Common use of CASUALTY LOSS AND CONDEMNATION Clause in Contracts

CASUALTY LOSS AND CONDEMNATION. If, during the Interim Period, all or any portion of the Properties are destroyed or damaged by fire, flood, earthquake, windstorm, theft, vandalism, explosion, blowout, riot, sabotage, accident or other casualty of a similar nature or shall be taken by condemnation or under the right of eminent domain (each, a “Casualty Loss”), then (i) the Property affected by such Casualty Loss shall be included in the Properties conveyed by Seller to Buyer pursuant to this Agreement at the Closing, notwithstanding such Casualty Loss, without any reduction to the Purchase Price with respect thereto, and (ii) Seller shall assign, transfer and set over unto Buyer, all of the rights, titles and interests of Seller in and to any claims, causes of action, insurance proceeds or other payments for property damage arising out of such Casualty Loss, to the extent related to the Conveyed Interest. During the Interim Period, Seller shall maintain the insurance, including general liability insurance, covering the Properties that it currently has in place in accordance with its past practices and shall either (i) add Buyer as an additional insured under such policies or (ii) have this Agreement listed as an insured contract under such policies. Notwithstanding anything to the contrary set forth herein, except for the rights of Buyer with respect to Title Defects and Environmental Defects provided under Article VI the rights and remedies of Buyer set forth in this Section 6.8 shall be Buyer’s exclusive rights and remedies with respect to any Casualty Loss with respect to the Properties.

CASUALTY LOSS AND CONDEMNATION. If, during the Interim Period, all or any portion of the Properties are destroyed or damaged by fire, flood, earthquake, windstorm, theft, vandalism, explosion, blowout, riot, sabotage, accident or other casualty of a similar nature or shall be taken by condemnation or under the right of eminent domain (each, a “Casualty Loss”) and the value of such Casualty Loss (a) exceeds one hundred thousand dollars ($100,000), then the Property affected by such Casualty Loss shall be excluded from the Properties conveyed by Seller to Buyer at the Closing pursuant to this Agreement and the Purchase Price shall be adjusted downward by the Allocated Value of such Property in accordance with Section 2.2(b)(iv) or (ib) is less than one hundred thousand dollars ($100,000), then the Property affected by such Casualty Loss shall be included in the Properties conveyed by Seller to Buyer pursuant to this Agreement at the Closing, notwithstanding such Casualty Loss, without any reduction to the Purchase Price with respect thereto, thereto and (ii) Seller shall assigntransfer to Buyer all rights to third-party insurance and the proceeds thereof (net of any self-retention or deductible amount) and other claims against third parties, transfer and set over unto Buyerin each case, all of the rights, titles and interests of Seller in and with respect to any claims, causes of action, insurance proceeds or other payments for property damage arising out of such Casualty Loss, to the extent related to the Conveyed Interest. During the Interim Period, Seller shall maintain the insurance, including general liability insurance, covering the Properties that it currently has in place in accordance with its past practices and shall either (i) add Buyer as an additional insured under such policies or (ii) have this Agreement listed as an insured contract under such policies. Notwithstanding anything to the contrary set forth herein, except for the rights of Buyer with respect to Title Defects and Environmental Defects provided under Article VI the rights and remedies of Buyer set forth in this Section 6.8 5.8, shall be Buyer’s exclusive rights and remedies with respect to any Casualty Loss with respect to the Properties.

CASUALTY LOSS AND CONDEMNATION. If, during the Interim Period, all or any portion of the Properties are destroyed or damaged by fire, flood, earthquake, windstorm, theft, vandalism, explosion, blowout, riot, sabotage, accident or other casualty of a similar nature or shall be taken by condemnation or under the right of eminent domain (each, a “Casualty Loss”), then (i) the Property affected by such Casualty Loss shall be included in the Properties conveyed by Seller to Buyer pursuant to this Agreement at the Closing, notwithstanding such Casualty Loss, without any reduction to the Purchase Price with respect thereto, and (ii) Seller shall assign, transfer and set over unto Buyer, all of the rights, titles and interests of Seller in and to any claims, causes of action, insurance proceeds or other payments for property damage arising out of such Casualty Loss, to the extent related to the Conveyed Interest. During the Interim Period, Seller shall maintain the insurance, including general liability insurance, covering the Properties that it currently has in place in accordance with its past practices and shall either (i) add Buyer as an additional insured under such policies or (ii) have this Agreement listed as an insured contract under such policies. Notwithstanding anything to the contrary set forth herein, except for the rights of Buyer with respect to Title Defects and Environmental Defects provided under Article VI VI, the rights and remedies of Buyer set forth in this Section 6.8 shall be Buyer’s exclusive rights and remedies with respect to any Casualty Loss with respect to the Properties.