as a result of any material casualty damage, this transaction shall close without increase or decrease in the purchase price, and Seller shall assign to Purchaser all insurance proceeds which are paid because of the casualtyDate). If the estimated cost to repair any damage by casualty as of the Closing Date is less than Fifty Thousand Dollars ($50,000), Purchaser shall not have the right to terminate this Agreement. If Purchaser does not elect timely to terminate this Agreement because of such casualty and or does not have the right to terminate this Agreement, this transaction shall close without increase or decrease in the Purchase Price. Seller shall assign proceed to effect such repairs as are reasonably possible prior to Closing unless otherwise agreed to in writing by Purchaser, and Purchaser shall be entitled at Closing to an assignment of all insurance proceeds that which are paid because not used to pay the costs of the casualty, as stated abovesuch repairs or to pay Seller's reasonable out-of-pocket expenses in connection therewith. All repair cost estimates referred to in this paragraph shall be made by reference to a fixed price construction contract which Seller shall obtain as promptly as is reasonably possible after also credit against the date Purchase Price the amount of the casualtyany deductible or self-insurance applicable to such casualty (unless Seller has completed and paid for such repairs prior to Closing). No termination of this Agreement under this Section shall affect any Post Termination Obligations.