Common use of Minor Damage Clause in Contracts

Minor Damage. In the event of “minor” loss or damage [being defined for the purpose of this Contract as damage to the Property such that the Property could be repaired or restored, in the opinion of an architect mutually acceptable to Seller and Purchaser (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser and Seller), to a condition substantially identical to that of the Property immediately prior to the event of damage at a cost equal to or less than $250,000 and which would not permit any tenant to terminate its Lease, neither Seller nor Purchaser shall have the right to terminate this Contract as to the Property due to such damage but Seller shall, at Seller’s option as expressed to Purchaser in writing, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) repair and restore the damaged portion of the Property to a condition substantially identical to that which existed immediately prior to the occurrence of such damage and in either such event Seller shall retain all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty, rental loss and other insurance policies relating to the Property. If Seller elects to repair and restore the damaged portion of the Property, Seller shall act promptly and diligently to complete such repairs in a good and workmanlike manner and shall complete such repairs prior to the Closing Date if reasonably possible. If it is not reasonably possible to complete such repairs prior to the Closing Date, the parties will nonetheless proceed to the Closing, but Seller must give Purchaser a credit equal to the remaining cost to complete such repairs.

Minor Damage. In the event of “minor” loss or damage [being defined for the purpose of this Contract Agreement as damage to the Property such that the Property could be repaired or restored, in the opinion of an architect mutually acceptable to Seller and Purchaser Buyer (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser Buyer and Seller), to a condition substantially identical to that of the Property immediately prior to the event of damage at a cost equal to or less than Two Million Dollars ($250,000 and which would not permit any tenant to terminate its Lease2,000,000), neither Seller nor Purchaser Buyer shall have the right to terminate this Contract Agreement as to the Property due to such damage but Seller shall, at Seller’s option as expressed to Purchaser Buyer in writingwriting given not later than ten (10) days after such determination by the architect as provided above, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) following the occurrence of such damage, repair and restore the damaged portion of the Property to a condition substantially identical to that which existed immediately prior to the occurrence of such damage and in either such event Seller shall retain all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty, rental loss and other insurance policies relating to the Property, other than any rental loss insurance proceeds attributable to the period of time following the Close of Escrow to the extent that the Lessee is entitled to any abatement of rent, which rental loss proceeds shall be assigned to Buyer. If Seller elects to repair and restore the damaged portion of the Property, Seller shall act promptly and diligently to complete such repairs in a good and workmanlike manner and shall complete such repairs prior to the Closing Date if reasonably possible. If it is not reasonably possible Close of Escrow, which shall be extended as necessary to complete same. Buyer and Seller agree that the decision of any architect required hereunder shall be made within ten (10) days after the occurrence of such repairs prior loss or damage. In addition, failure by Seller to make an affirmative election to repair and restore the Closing Date, damaged portion of the parties will nonetheless proceed Property as provided above shall be deemed to be an election by Seller under clause (a) above to reduce the Closing, but Seller must give Purchaser a credit Purchase Price by an amount equal to the remaining cost to complete repair such repairsdamage.

Minor Damage. In the event of “minor” loss or damage [damage, being defined for the purpose of this Contract as damage to the Property such that the Property could be repaired or restored, in the opinion of an architect mutually acceptable to Seller and Purchaser (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser and Seller), to a condition substantially identical to that of the Property immediately prior to the event of damage at a cost equal to or less than $250,000 and which would not permit any tenant to terminate its Lease, neither Seller nor Purchaser shall have the right to terminate this Contract as to the Property due to such damage but Seller shall, at Seller’s option as expressed to Purchaser in writing, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) repair and restore the damaged portion of the Property to a condition substantially identical to that which existed immediately prior to the occurrence of such damage and in either such event Seller shall retain all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty, rental loss and other insurance policies relating to the Property. If Seller elects to repair and restore the damaged portion of the Property, Seller shall act promptly and diligently to complete such repairs in a good and workmanlike manner and shall complete such repairs prior to the Closing Date if reasonably possible. If it is not reasonably possible to complete such repairs prior to the Closing Date, the parties will nonetheless proceed to the Closing, but Seller must give Purchaser a credit equal to the remaining cost to complete such repairs.

Minor Damage. In the event of “minor” loss or damage [being defined for the purpose of this Contract as damage to the Property such that the Property could be repaired or restored, in the opinion of an architect mutually acceptable to Seller and Purchaser (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser and Seller), to a condition substantially identical to that of the Property immediately prior to the event of damage at a cost equal to or less than $250,000 2,000,000 and which would not permit any tenant to terminate its Lease, neither Seller nor Purchaser shall have the right to terminate this Contract as to the Property due to such damage but Seller shall, at Seller’s option as expressed to Purchaser in writing, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) repair and restore the damaged portion of the Property to a condition substantially identical to that which existed immediately prior to the occurrence of such damage and in either such event Seller shall retain damage, or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty, rental loss and other insurance policies relating to the Property. If Seller elects to repair and restore the damaged portion of the Property, Seller shall act promptly and diligently to complete such repairs in a good and workmanlike manner and shall complete such repairs prior to the Closing Date if reasonably possible. If it is not reasonably possible to complete such repairs prior to the Closing Date, the parties will nonetheless proceed to the ClosingClosing without any reduction of the Purchase Price, but Seller must give shall assign all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty and other insurance policies relating to the casualty, and Purchaser shall receive a credit against the Purchase Price in an amount equal to the remaining cost aggregate amount of any deductible(s) under the insurance policies assigned to complete such repairsPurchaser.

Minor Damage. In Subject to the terms and conditions of the Lease, in the event of “"minor” " loss or damage [being defined for the purpose of this Contract Agreement as damage to the Property such that the Property could be repaired or restored, in the opinion of an architect mutually acceptable to Seller and Purchaser Buyer (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser Buyer and Seller), to a condition substantially identical to that of the Property immediately prior to the event of damage at a cost equal to or less than Fifty Thousand and 00/100 Dollars ($250,000 and which would not permit any tenant to terminate its Lease50,000.00), neither Seller nor Purchaser Buyer shall have the right to terminate this Contract as to the Property Agreement due to such damage but Seller shall, at Seller’s Buyer's option as expressed to Purchaser Seller in writing, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) repair and restore the damaged portion of the Property to a condition substantially identical to that which existed immediately prior to the occurrence of such damage and in either such event Seller shall retain all of Seller’s 's right, title and interest to any claims and proceeds Seller may have with respect to any casualty, rental loss and other casualty insurance policies relating to the Property. If Seller Buyer elects to have Seller repair and restore the damaged portion of the Property, Seller shall act promptly and diligently to complete such repairs in a good and workmanlike manner and shall complete such repairs prior to the Closing Date if reasonably possible. If it is not reasonably possible to complete such repairs prior to the Closing Date, the parties will nonetheless proceed to the Closing, but Seller must give Purchaser shall complete such repairs as soon as reasonably possible, and the Closing shall be extended for a credit equal reasonable period of time to the remaining cost to complete allow completion of any such repairs.

Minor Damage. In the event of “minor” loss or damage [being defined for the purpose of this Contract as damage to the Property Improvements such that the Property Improvements could be repaired or restored, in the opinion of an architect mutually acceptable to Seller Sellers and Purchaser (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser and SellerSellers), to a condition substantially identical similar to that of the Property Improvements immediately prior to the event of damage at a cost equal to or less than Five Hundred Thousand Dollars ($250,000 and which would not permit any tenant to terminate its Lease500,000)], neither Seller Sellers nor Purchaser shall have the right to terminate this Contract as to the Property due to such minor loss or damage but Seller Sellers shall, at Seller’s Sellers’ option as expressed to Purchaser in writing, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) repair and restore the damaged portion of the Property Improvements to a condition substantially identical similar to that which existed immediately prior to the occurrence of such damage and in either such event Seller Sellers shall retain all of Seller’s Sellers’ right, title and interest to any claims and proceeds Seller Sellers may have with respect to any casualty, rental loss and other insurance policies relating to the PropertyImprovements. If Seller Sellers elects to repair and restore the damaged portion of the PropertyImprovements, Seller Sellers shall act promptly and diligently to complete such repairs in a good and workmanlike manner and shall complete such repairs prior to the date set for Closing Date if reasonably possible. If it is not reasonably possible to complete such repairs prior to the Closing Datedate set for Closing, the parties will nonetheless proceed to the Closing, but Seller Sellers must give Purchaser a credit equal to the remaining cost to complete such repairs.

Minor Damage. In the event of “minor” loss or damage [being defined for the purpose of this Contract as damage to the Property such or any portion thereof prior to Closing caused by any casualty that the Property could be repaired or restored, in the opinion of an architect mutually acceptable to Seller and Purchaser is not “major” (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser and Selleras hereinafter defined), to a condition substantially identical to that of the Property immediately prior to the event of damage at a cost equal to or less than $250,000 this Agreement shall remain in full force and which would not permit effect provided Seller performs any tenant to terminate its Lease, neither Seller nor Purchaser shall have the right to terminate this Contract as to the Property due to such damage but Seller shallnecessary repairs or, at Seller’s option as expressed option, assigns to Purchaser in writing, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) repair and restore the damaged portion of the Property to a condition substantially identical to that which existed immediately prior to the occurrence of such damage and in either such event Seller shall retain all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty, rental loss and other casualty insurance policies relating to the Property; provided, however, that if Seller does not have any right, title and interest to any claims or proceeds and Seller does not elect to repair any damages using its own funds, then within ten (10) days of Purchaser’s receipt of notice from Seller regarding the foregoing and Seller’s intent not to repair any damages, Purchaser shall have the right to terminate the Agreement. If Purchaser terminates this Agreement pursuant to this Section 6.2(a), then the Deposit shall be returned promptly to Purchaser and neither Seller elects to repair and restore nor Purchaser shall have any further obligations under this Agreement, except such obligations of the damaged portion parties that expressly survive the termination of this Agreement. In the event that Seller performs repairs upon the Property, Seller shall act promptly and diligently use commercially reasonable efforts to complete such repairs in a good promptly and workmanlike manner and shall complete such repairs prior to the Closing Date if reasonably possibleshall be extended for a reasonable time in order to allow the completion of such repairs. If it is not reasonably possible Seller assigns the claims and proceeds to complete such repairs prior to the Closing DatePurchaser, the parties will nonetheless proceed to the Closing, but Seller must give Purchaser a credit Purchase Price shall be reduced by an amount equal to the remaining lesser of the cost of repair or the deductible amount under Seller’s insurance policy; provided, in the event of an uninsured loss or damage, the Purchase Price shall be reduced by an amount equal to complete such repairsthe cost of repair. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of “minor” loss or damage [being defined for the purpose of this Contract as damage to the Property Improvements such that the Property Improvements could be repaired or restored, in the opinion of an architect mutually acceptable to Seller and Purchaser (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser and Seller), to a condition substantially identical similar to that of the Property Improvements immediately prior to the event of damage at a cost equal to or less than Five Hundred Thousand Dollars ($250,000 and which would not permit any tenant to terminate its Lease500,000)], neither Seller nor Purchaser shall have the right to terminate this Contract as to the Property due to such minor loss or damage but Seller shall, at Seller’s option as expressed to Purchaser in writing, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) repair and restore the damaged portion of the Property Improvements to a condition substantially identical similar to that which existed immediately prior to the occurrence of such damage and in either such event Seller shall retain all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty, rental loss and other insurance policies relating to the PropertyImprovements. If Seller elects to repair and restore the damaged portion of the PropertyImprovements, Seller shall act promptly and diligently to complete such repairs in a good and workmanlike manner and shall complete such repairs prior to the date set for Closing Date if reasonably possible. If it is not reasonably possible to complete such repairs prior to the Closing Datedate set for Closing, the parties will nonetheless proceed to the Closing, but Seller must give Purchaser a credit equal to the remaining cost to complete such repairs.

Minor Damage. In the event of “minor” any loss or damage [being defined for to, or condemnation (or commencement of any condemnation proceeding or written threat or notice of the purpose of this Contract as damage to same) of, the Property such that or any portion thereof Sellers shall promptly notify Purchaser. In the Property could be repaired event of loss or restored, in the opinion of an architect mutually acceptable to Seller and Purchaser damage which is not “major” (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser and Seller), as hereinafter defined) to a condition substantially identical to that of the Property immediately or any portion thereof, this Agreement shall remain in full force and effect, and if, prior to the event of damage at a cost equal to Closing Date, Sellers have not fully repaired or less than $250,000 and which would not permit any tenant to terminate its Lease, neither Seller nor Purchaser shall have the right to terminate this Contract as to the Property due to restored such damage but Seller shall, at Seller’s option as expressed to Purchaser in writing, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) repair and restore the damaged portion of the Property to a substantially the same condition substantially identical to that which as existed immediately prior to the occurrence such loss or damage (without any obligation to do so), then Sellers shall assign to Purchaser all of such damage and in either such event Seller shall retain all of Seller’s right, title and interest to any claims and proceeds such Seller may have with respect to any casualty, rental loss and other casualty insurance policies or condemnation awards relating to the Propertypremises in question. If In the event that such Seller elects elects, in its sole discretion, to repair and restore the damaged portion of perform repairs upon the Property, such Seller shall act promptly and diligently use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs, not to exceed twenty (20) days. In connection with Seller’s assignment of a good and workmanlike manner and shall complete such repairs prior casualty claim to the Closing Date if reasonably possible. If it is not reasonably possible to complete such repairs prior to the Closing DatePurchaser, the parties will nonetheless proceed to the ClosingPurchase Price shall be reduced (i.e., but Seller must give Purchaser shall receive a credit against the Purchase Price at Closing) by an amount equal to the remaining cost lesser of (a) the deductible amount under such Seller’s insurance policy plus the amount of any uninsured or coinsured loss or damage, and (b) the reasonable estimated costs for the repair or restoration of the Property required by such casualty. Upon Closing, full risk of loss with respect to complete such repairsthe Properties shall pass to Purchaser.

Minor Damage. In the event of “minor” loss or damage [(being defined for the purpose of this Contract as damage to the Property such that the Property could be repaired or restored, in the opinion of an architect mutually acceptable to Seller and Purchaser (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser and Seller), to a condition substantially identical to that of the Property immediately prior to the event of damage at a cost equal to or less than $250,000 and which would not permit any tenant to terminate its Lease), neither Seller nor Purchaser shall have the right to terminate this Contract as to the Property due to such damage but Seller shall, at Seller’s option as expressed to Purchaser in writing, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) repair and restore the damaged portion of the Property to a condition substantially identical to that which existed immediately prior to the occurrence of such damage and in either such event Seller shall retain all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty, rental loss and other insurance policies relating to the Property. If Seller elects to repair and restore the damaged portion of the Property, Seller shall act promptly and diligently to complete such repairs in a good and workmanlike manner and shall complete such repairs prior to the Closing Date if reasonably possible. If it is not reasonably possible to complete such repairs prior to the Closing Date, the parties will nonetheless proceed to the Closing, but Seller must give Purchaser a credit equal to the remaining cost to complete such repairs.

Minor Damage. In the event of “minor” loss or damage [being defined for the purpose of this Contract as damage to the Property such that the Property could be repaired or restored, in the opinion of an architect mutually acceptable to Seller and Purchaser (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser and Seller), to a condition substantially identical to that of the Property immediately prior to the event of damage at a cost equal to or less than $250,000 and which would not permit any tenant to terminate its the Lease, neither Seller nor Purchaser shall have the right to terminate this Contract as to the Property due to such damage but Seller shall, at Seller’s option as expressed to Purchaser in writing, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) repair and restore the damaged portion of the Property to a condition substantially identical to that which existed immediately prior to the occurrence of such damage and in either such event Seller shall retain all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty, rental loss and other insurance policies relating to the Property. If Seller elects to repair and restore the damaged portion of the Property, Seller shall act promptly and diligently to complete such repairs in a good and workmanlike manner and shall complete such repairs prior to the Closing Date if reasonably possible. If it is not reasonably possible to complete such repairs prior to the Closing Date, the parties will nonetheless proceed to the Closing, but Seller must give Purchaser a credit equal to the remaining cost to complete such repairs.

Minor Damage. In the event of “minor” loss or damage [being defined for the purpose of this Contract Agreement as damage to the Property such that the Property could be repaired or restored, in the opinion of an architect mutually acceptable to Seller Owner and Purchaser (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser and SellerOwner), to a condition substantially identical to that of the Property immediately prior to the event of damage at a cost equal to or less than $250,000 and which would not permit any tenant to terminate its Lease, neither Seller Owner nor Purchaser shall have the right to terminate this Contract Agreement as to the Property due to such damage damage, but Seller Owner shall, at SellerOwner’s option as expressed to Purchaser in writing, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) repair and restore the damaged portion of the Property to a condition substantially identical to that which existed immediately prior to the occurrence of such damage and in either such event Seller Owner shall retain all of SellerOwner’s right, title and interest to any claims and proceeds Seller Owner may have with respect to any casualty, rental loss and other insurance policies relating to the Property. If Seller Owner elects to repair and restore the damaged portion of the Property, Seller Owner shall act promptly and diligently to complete such repairs in a good and workmanlike manner and shall complete such repairs prior to the Closing Date if reasonably possible. If it is not reasonably possible to complete such repairs prior to the Closing Date, the parties will nonetheless proceed to the Closing, but Seller Owner must give Purchaser a credit equal to the remaining cost to complete such repairs.

Minor Damage. In the event of “minor” loss or damage [being defined for the purpose of this Contract as damage to the Property such that the Property could be repaired or restored, in the opinion of an architect mutually acceptable to Seller and Purchaser (with any fees, costs or expenses pertaining to such opinion to be borne equally by Purchaser and Seller), to a condition substantially identical to that of the Property immediately prior to the event of damage at a cost equal to or less than $250,000 and which would not permit any tenant Tenant to terminate its Lease], neither Seller nor Purchaser shall have the right to terminate this Contract as to the Property due to such damage but Seller shall, at Seller’s option as expressed to Purchaser in writingwriting within ten (10) days after receipt of the opinion of the architect referenced above, either (a) reduce the Purchase Price by an amount equal to the cost to repair such damage, or (b) repair and restore the damaged portion of the Property to a condition substantially identical to that which existed immediately prior to the occurrence of such damage and in either such event Seller shall retain all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty, rental loss and other insurance policies relating to the Property. The Closing Date shall be extended as reasonably necessary, but not longer than thirty (30) days, to allow the time necessary for Seller to deliver the notice required in this Section 11.01. If Seller elects to repair and restore the damaged portion of the Property, Seller shall act promptly and diligently to complete such repairs in a good and workmanlike manner and shall complete such repairs prior to the Closing Date if reasonably possible. If it is not reasonably possible to complete such repairs prior to the Closing Date, the parties will nonetheless proceed to the Closing, but at Closing, Seller must give Purchaser a credit equal to the remaining cost to complete such repairs.