Common use of 9Risk of Loss Clause in Contracts

9Risk of Loss. If between the Effective Date and the Closing (a) the Improvements are materially damaged or (b) the Property or any material portion thereof is taken or threatened by eminent domain, Seller shall promptly, and in any event prior to the Closing, notify Buyer of same. Buyer may elect, by written notice delivered to Seller within fifteen (15) days after receipt of such notice to terminate this Agreement without further liability to Buyer in which event the Deposit and any interest thereon shall be returned to Buyer and neither Party shall have any further obligation to the other hereunder except as otherwise provided in this Agreement. In the event that the Closing Date is less than fifteen (15) days after receipt of such notice regarding material damage or threatened eminent domain the Closing Date shall be extended as necessary to permit Buyer the full fifteen (15) days to determine whether or not it will terminate this Agreement. As used herein “material damage” or “material portion” means damage or a taking, as applicable, the costs of which is Two Hundred Fifty Thousand Dollars ($250,000) or more for repair. If Buyer does not so terminate, (c) in the case of material damage, Seller shall assign to Buyer at the Closing its right to recover under any insurance policies covering such damage and shall pay to Buyer (or credit against the Purchase Price) at the Closing the amount of the deductible or other self-insured retention, if any, and the amount, if any, of the uninsured portion of the casualty, and (b) in the case of an actual taking of a material portion of the Property, Seller shall assign to Buyer at the Closing Seller’s entire right, title and interest in the proceeds thereof. If between the date hereof and the Closing Date the Improvements suffer damage, other than reasonable wear and tear, which is not material, Buyer shall continue to be required to purchase the Property hereunder without offset against the Purchase Price, however, Seller shall assign to Buyer at Closing Seller’s right to collect any and all insurance proceeds available for the repair of such damage, and Seller shall pay to Buyer (or credit against the Purchase Price) the amount of any deductible or other self-insured retention and the amount, if any, of the uninsured portion of the casualty. article 7

9Risk of Loss. If between the Effective Date and the Closing Date, (a) the Improvements are materially damaged or (b) the Property or any material portion thereof is taken or threatened by eminent domain, Seller shall promptly, and in any event prior to the Closing, notify Buyer of same. Buyer may elect, by written notice delivered to Seller within fifteen (15) days after receipt of such notice to terminate this Agreement without further liability to Buyer in which event the Deposit and any interest thereon shall be returned to Buyer and neither Party shall have any further obligation to the other hereunder except as otherwise provided in this Agreement. In the event that the Closing Date is less than fifteen (15) days after receipt of such notice regarding material damage or threatened eminent domain the Closing Date shall be extended as necessary to permit Buyer the full fifteen (15) days to determine whether or not it will terminate this Agreement. As used herein “material damage” or “material portion” means damage or a taking, as applicable, the costs of which is Two Five Hundred Fifty Thousand Dollars ($250,000500,000.00) or more for repair. If Buyer does not so terminate, (c) in the case of material damage, Seller shall assign to Buyer at the Closing its right to recover and the insurance proceeds under any insurance policies covering such damage and shall pay to Buyer (or credit against the Purchase Price) at the Closing the amount of the deductible or other self-insured retention, if any, and the amount, if any, of the uninsured portion of the casualty, and (bd) in the case of an actual taking of a material portion of the Property, Seller shall assign to Buyer at the Closing Seller’s entire right, title and interest in the proceeds thereof. If between the date hereof and the Closing Date the Improvements suffer damage, other than reasonable wear and tear, which is not material, Buyer shall continue to be required to purchase the Property hereunder without offset against the Purchase Price, however, Seller shall assign to Buyer at Closing Seller’s right to collect any and all insurance proceeds available for the repair of such damage, and Seller shall pay to Buyer (or credit against the Purchase Price) the amount of any deductible or other self-insured retention and the amount, if any, of the uninsured portion of the casualty. article 7

9Risk of Loss. If between the Effective Date and the Closing (a) the Improvements are materially damaged or (b) the Property or any material portion thereof is taken or threatened by eminent domain, Seller shall promptly, and in any event prior to the Closing, notify Buyer of same. Buyer may elect, by written notice delivered to Seller within fifteen (15) days after receipt of such notice to terminate this Agreement without further liability to Buyer in which event the Deposit and any interest thereon shall be returned to Buyer and neither Party shall have any further obligation to the other hereunder except as otherwise provided in this Agreement. In the event that the Closing Date is less than fifteen (15) days after receipt of such notice regarding material damage or threatened eminent domain the Closing Date shall be extended as necessary to permit Buyer the full fifteen (15) days to determine whether or not it will terminate this Agreement. As used herein “material damage” or “material portion” means damage or a taking, as applicable, the costs of which is Two Hundred Fifty Thousand Dollars ($250,000) or more for repair. If Buyer does not so terminate, (c) in the case of material damage, Seller shall assign to Buyer at the Closing its right to recover under any insurance policies covering such damage and shall pay to Buyer (or credit against the Purchase Price) at the Closing the amount of the deductible or other self-insured retention, if any, and the amount, if any, of the uninsured portion of the casualty, and (b) in the case of an actual taking of a material portion of the Property, Seller shall assign to Buyer at the Closing Seller’s entire right, title and interest in the proceeds thereof. If between the date hereof and the Closing Date the Improvements suffer damage, other than reasonable wear and tear, which is not material, Buyer shall continue to be required to purchase the Property hereunder without offset against the Purchase Price, however, Seller shall assign to Buyer at Closing Seller’s right to collect any and all insurance proceeds available for the repair of such damage, and Seller shall pay to Buyer (or credit against the Purchase Price) the amount of any deductible or other self-insured retention and the amount, if any, of the uninsured portion of the casualty. article 7.

9Risk of Loss. If between the Effective Date and the Closing (a) the Improvements are materially damaged or (b) the Property or any material portion thereof is taken or threatened by eminent domain, Seller shall promptly, and in any event prior to the Closing, notify Buyer of same. Buyer may elect, by written notice delivered to Seller within fifteen (15) days after receipt of such notice to terminate this Agreement without further liability to Buyer in which event the Deposit and any interest thereon shall be returned to Buyer and neither Party shall have any further obligation to the other hereunder except as otherwise provided in this Agreement. In the event that the Closing Date is less than fifteen (15) days after receipt of such notice regarding material damage or threatened eminent domain the Closing Date shall be extended as necessary to permit Buyer the full fifteen (15) days to determine whether or not it will terminate this Agreement. As used herein “material damage” or “material portion” means damage or a taking, as applicable, the costs cost of which is Two Hundred Fifty Thousand Dollars ($250,000) or more for repair. If Buyer does not so terminate, (c) in the case of material damage, Seller shall assign to Buyer at the Closing its right to recover under any insurance policies covering such damage and shall pay to Buyer (or credit against the Purchase Price) at the Closing the amount of the deductible or other self-insured retention, if any, and the amount, if any, of the uninsured portion of the casualty, and (bd) in the case of an actual taking of a material portion of the Property, Seller shall assign to Buyer at the Closing Seller’s entire right, title and interest in the proceeds thereof. If between the date hereof and the Closing Date the Improvements suffer damage, other than reasonable wear and tear, which is not material, Buyer shall continue to be required to purchase the Property hereunder without offset against the Purchase Price, however, Seller shall assign to Buyer at Closing Seller’s right to collect any and all insurance proceeds available for the repair of such damage, and Seller shall pay to Buyer (or credit against the Purchase Price) the amount of any deductible or other self-insured retention and the amount, if any, of the uninsured portion of the casualty. article 7.

9Risk of Loss. If between the Effective Date and the Closing Date, (a) the Improvements are materially damaged or (b) the Property or any material portion thereof is taken or threatened by eminent domain, Seller shall promptly, and in any event prior to the Closing, notify Buyer of same. Buyer may elect, by written notice delivered to Seller within fifteen (15) days after receipt of such notice to terminate this Agreement without further liability to Buyer in which event the Deposit and any interest thereon shall be returned to Buyer and neither Party shall have any further obligation to the other hereunder except as otherwise provided in this Agreement. In the event that the Closing Date is less than fifteen (15) days after receipt of such notice regarding material damage or threatened eminent domain the Closing Date shall be extended as necessary to permit Buyer the full fifteen (15) days to determine whether or not it will terminate this Agreement. As used herein “material damage” or “material portion” means damage or a taking, as applicable, the costs of which is Two Five Hundred Fifty Thousand Dollars ($250,000500,000.00) or more for repair. If Buyer does not so terminate, (c) in the case of material damage, Seller shall assign to Buyer at the Closing its right to recover and the insurance proceeds under any insurance policies covering such damage and shall pay to Buyer (or credit against the Purchase Price) at the Closing the amount of the deductible or other self-insured retention, if any, and the amount, if any, of the uninsured portion of the casualty, and (bd) in the case of an actual taking of a material portion of the Property, Seller shall assign to Buyer at the Closing Seller’s entire right, title and interest in the proceeds thereof. If between the date hereof and the Closing Date the Improvements suffer damage, other than reasonable wear and tear, which is not material, Buyer shall continue to be required to purchase the Property hereunder without offset against the Purchase Price, however, Seller shall assign to Buyer at Closing Seller’s right to collect any and all insurance proceeds available for the repair of such damage, and Seller shall pay to Buyer (or credit against the Purchase Price) the amount of any deductible or other self-insured retention and the amount, if any, of the uninsured portion of the casualty. article 79 article 10DEFAULT