Common use of CASUALTY LOSS OR DAMAGE Clause in Contracts

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.

CASUALTY LOSS OR DAMAGE. If the Property is damaged by any casualty prior to closing, SELLER shall 154 439 immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the Purchase 155 440 Price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to the 156 441 terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Price, BUYER may 157 442 terminate this Agreement by giving written notice to SELLER within 10 days after BUYERXXXXX’s receipt of 443 written 158 notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall have 30 days 444 from the 159 end of said 10 day period to complete the repairs in accordance with the conditions required by 445 paragraph 160 14 3 and all applicable laws. Closing shall occur within 20 days thereafter but not sooner than the 446 date of 161 closing as set forth in paragraph 36. 162 447 If BUYER has not terminated as above, and the cost of repair or restoration exceeds said 3% and SELLER 163 448 declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 days after the 164 449 casualty. In this event, BUYER may either purchase the Property as isin its “AS IS” condition, together with any 450 insurance 165 proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon closing) 451 plus an 166 amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER shall 452 have 5 days 167 after receipt of SELLER’s written notice of refusal to pay the excess costs to terminate this Agreement, 453 Agreement or be 168 deemed to have elected to proceed with this transaction.

CASUALTY LOSS OR DAMAGE. If the Property is damaged by any casualty prior to closing, SELLER 152 shall 154 immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the 153 Purchase 155 Price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to the 156 154 terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Price, BUYER may 157 155 terminate this Agreement by giving written notice to SELLER within 10 days after BUYERXXXXX’s receipt of 156 written 158 notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall have 30 days 157 from the 159 end of said 10 day period to complete the repairs in accordance with the conditions required by 158 paragraph 160 14 and all applicable laws. Closing shall occur within 20 days thereafter but not sooner than the 159 date of 161 closing as set forth in paragraph 3. 162 160 If BUYER has not terminated as above, and the cost of repair or restoration exceeds said 3% and SELLER 163 161 declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 days after the 164 162 casualty. In this event, BUYER may either purchase the Property as is, together with any insurance 165 163 proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon closing) plus an 166 164 amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER shall have 5 165 days 167 after receipt of SELLER’s written notice of refusal to pay the excess costs to terminate this 166 Agreement, or be 168 deemed to have elected to proceed with this transaction.

CASUALTY LOSS OR DAMAGE. If the Property is damaged by any casualty prior to closing, SELLER 170 shall 154 immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the Purchase 155 Price171 purchase price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to 172 the 156 terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Pricepurchase price, BUYER 173 may 157 terminate this Agreement by giving written notice to SELLER within 10 ten (10) days after BUYER’s 174 receipt of written 158 notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall 175 have 30 thirty (30) days from the 159 end of said 10 ten (10) day period to complete the repairs in accordance with 176 the conditions required by paragraph 160 14 1514 and all applicable laws. Closing shall occur within 20 twenty (20) 177 days thereafter but not sooner than the date of 161 closing as set forth in paragraph 3103. 162 178 If BUYER has not terminated as above, above and the cost of repair or restoration exceeds said 3% and SELLER 163 179 declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 fifteen (15) days 180 after the 164 casualty. In this event, BUYER may either purchase the Property as is, together with any 181 insurance 165 proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon 182 closing) plus an 166 amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER 183 shall have 5 five (5) days 167 after receipt of SELLER’s written notice of refusal to pay the excess costs costs, to 184 terminate this Agreement, or be 168 deemed to have elected to proceed with this transaction.

CASUALTY LOSS OR DAMAGE. If the Property is damaged by any casualty prior to closing, SELLER 133 shall 154 immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the Purchase 155 Price134 purchase price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to 135 the 156 terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Pricepurchase price, BUYER 136 may 157 terminate this Agreement by giving written notice to SELLER within 10 days after BUYER’s receipt of 137 written 158 notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall have 30 days 138 from the 159 end of said 10 day period to complete the repairs in accordance with the conditions required by 139 paragraph 160 14 and all applicable laws. Closing shall occur within 20 days thereafter but not sooner than 140 the date of 161 closing as set forth in paragraph 3. 162 141 If BUYER has not terminated as above, above and the cost of repair or restoration exceeds said 3% and SELLER 163 142 declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 days after the 164 143 casualty. In this event, BUYER may either purchase the Property as is, together with any insurance 165 144 proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon closing) plus an 166 145 amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER shall have 5 146 days 167 after receipt of SELLER’s written notice of refusal to pay the excess costs costs, to terminate this 147 Agreement, or be 168 deemed to have elected to proceed with this transaction.

CASUALTY LOSS OR DAMAGE. If the Property is damaged by any casualty prior to closing, SELLER 153 shall 154 immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the 154 Purchase 155 Price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to the 156 155 terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Price, BUYER may 157 156 terminate this Agreement by giving written notice to SELLER within 10 days after BUYER’s receipt of 157 written 158 notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall have 30 days 158 from the 159 end of said 10 day period to complete the repairs in accordance with the conditions required by 159 paragraph 160 14 and all applicable laws. Closing shall occur within 20 days thereafter but not sooner than the 160 date of 161 closing as set forth in paragraph 3. 162 161 If BUYER has not terminated as above, and the cost of repair or restoration exceeds said 3% and SELLER 163 162 declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 days after the 164 163 casualty. In this event, BUYER may either purchase the Property as is, together with any insurance 165 164 proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon closing) plus an 166 165 amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER shall have 5 166 days 167 after receipt of SELLER’s written notice of refusal to pay the excess costs to terminate this 167 Agreement, or be 168 deemed to have elected to proceed with this transaction.

CASUALTY LOSS OR DAMAGE. If the Property is damaged by any casualty prior to closing, SELLER 152 shall 154 immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the 153 Purchase 155 Price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to the 156 154 terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Price, BUYER may 157 155 terminate this Agreement by giving written notice to SELLER within 10 days after BUYERXXXXX’s receipt of 156 written 158 notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall have 30 days 157 from the 159 end of said 10 day period to complete the repairs in accordance with the conditions required by 158 paragraph 160 14 and all applicable laws. Closing shall occur within 20 days thereafter but not sooner than the 159 date of 161 closing as set forth in paragraph 3. 162 160 If BUYER has not terminated as above, and the cost of repair or restoration exceeds said 3% and SELLER 163 161 declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 days after the 164 162 casualty. In this event, BUYER may either purchase the Property as is, together with any insurance 165 163 proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon closing) plus an 166 164 amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER shall have 5 165 166 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.

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 BUYERXXXXX’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.

CASUALTY LOSS OR DAMAGE. If the Property is damaged by any casualty prior to closing, SELLER shall 154 428 immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the Purchase 155 429 Price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to the 156 430 terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Price, BUYER may 157 431 terminate this Agreement by giving written notice to SELLER within 10 days after BUYERXXXXX’s receipt of 432 written 158 notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall have 30 days 433 from the 159 end of said 10 day period to complete the repairs in accordance with the conditions required by 434 paragraph 160 14 3 and all applicable laws. Closing shall occur within 20 days thereafter but not sooner than the 435 date of 161 closing as set forth in paragraph 36. 162 436 If BUYER has not terminated as above, and the cost of repair or restoration exceeds said 3% and SELLER 163 437 declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 days after the 164 438 casualty. In this event, BUYER may either purchase the Property as is, together with any insurance 165 439 proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon closing) plus an 166 440 amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER shall have 5 days 167 441 after receipt of SELLER’s written notice of refusal to pay the excess costs to terminate this Agreement, or 442 be 168 deemed to have elected to proceed with this transaction.