Common use of CASUALTY LOSS AND CONDEMNATION Clause in Contracts

CASUALTY LOSS AND CONDEMNATION. A. If any part of the Property is damaged or destroyed by fire or other casualty after the Effective Date and Seller elects not to restore the Property to its previous condition as soon as reasonably possible and not later than the closing date or If, without fault, Seller is unable to do so, Buyer may: (1) terminate this contract and the xxxxxxx money, less any independent consideration under Paragraph 8B, will be refunded to Buyer; (2) extend the time for performance up to forty five (45) days and closing will be extended as necessary; or (3) accept at closing: (i) the Property in its damaged condition; (ii) an assignment of any insurance proceeds Seller is entitled to receive along with the insurer’s consent to the assignment; and (iii) a credit to the sales price in the amount of any unpaid deductible under the policy for the loss. B. If before closing, condemnation proceedings are commenced against any part of the Property, Buyer may: (1) terminate this contract by providing written notice to Seller within 15 days after Buyer is advised of the condemnation proceedings and the xxxxxxx money, less any independent consideration under Paragraph 8B, will be refunded to Buyer; or (2) appear and defend the condemnation proceedings and any award will, at Buyer’s election, belong to: (a) Seller and the sales price will be reduced by the same amount; or (b) Buyer and the sales price will not be reduced.

CASUALTY LOSS AND CONDEMNATION. A. If any part of the Property is damaged or destroyed by fire or other casualty after the Effective Date and effective date, Seller elects not to must restore the Property to its previous condition as soon as reasonably possible and not later than the closing date or date. If, without fault, Seller is unable to do so, Buyer may: : (1) terminate this contract and the xxxxxxx earnest money, less any independent consideration under Paragraph 8B7B(1), will be refunded to Buyer; ; (2) extend the time for performance up to forty five (45) 15 days and closing will be extended as necessary; or or (3) accept at closing: (i) the Property in its damaged condition; (ii) an assignment of any insurance proceeds Seller is entitled to receive along with the insurer’s 's consent to the assignment; and (iii) a credit to the sales price in the amount of any unpaid deductible under the policy for the loss. B. If before closing, condemnation proceedings are commenced against any part of the Property, Buyer may: : (1) terminate this contract by providing written notice to Seller within 15 days after Buyer is advised of the condemnation cxxxxxnation proceedings and the xxxxxxx earnest money, less any independent ixxxxxxxent consideration under Paragraph 8B7B(1), will be refunded to Buyer; or or (2) appear and defend the condemnation proceedings and any award will, at Buyer’s 's election, belong to: : (a) Seller and the sales price will be reduced by the same amount; or (b) Buyer and the sales price will not be reduced.or

CASUALTY LOSS AND CONDEMNATION. A. If any part of the Property is damaged or destroyed by fire or other casualty after the Effective Date and effective date, Seller elects not to must restore the Property to its previous condition as soon as reasonably possible and not later than the closing date or Ifdate. If , without fault, Seller is unable to do so, Buyer may: (1) terminate this contract and the xxxxxxx money, less any independent consideration under Paragraph 8B7B(3)(a), will be refunded to Buyer; (2) extend the time for performance up to forty five (45) 15 days and the closing date will be extended as necessary; or (3) accept at closing: (i) the Property in its damaged condition; (ii) an assignment of any insurance proceeds Seller is entitled to receive along with the insurer’s consent to the assignment; and (iii) a credit to the sales price in the amount of any unpaid deductible under the policy for the loss. B. If before closing, condemnation proceedings are commenced against any part of the Property, Buyer may: (1) terminate this contract by providing written notice to Seller within 15 days after Buyer is advised of the condemnation proceedings and the xxxxxxx money, less any independent consideration under Paragraph 8B7B(3)(a), will be refunded to Buyer; or (2) appear and defend the condemnation proceedings and any award will, at Buyer’s election, belong to: (a) Seller and the sales price will be reduced by the same amount; or or (b) Buyer and the sales price will not be reduced.

CASUALTY LOSS AND CONDEMNATION. A. If any part of the Property is Properties are damaged or destroyed by fire or other casualty after the Effective Date and Seller elects not to Date, Sellers must restore the Property Properties to its previous condition as soon as reasonably possible and not later than the closing date or Closing Date. If, without fault, Seller is Sellers are unable to do so, Buyer Bxxxx may: (1) terminate this contract contract, as to the damaged or destroyed property only, and the xxxxxxx exxxxxx money, less any independent consideration under Paragraph 8B, will be refunded to Buyer; (2) extend the time for performance up to forty five (45) 30 days and closing Closing will be extended as necessary; or (3) accept at closing: (i) the Property Properties in its damaged condition; (ii) an assignment of any insurance proceeds Seller is Sellers are entitled to receive along with the insurer’s consent to the assignment; and (iii) a credit to the sales price in the amount of any unpaid deductible under the policy for the loss. B. If before closing, condemnation proceedings are commenced against any part of the PropertyProperties, Buyer may: (1) terminate this contract contract, as to such property only, by providing written notice to Seller Sellers within 15 days after Buyer Bxxxx is advised of the condemnation proceedings and the xxxxxxx exxxxxx money, less any independent consideration under Paragraph 8B, will be refunded to Buyer; or (2) appear and defend the condemnation proceedings and any award will, at BuyerBxxxx’s election, belong to: : (a) Seller Sellers and the sales price will be reduced by the same amount; or (b) Buyer and the sales price will not be reduced.

CASUALTY LOSS AND CONDEMNATION. A. If any part of the Property is damaged or destroyed by fire or other casualty after the Effective Date and Seller elects not to restore the Property to its previous condition as soon as reasonably possible and not later than the closing date or If, without fault, Seller is unable to do so, Buyer may: (1) terminate this contract and the xxxxxxx money, less any independent consideration under Paragraph 8B, will be refunded to Buyer; (2) extend the time for performance up to forty five (45) days and closing will be extended as necessary; or (3) accept at closing: (i) the Property in its damaged condition; (ii) an assignment of any insurance proceeds Seller is entitled to receive along with the insurer’s consent to the assignment; and (iii) a credit to the sales price in the amount of any unpaid deductible under the policy for the loss. B. If before closing, condemnation proceedings are commenced against any part of the Property, Buyer may: (1) terminate this contract by providing written notice to Seller within 15 days after Buyer is advised of the condemnation proceedings and the xxxxxxx money, less any independent consideration under Paragraph 8B, will be refunded to Buyer; or (2) appear and defend the condemnation proceedings and any award will, at Buyer’s election, belong to: : (a) Seller and the sales price will be reduced by the same amount; or (b) Buyer and the sales price will not be reduced.