CASUALTY LOSS OR DAMAGE Sample Clauses

CASUALTY LOSS OR DAMAGE. If the Property is damaged by any casualty prior to closing, SELLER shall 154 immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the Purchase 155 Price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to the 156 terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Price, BUYER may 157 terminate this Agreement by giving written notice to SELLER within 10 days after BUYER’s receipt of written 158 notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall have 30 days from the 159 end of said 10 day period to complete the repairs in accordance with the conditions required by paragraph 160 14 and all applicable laws. Closing shall occur within 20 days thereafter but not sooner than the date of 161 closing as set forth in paragraph 3. 162 If BUYER has not terminated as above, and the cost of repair or restoration exceeds said 3% and SELLER 163 declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 days after the 164 casualty. In this event, BUYER may either purchase the Property as is, together with any insurance 165 proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon closing) plus an 166 amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER shall have 5 days 167 after receipt of SELLER’s written notice of refusal to pay the excess costs to terminate this Agreement, or be 168 deemed to have elected to proceed with this transaction.
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CASUALTY LOSS OR DAMAGE. If the Property is damaged by any casualty prior to closing, SELLER shall 427 immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the Purchase 428 Price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to the 429 terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Price, BUYER may 430 terminate this Agreement by giving written notice to SELLER within 10 days after BUYER’s receipt of 431 written notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall have 30 days 432 from the end of said 10 day period to complete the repairs in accordance with the conditions required by 433 paragraph 3 and all applicable laws. Closing shall occur within 20 days thereafter but not sooner than the 434 date of closing as set forth in paragraph 6. 435 If BUYER has not terminated as above, and the cost of repair or restoration exceeds said 3% and SELLER 436 declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 days after the 437 casualty. In this event, BUYER may either purchase the Property as is, together with any insurance 438 proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon closing) plus an 439 amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER shall have 5 days 440 after receipt of SELLER’s written notice of refusal to pay the excess costs to terminate this Agreement or be 441 deemed to have elected to proceed with this transaction. 442 16. PERSONAL PROPERTY: The following items, if owned by SELLER and existing on the Property on the 443 date of the initial offer, are included in the Purchase Price: range/oven, cooktop, dishwasher, disposal, 444 ceiling fans, trash compactor, audio/visual system wiring, smart outlets, thermostats, keyless entry devices, 445 solar panels, light fixtures and bulbs, smoke detector(s), bathroom mirrors, drapery hardware, all window 446 treatments, garage door opener and controls, security gate and other access devices, mailbox and mailbox 447 key, fence, plants and shrubbery as now installed on the Property, and those additional items checked 448 below (to which no value has been assigned): 449 Refrigerator(s) Microwave Oven Pool fence/barrier Mounted/installed speakers 450 Washer Window/wall a/c Pool Sweep Water softener/treatment system 451 Dryer Built-in Generator Above Ground Pool Storm shutt...
Sample 1
CASUALTY LOSS OR DAMAGE. Any casualty loss or damage to any Acquired Asset between the date of this Agreement and the Effective Time shall be governed by the provisions of this Section 2.5(c), but subject to the rights of the Parties under Articles 6, 7 and 12. (i) In the event of a Total Loss of any Acquired Asset prior to the Effective Time, such Acquired Asset shall become an Excluded Asset, and the Purchase Price shall be reduced by the allocated purchase price of such asset so lost as set forth in Schedule 2.6. In such event, all insurance proceeds in connection with such casualty shall be for the sole account of the Seller, and the Buyer shall have no claim whatsoever to same. (ii) The Purchase Price shall not he reduced in the event any of the Acquired Assets sustains a casualty loss or other damage prior to Closing (other than a Total Loss), it being understood and agreed that the sale and purchase of the Acquired Assets shall be, subject to the conditions of this Agreement, on an “AS IS, WHERE IS” basis at Closing. However, in the event of a casualty loss of or damage to an Acquired Asset prior to the Effective Time other than a Total Loss, Seller shall (i) repair such Acquired Asset to the reasonable satisfaction of Buyer prior to Closing, whenever it would be consistent with Seller’s past practices in the Ordinary Course of Business, or (ii) to the extent such repairs have not been completed prior to Closing, Seller shall assign to Buyer all insurance proceeds actually received by Seller on account of loss of or damage to such Acquired Asset save and except proceeds covering amounts expended by Seller to repair such Acquired Asset (with Seller bearing any deductible), or any Insurance Claim or claim against a third party relating to such casualty or loss to the Acquired Asset under Seller’s insurance policies; save and except to the extent that such Insurance Claim or third party claim covers amounts expended by Seller to repair such Acquired Asset (with Seller bearing any deductible) provided, however, if such Insurance Claim covering an insured casualty or loss is not paid within 180 days of submission to the carrier together with appropriate documentation of the loss, Seller will reimburse Buyer for the Insurance Claim assigned to Buyer hereunder, and Buyer shall reassign such Insurance Claim to Seller. Any assignment by Seller hereunder of an Insurance Claim or claim against a third party shall not include any claim that Seller might have for contribution, indemnity...
Sample 1

Related to CASUALTY LOSS OR DAMAGE

  • Loss or Damage The District and its agents and authorized representatives shall not in any way or manner be answerable or suffer loss, damage, expense, or liability for any loss or damage that may happen to the Work, or any part thereof, or in or about the same during its construction and before acceptance, and the Contractor shall assume all liabilities of every kind or nature arising from the Work, either by accident, negligence, theft, vandalism, or any cause whatsoever; and shall hold the District and its agents and authorized representatives harmless from all liability of every kind and nature arising from accident, negligence, or any cause whatsoever.

  • Casualty Damage If fire or other casualty cause damage to the Premises in an amount exceeding thirty percent (30%) of the full construction-replacement cost of the Premises, Landlord may elect to terminate this Lease as of the date of the damage by notice in writing to Tenant. In the event that the damage to the Premises is less than thirty percent of the full construction-replacement cost of the Premises, or if more than thirty percent, but Landlord elects not to terminate the Lease, Landlord shall promptly repair the damage and restore the Landlord's Improvements to their former condition as soon as practicable. Tenant's Improvements , trade fixtures, personal property and any alterations to the Premises made by Tenant shall be replaced by Tenant at Tenant's expense. In the event of such casualty, Tenant shall not be entitled to any abatement of rent; instead, Tenant shall look to Tenant's Business Interruption Insurance. Tenant shall not be entitled to any compensation or damages from Landlord for loss of the use of the whole or part of the Premises or the Park, or any inconvenience or annoyance occasioned by such damage or reconstruction. Notwithstanding the foregoing, within fifteen (15) business days of fire or casualty, Landlord shall provide to Tenant in writing a reasonable estimate of the time required to repair the damage and restore the Landlord's Improvements to their former condition. If such estimate exceeds one hundred fifty (150) days, Tenant may terminate this lease by written notice to Landlord to be given within fifteen business (15) days of receipt of Landlord's estimate, after which Tenant's right to terminate shall lapse. The termination shall be effective as of the date that Landlord receives the notice.

  • Casualty Loss If in Owner’s reasonable judgment the premises or the Property is materially damaged by fire or other casualty, Owner may terminate this Agreement within a reasonable time after such determination, by written notice to Resident, in which case Owner will refund prorated, pre-paid rent and all deposits less lawful deductions unless Resident and/or Resident’s guest(s) caused the casualty, in which case all funds on account will be applied to all applicable charges related to the damages and Resident will be responsible for the balance of all charges for repairs. If following a fire or other casualty Owner has not elected to terminate this Agreement, Owner will rebuild the damaged areas within a reasonable time, and during such reconstruction, Resident will be provided a reasonable rent reduction for the unusable portion of the premises unless Resident and/or Resident’s guest(s) caused the casualty.

  • Risk of Loss or Damage The Lessee assumes all risk of loss or damage to the Equipment from any cause and agrees to return it to the Lessor in the condition received, with the exception of wear and tear, unless otherwise provided in this Agreement.

  • Casualty Losses In the event that more than twenty-five (25%) of the square footage of the demised premises is damaged, destroyed, or rendered untenantable by fire or other casualty, Landlord may elect to terminate this lease by giving notice of such election to Tenant on or before the day which is ninety (90) days after such fire or other casualty, stating the date of termination, which termination shall be not more than thirty (30) days nor less than twenty-one (21) days after the date on which such notice of termination shall have been given; and (1) upon the date specified in such notice this lease and the term hereof shall cease and expire; and (2) any fixed annual rent and additional rent paid for a period after such date of termination shall be refunded to Tenant upon demand. If the leased premises are damaged or destroyed in whole or in part by fire or other casualty and the Tenant(s) do not want to terminate the lease, then the obligations of Tenant to pay fixed rent and to perform all of the other covenants and agreements on the part of Tenant to be performed pursuant to this shall not be diminished or affected.

  • Loss or Destruction Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant Certificate and, in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement or bond satisfactory in form, substance and amount to the Company or, in the case of any such mutilation, upon surrender and cancellation of this Warrant Certificate, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant Certificate of like tenor.

  • Major Damage In the event of Major Damage to a Property prior to the Closing Date, then the applicable Seller shall have no obligation to repair such Major Damage and shall notify Purchaser in writing of such damage or destruction (the “Damage Notice”). Within ten (10) days after Purchaser’s receipt of the Damage Notice, Purchaser may elect at its option to give a Termination Notice for the damaged Property to Seller’s Representative. If Purchaser does not elect to terminate this Agreement with respect to the damaged Property, this transaction shall be closed in accordance with the terms of this Agreement either, at the election of the applicable Seller, (a) for the full Purchase Price for the damaged Property notwithstanding any such damage or destruction, and Purchaser shall, at Closing, execute and deliver an assignment and assumption (in a form reasonably required by the applicable Seller) of such Seller’ rights and obligations with respect to the insurance claim and related to such casualty, and thereafter Purchaser shall receive all remaining insurance proceeds pertaining to such claim (plus a credit against the applicable Purchase Price at Closing in the amount of any deductible payable by the applicable Seller in connection therewith and not spent by such Seller for demolition, site cleaning, restoration or other repairs); or (b) Purchaser shall receive a credit against the Base Purchase Price for the damaged Property for the full replacement costs of repair to the subject Property, plus, to the extent covered by such Seller’s insurance policy, any costs required pursuant to local code or zoning requirements, as determined by an independent third party reasonably acceptable to such Seller and Purchaser. In the event a Seller elects to assign such Seller's rights and obligations with respect to the insurance claim and related casualty to Purchaser as provided above, and if an AIMCO employee is the adjuster for the claim related thereto, Sellers covenant and agree that the adjuster shall act in accordance with standard insurance industry protocols in processing such claim (including, without limitation, the time taken to process such claim).

  • Damage or Destruction If the Premises are partially damaged or destroyed by any casualty insured against under any insurance policy maintained by Landlord, Landlord shall repair the Premises to substantially the condition in which the Premises were immediately prior to such damage or destruction and collect insurance proceeds when dispensed. Lxxxxxxx’s obligation under the preceding sentence shall not exceed the lesser of the cost of the standard improvements installed by Landlord in the Premises, or the proceeds received by Landlord from any insurance policy maintained by Landlord. Until such repair is complete, the Basic Monthly Rent shall be abated proportionately commencing on the date of such damage or destruction as to that portion of the Premises rendered untenable, if any. If (a) by reason of such occurrence the Premises are rendered wholly untenable, (b) the Premises are damaged as a result of a risk not covered by insurance, (c) the Premises are damaged in whole or in part during the last twelve (12) months of the Term, (d) the Premises or the Building (whether or not the Premises are damaged) is damaged to the extent of twenty-five percent (25%) or more of the then-replacement value of either or to the extent that it would take, in Landlord’s opinion, in excess of ninety (90) days to complete the requisite repairs, or (e) insurance proceeds adequate to repair the Property are not available to Landlord for any reason, Landlord may either elect to repair the damage or cancel this Lease by notice of cancellation within thirty (30) days after such event, and on such notice Tenant shall vacate and surrender the Premises to Landlord. If Landlord elects to repair any such damage, any abatement of Basic Monthly Rent shall end on notice given by Landlord to Tenant that the Premises have been repaired. If the damage is caused by the negligence of Tenant or Tenant’s Occupants, Basic Monthly Rent shall not axxxx. Except for abatement of Basic Monthly Rent, if any, Tenant shall have no claim against Landlord for any loss suffered by reason of any such damage, destruction, repair or restoration, nor may Tenant terminate this Lease as the result of any statutory provision in effect on or after the date of this Lease pertaining to the damage and destruction of the Premises or the Building. The proceeds of all insurance carried by Tenant on Tenant’s furnishings, trade fixtures, leasehold improvements, equipment and other personal property shall be held in trust by Tenant for the purpose of the repair and replacement of the same. Landlord shall not be required to repair any damage to, or to make any restoration or replacement of, any furnishings, trade fixtures, leasehold improvements, equipment and other personal property installed in the Premises by Tenant or at the direct or indirect expense of Tenant. Unless this Lease is terminated by Landlord pursuant to this Paragraph, Tenant shall be required to restore or replace such furnishings, trade fixtures, leasehold improvements, equipment and other personal property on damage or destruction in at least a condition equal to that existing prior to such event.

  • Damage to Tenant's Property Landlord shall not be liable for any damage to Tenant's property except for that due to the willful neglect of Landlord. Tenant shall be responsible for the insuring of all personal property. Landlord strongly recommends renters insurance.

  • Minor Damage In the event that a Property is damaged or destroyed by fire or other casualty prior to the Closing, and the cost of Repairs is equal to or less than ten percent (10%) of the Purchase Price for such Property, then this transaction shall be closed in accordance with Section 11.3, notwithstanding such casualty. In such event, applicable Seller may at its election endeavor to make such Repairs to the extent of any recovery from insurance carried on the Property, if such Repairs can be reasonably effected before the Closing. Regardless of applicable Seller’s election to commence such Repairs, or applicable Seller’s ability to complete such Repairs prior to Closing, this transaction shall be closed in accordance with Section 11.3 below.