1Casualty Clause Samples

1Casualty. (a) If prior to the Closing Date there shall occur damage to any portion of the Land or Improvements caused by fire or other casualty of all or any portion of the Property which would cost $100,000.00 or less to repair or restore, as the case may be, the amount of such costs to be determined by a contractor regularly engaged in business in Clay County, Florida, chosen by Seller and reasonably acceptable to Purchaser, then Purchaser shall have no right to terminate its obligations under this Agreement and this transaction shall close as contemplated and there shall be assigned to Purchaser at Closing all right, title, and interest of Seller, in and to any insurance proceeds which may be payable to Seller on account of such occurrence (not including any proceeds payable on account of lost rents or income for the period prior to the Closing Date), and Purchaser shall take title to the Property with the assignment of such proceeds and subject to such damage to or destruction of the Property without reduction in the Purchase Price, provided that Purchaser shall be given a credit towards the Purchase Price for the lesser of any deductible under Seller's insurance policy or the cost to repair or restore such damage or destruction. (b) If prior to the Closing Date, there should occur damage to any portion of the Land or Improvements caused by fire or other casualty of all or any portion of the Property which would cost more than $100,000.00 to repair or restore, as the case may be, the amount of such costs to be determined by a contractor regularly engaged in business in Clay County, Florida, chosen by Seller and reasonably acceptable to Purchaser, then Purchaser or Seller shall have, as their sole and exclusive remedies: (i) the option to terminate this Agreement within five (5) days following a determination of the cost to repair and the amount of insurance proceeds which are payable on account of such casualty (but in no event later than thirty (30) days after the originally scheduled Closing Date as set forth in Section 6.1), in which event, the parties shall have no further rights or obligations hereunder, except as otherwise provided herein, and the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser subject to Purchaser's satisfaction of the requirements set forth in Section 10.12 of this Agreement, or (ii) if Purchaser or Seller does not elect to terminate, this transaction shall close as contemplated and there shall be assigned to Purchaser at Closing all right,...

1Casualty. Seller assumes all risk and liability, damage to, or injury occurring to the Premises and/or Personal Property by fire, storm, accident, or any other casualty or cause until the Closing has been consummated. If the Premises or Personal Property, or any part thereof, suffers any damages prior to the Closing from fire or other casualty, Purchaser shall consummate the Closing, in which event the proceeds of any insurance covering such damage shall be assigned to Purchaser at Closing, and Seller shall pay, or credit Purchaser at Closing, any deductible on such insurance policies; provided, however, if the loss or damage to the Property or any portion thereof is such that (i) the cost of repairing or restoring the portion of the Property would be, in the opinion of an architect selected by Seller and reasonably approved by Purchaser, equal to or greater than to five percent (5%) of the Purchase Price, or (ii) any Tenant has the right to ▇▇▇▇▇ rent under its Lease or terminate its Lease, Purchaser shall have the right to terminate this Agreement and the ▇▇▇▇▇▇▇ Money shall be returned to Purchaser, in which event the parties shall have no further rights and liabilities hereunder except with respect to those matters specifically surviving termination or Closing. ​

1Casualty. If the Premises or Building should be damaged or destroyed by fire or other casualty, Tenant shall give immediate written notice to Landlord. Within thirty (30) days after receipt from Tenant of such written notice, Landlord shall notify Tenant whether the necessary repairs can reasonably be made: (a) within ninety (90) days; (b) in more than ninety (90) days but in less than one hundred eighty (180) days; or (c) in more than one hundred eighty (180) days, in each case after the date of the issuance of permits for the necessary repair or reconstruction of the portion of the Building or Premises which was damaged or destroyed.

1Casualty. If the Premises are damaged by fire or other casualty and such damage cannot be repaired within 120 days (as estimated by the LANDLORD as soon as reasonably practicable after the occurrence of such damage), this Lease, at the option of the LANDLORD, exercised by giving written notice thereof to the TENANT within thirty (30) days after the occurrence of such damage, will terminate as of the date such notice is given. On such termination the TENANT will pay Rent and all other obligations of the TENANT apportioned to the date on which such damage occurred and will immediately surrender the Premises to the LANDLORD. If the damage can be repaired within 120 days, or if the damage cannot be repaired within 120 days but the LANDLORD does not exercise the option to terminate this Lease, the LANDLORD will, at the LANDLORD's expense to the extent of the net award of insurance, make the necessary repairs and this Lease will continue in effect, but the Rent will be equitably abated (as determined in the good faith judgment of the LANDLORD) until such repairs are made, unless such damage is so slight that the TENANT's occupancy of the Premises is not materially interrupted, in which case the Rent will not be abated or reduced.

1Casualty. If, prior to the Closing Date, all or a Significant Portion of the Real Property and Improvements is destroyed or damaged by fire or other casualty, Seller will notify Purchaser of such casualty. Purchaser will have the option to terminate this Agreement upon notice to Seller given not later than twenty (20) days after receipt of Seller’s notice. If this Agreement is terminated, the ▇▇▇▇▇▇▇ Money Deposit and all interest accrued thereon will be returned to Purchaser and thereafter neither Seller nor Purchaser will have any further rights or obligations to the other hereunder except with respect to the Termination Surviving Obligations. If Purchaser does not elect to terminate this Agreement or less than a Significant Portion of the Real Property and Improvements is destroyed or damaged as aforesaid, Seller will not be obligated to repair such damage or destruction but (a) Seller will assign and turn over to Purchaser any insurance proceeds actually received by Seller net of reasonable collection costs (or if such have not been awarded, all of its right, title and interest therein) with respect to such fire or other casualty together with any deductible payable by Seller under such insurance or received from Tenant, and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price.

1Casualty. If the Premises or a portion of the Tower on the Site necessary for Tenant’s occupancy is damaged during the Term of this Lease by any casualty which is insurable under standard fire and extended coverage insurance policies, Landlord may, in its sole discretion, repair or rebuild the Premises to substantially the condition in which the Premises were immediately prior to such destruction. Landlord shall provide written notice to Tenant, within 30 days from the date of such casualty, detailing whether or not Landlord will rebuild or repair the Leased Premise. If Landlord repairs or rebuilds the Premises, Rent will be abated proportionately during any period in which there is substantial interference with the operation of Tenant’s business. Notwithstanding the foregoing, if the Premises are damaged to the extent that it would take, in Landlord’s reasonable judgment, more than 90 days to repair, then Tenant may terminate this Lease upon notice to Landlord. If Landlord elects not repair or rebuild the Premises, then this Lease will terminate upon notice to Tenant of Landlord’s election.

1Casualty. If the Property is damaged or destroyed by fire or other casualty (a “casualty”) after the Effective Date and prior to the Closing then promptly after Seller becomes aware of the damage or destruction Seller will notify Purchaser thereof (the “Damage Notice”). If (i) the cost of repair is less than Fifty Thousand and No/100 Dollars ($50,000.00); or (ii) repairs will, in Purchaser’s reasonable estimation, take less than three (3) months to effectuate; or (iii) the occurrence of the casualty would not permit any Major Tenant or any Tenants representing more than five percent (5%) of the rentable square footage of the Real Property in the aggregate to terminate their Lease, the Closing will proceed in accordance with the terms of this Agreement for the full Purchase Price, notwithstanding the damage or destruction; provided, however, that Seller will pay or assign to Purchaser at Closing all insurance proceeds, if any, resulting from such casualty damage and pay to Purchaser any deductible due under Seller’s insurance policy(ies) (unless such deductible was previously paid by Seller). If (i) the cost of repair is equal to or greater than Fifty Thousand and No/100 Dollars ($50,000.00), or (ii) repair will, in Purchaser’s reasonable estimation, take three (3) months or longer to effectuate; or (iii) the occurrence of the casualty would permit any Major Tenant or any Tenants representing more than five percent (5%) of the rentable square footage of the Real Property in the aggregate to terminate their Lease, Purchaser may elect to terminate this Agreement by delivering written notice to Seller within twenty (20) days after the date of the Damage Notice and determination of the repair amount (and Closing will be extended as needed to provide for such twenty (20) day period), in which event the Deposit will be refunded to Purchaser. If Purchaser does not terminate this Agreement within the twenty (20) day period, Closing will proceed in accordance with the terms of this Agreement for the full Purchase Price, notwithstanding the damage or destruction, and Seller will pay or assign to Purchaser at Closing all insurance proceeds, if any, resulting from the casualty and credit to Purchaser any applicable deductible amounts under the insurance policies pursuant to which the insurance proceeds are paid or assigned (unless such deductible was previously paid by Seller).