Common use of BUYER’S ELECTION TO ACCEPT TITLE Clause in Contracts

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer shall have the election, at either the original or any extended time for performance, to accept such title as the Seller can deliver to the Premises in their then condition and to pay therefor the Purchase Price without deduction, in which case the Seller shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises shall have been damaged by fire or casualty insured against, then the Seller shall, unless the Seller has previously restored the Premises to their former condition either: a. pay over or assign to the Buyer, on delivery of the Deed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller for any partial restoration; or b. if a holder of a mortgage on the Premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises to their former condition or to be so paid over or assigned, give to the Buyer a credit against the purchase price, on delivery of the Deed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the Premises said premises in their then condition and to pay therefor the Purchase Price purchase price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises said premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises premises to their former condition condition, either: a. (a) pay over or assign to the BuyerBUYER, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; , or b. (b) if a holder of a mortgage on the Premises said premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises said premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts amount so recovered or recoverable and retained by the holder of the said mortgage less any amounts amount reasonably expended by the Seller SELLER for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the Premises of said Parcel in their then its then-condition and to pay therefor the Purchase Price Price, without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clauseSection, if the Premises said Parcel shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises Parcel to their former condition condition, either: a. pay : a) Pay over or assign to the BuyerBUYER, on delivery of the Deeddeed, all amounts recovered or recoverable on account by SELLER because of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; or b. if , or b) If a holder of a mortgage on the Premises said Parcel shall not permit the insurance proceeds or a part thereof to be used to restore the Premises said Parcel to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase pricePurchase Price, on delivery of the Deedsaid deed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLER for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the said Premises in their then condition and to pay therefor therefore the Purchase Price purchase price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clauseParagraph, if the said Premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises to their former condition either: a. condition, either (a) pay over or assign to the BuyerBUYER, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably reasonable expended by the Seller SELLER for any partial restoration; or b. , or (b) if a holder of a mortgage on the said Premises shall not permit the insurance proceeds or a part thereof to be used to restore the said Premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably reasonable expended by the Seller SELLER for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer shall have the election, at either the original or any extended time for performance, to accept such title as the Seller can deliver to the said Premises in their then condition and to pay therefor therefore the Purchase Price purchase price, without deduction, in which case the Seller shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the said Premises shall have been damaged by fire or casualty insured against, then the Seller shall, unless the Seller has previously restored the Premises to their former condition condition, either: a. (a) pay over or assign to the Buyer, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller for any partial restoration; , or b. (b) if a holder of a mortgage on the said Premises shall not permit the insurance proceeds or a part thereof to be used to restore the said Premises to their former condition or to be so paid over or assigned, give to the Buyer a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts amount reasonably expended by the Seller for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the Premises said premises in their then condition and to pay therefor therefore the Purchase Price purchase price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises said premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises premises to their former condition condition, either: a. (a) pay over or assign to the BuyerBUYER, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; , or b. (b) if a holder of a mortgage on the Premises said premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises said premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLER for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the said Premises in their then condition and to pay therefor therefore the Purchase Price purchase price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clauseParagraph, if the said Premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises to their former condition condition, either: a. (a) pay over or assign to the BuyerBUYER, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; or b. (b) if a holder of a mortgage on the said Premises shall not permit the insurance proceeds or a part thereof to be used to restore the said Premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLER for any partial restoration. In the event of conveyance in accordance with the provisions of this Section, BUYER shall be deemed to have waived compliance by SELLER with those representations and warranties set forth in this Agreement and in the Rider attached hereto with respect to which the title and condition of the Premises are not in compliance.

BUYER’S ELECTION TO ACCEPT TITLE. If, during the pendency of this Contract, the Property or any portion thereof shall be taken by any right of eminent domain, or if, during the pendency of this Contract, the Property shall suffer a casualty which has an adverse effect on the Buyer’s intended use of the Property, then, in either such event, Buyer may terminate this Contract upon 10 days’ prior written notice to Seller. If this Contract shall be so terminated, then the parties shall have no further recourse against one another. The Buyer shall also have the election, at either the original or any extended time for performance, Closing to accept such title as the Seller can deliver to the Premises said Property in their then condition and to pay therefor therefore the Purchase Price without deduction, in which case the Seller shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises said Property shall have been damaged by fire or casualty insured against, then the Seller shall, unless the Seller has previously restored the Premises Property to their former condition condition, either: a. pay over or assign to the Buyer, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller for any partial restoration; , or b. if a holder of a mortgage on the Premises said Property shall not permit the insurance proceeds or a part thereof to be used to restore the Premises said Property to their former condition or to be so paid over or assigned, give to the Buyer a credit against the purchase pricePurchase Price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller for any partial restoration. Upon conveyance of the Property to Buyer, Seller shall also pay over or assign to Buyer any award or claim arising out of any eminent domain taking.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer In addition to BUYER's rights under the provisions of Sections 8 and 9 above, BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the Premises said premises in their then condition and to pay therefor therefore the Purchase Price purchase price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises said premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises premises to their former condition condition, either: a. (a) pay over or assign to the BuyerBUYER, on or delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; , or b. (b) if a holder of a mortgage on the Premises said premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises said premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLER for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The If the Seller shall not be able to deliver possession of and title to the Premises as herein provided, then the Buyer shall have the election, election at either the original or any extended time for performance, performance to accept such title and possession as the Seller can deliver to deliver. If the Premises in their then condition and to Buyer so elects, he shall pay therefor the Purchase Price without deductionfull sales price and, in which case the Seller shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises shall have been damaged by fire or casualty insured against, then the Seller shall, unless the Seller has Premises have been previously restored the Premises to their former condition condition, either: a. pay (a) Pay over or assign to the Buyer, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, insurance less any amounts reasonably expended by the Seller for any partial restoration; or b. if (b) If a holder of a mortgage on the Premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises to their former condition or to be so paid over or assigned, give to the Buyer a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller for any partial restorationrestorations.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the Premises in their then condition and to pay therefor the Purchase Price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises to their former condition condition, either: a. (a) pay over or assign to the BuyerBUYER, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; , or b. (b) if a holder of a mortgage on the Premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase pricePurchase Price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLER for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the Premises said premises in their then condition and to pay therefor the Purchase Price purchase price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises said premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises premises to their former condition condition, either: a. (a) pay over or assign to the Buyer, BUYER on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; or b. (b) if a holder of a mortgage on the Premises said premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises said premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLER for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer shall have the election, at either the original or any extended time for performance, to accept such title as the Seller can deliver to the Premises Unit in their its then condition and to pay therefor the Purchase Price purchase price without deduction, in which case the Seller shall convey such title, except that in the event of such conveyance in accord accordance with the provisions of this clause, if the Premises Unit shall have been damaged by fire or casualty as insured against, then the Seller shall, unless the Seller has previously restored the Premises Unit to their its former condition condition, either: a. a) pay over or assign to the Buyer, on delivery of the Deed, all amounts recovered or recoverable on account of such insuranceinsurance with respect to the Unit, less any amounts reasonably expended by the Seller for any partial restoration; , or b. b) if a holder of a mortgage on the Premises Unit shall not permit the insurance proceeds or a part thereof to be used to restore the Premises Unit to their its former condition or to be so paid over or assigned, give to the Buyer a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage on account of the Unit less any amounts reasonably expended by the Seller for any any-partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer shall have the election, at either the original or any extended time for performance, to accept such title as the Seller can deliver to the Premises said premises in their then condition and to pay therefor the Purchase Price purchase price without deduction, in which case the Seller shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises Property shall have been damaged by fire or casualty insured against, then the Seller shall, unless the Seller has previously restored the Premises premises to their former condition condition, either: a. (a) pay over or assign to the Buyer, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance plus amounts deducted from the insurance award on account of the deductible under such insurance, less any amounts reasonably expended by the Seller for any partial restoration,; or b. (b) if a holder of a mortgage on the Premises said premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises said premises to their former condition or to be so paid over or assigned, give to the Buyer a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered recovered, or recoverable and retained by the holder of the said mortgage plus amounts deducted from the insurance award on account of the deductible under such insurance, less any amounts reasonably expended by the Seller for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the Premises said premises in their then condition and to pay therefor therefore the Purchase Price purchase price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises said premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises premises to their former condition either: a. condition, either (a) pay over or assign to the BuyerBUYER, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; or b. , or (b) if a holder of a mortgage on the Premises said premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises said premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLER for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYERS shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLERS can deliver to the Premises said premises in their then condition and to pay therefor therefore the Purchase Price purchase price without deduction, in which case the Seller SELLERS shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises said premises shall have been damaged by fire or casualty insured against, then the Seller SELLERS shall, at Buyer’s election, unless the Seller has SELLERS have previously restored the Premises premises to their former condition condition, either: a. (a) pay over or assign to the BuyerBUYERS, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLERS for any partial restoration; , or b. (b) if a holder of a mortgage on the Premises said premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises said premises to their former condition or to be so paid over or assigned, give to the Buyer BUYERS a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recovered, recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLERS for any partial restoration.restoration or (c) cancel this contract and the deposit made hereunder shall be returned to the Buyer and all further obligations of the parties shall thereupon terminate..

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the said Premises in their then condition and to pay therefor the Purchase Price purchase price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord accordance with the provisions of this clause, if the said Premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises to their former condition condition, either: a. (a) pay over or assign to the BuyerBUYER, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insuranceinsurance plus deductible, less any amounts reasonably expended by the Seller SELLER for any partial restoration; , or b. (b) if a holder of a mortgage on the said Premises shall not permit the insurance proceeds or a part thereof to be used to restore the said Premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage plus deductible less any amounts reasonably expended by the Seller SELLER for any partial restoration. Notwithstanding anything contained in this Purchase and Sale Agreement to the contrary, in the event that the Premises are damaged by fire or other casualty, the cost of repair of which does not exceed One Hundred Thousand ($100,000.00) Dollars, then BUYER agrees that BUYER shall not be entitled to terminate this Agreement and notwithstanding such damage, BUYER shall accept the Premises in their damaged condition and SELLER shall assign the insurance proceeds to BUYER and pay over the deductible.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the Premises said premises in their then condition and to pay therefor the Purchase Price purchase price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises said premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises premises to their former condition condition, either: a. pay over or assign to the BuyerBUYER, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; , or b. if a holder of a mortgage on the Premises said premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises said premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLER for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the said Premises in their then condition and to pay therefor therefore the Purchase Price purchase price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the said Premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises to their former condition condition, either: a. A. pay over or assign to the BuyerBUYER, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; , or b. B. if a holder of a mortgage on the said Premises shall not permit the insurance proceeds or a part thereof to be used to restore the said Premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLER for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the Premises said premises in their then condition and to pay therefor therefore the Purchase Price purchase price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises said premises shall have been damaged by fire or casualty insured againstagainst by the organization of unit owners or the SELLER, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises premises to their former condition condition, either: a. (a) pay over or assign to the BuyerBUYER, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; or b. , or (b) if a holder of a mortgage on the Premises said premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises said premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLER for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the Premises in their then condition and to pay therefor the Purchase Price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises to their former condition either: a. pay over or assign to the BuyerBUYER, on delivery of the Deed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; or b. if a holder of a mortgage on the Premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLER for any partial restoration.

BUYER’S ELECTION TO ACCEPT TITLE. The Buyer BUYER shall have the election, at either the original or any extended time for performance, to accept such title as the Seller SELLER can deliver to the Premises said premises in their then condition and to pay therefor therefore the Purchase Price purchase price without deduction, in which case the Seller SELLER shall convey such title, except that in the event of such conveyance in accord with the provisions of this clause, if the Premises said premises shall have been damaged by fire or casualty insured against, then the Seller SELLER shall, unless the Seller SELLER has previously restored the Premises to their former condition condition, either: a. (a) pay over or assign to the BuyerBUYER, on delivery of the Deeddeed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the Seller SELLER for any partial restoration; , or b. (b) if a holder of a mortgage on the Premises said premises shall not permit the insurance proceeds or a part thereof to be used to restore the Premises said premises to their former condition or to be so paid over or assigned, give to the Buyer BUYER a credit against the purchase price, on delivery of the Deeddeed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the Seller SELLER for any partial restoration.