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 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 shutters and panels 452 Gas logs Wine cooler Storage Shed Spa or hot tub with heater 453 Security Camera(s) 454 Other smart home devices (must specify): 455 456 Other (specify) 457 _ _ _ 458 Items specifically excluded from this Agreement: 459 _ _ _ 460 _ _ 461 17. ADDENDA/RIDERS/DISCLOSURES: 462 If marked the following are attached hereto and made a part of this Agreement and this Agreement will not be 463 deemed accepted unless and until all marked Addenda, Riders and Disclosures have been signed/initialed, as 464 appropriate, by both BUYER and SELLER, and delivered to BUYER and SELLER or their respective Broker: 465 Condominium Rider 466 Homeowners’ Association/Community Disclosure Addendum 467 Community Development District Disclosure Addendum 468 Lead-Based Paint Disclosure For Residential Sales Addendum (required for pre-1978 homes) 469 Continued Marketing Addendum 470 Coastal Construction Control Line Disclosure Addendum 471 Short Sale Addendum 472 For Your Protection: Get a Home Inspection (for FHA Financing) 473 Counter Offer Addendum (To accept a counter offer, BUYER and SELLER must sign both this Agreement 474 and the Counter Offer Addendum.) 475 Energy-Related Improvement Assessment Addendum (affects only properties that have PACE financing) 476 Other (Specify here) 477 ADDITIONAL TERMS AND CONDITIONS 478 _ _ _ 479 _ _ 480 _ _ _ 481 _ _ 482 _

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 BUYERXXXXX’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 shutters and panels 452 Gas logs Wine cooler Storage Shed Spa or hot tub with heater 453 Security Camera(s) 454 Other smart home devices (must specify): 455 456 Other (specify) 457 _ _ _ 458 Items specifically excluded from this Agreement: 459 _ _ _ 460 _ _ 461 17. ADDENDA/RIDERS/DISCLOSURES: 462 If marked the following are attached hereto and made a part of this Agreement and this Agreement will not be 463 deemed accepted unless and until all marked Addenda, Riders and Disclosures have been signed/initialed, as 464 appropriate, by both BUYER and SELLER, and delivered to BUYER and SELLER or their respective Broker: 465 Condominium Rider 466 Homeowners’ Association/Community Disclosure Addendum 467 Community Development District Disclosure Addendum 468 Lead-Based Paint Disclosure For Residential Sales Addendum (required for pre-1978 homes) 469 Continued Marketing Addendum 470 Coastal Construction Control Line Disclosure Addendum 471 Short Sale Addendum 472 For Your Protection: Get a Home Inspection (for FHA Financing) 473 Counter Offer Addendum (To accept a counter offer, BUYER and SELLER must sign both this Agreement 474 and the Counter Offer Addendum.) 475 Energy-Related Improvement Assessment Addendum (affects only properties that have PACE financing) 476 Other (Specify here) 477 ADDITIONAL TERMS AND CONDITIONS 478 _ _ _ 479 _ _ 480 _ _ _ 481 _ _ 482 _

CASUALTY LOSS OR DAMAGE. If the Property is damaged by any casualty prior to closing, SELLER shall 427 439 immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the Purchase 428 440 Price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to the 429 441 terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Price, BUYER may 430 442 terminate this Agreement by giving written notice to SELLER within 10 days after BUYERXXXXX’s receipt of 431 written 443 notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall have 30 days 432 from the 444 end of said 10 day period to complete the repairs in accordance with the conditions required by 433 445 paragraph 3 and all applicable laws. Closing shall occur within 20 days thereafter but not sooner than the 434 446 date of closing as set forth in paragraph 6. 435 447 If BUYER has not terminated as above, and the cost of repair or restoration exceeds said 3% and SELLER 436 448 declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 days after the 437 449 casualty. In this event, BUYER may either purchase the Property as isin its “AS IS” condition, together with any 450 insurance 438 proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon closing) 451 plus an 439 amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER shall have 452 5 days 440 after receipt of SELLER’s written notice of refusal to pay the excess costs to terminate this Agreement 453 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 shutters and panels 452 Gas logs Wine cooler Storage Shed Spa or hot tub with heater 453 Security Camera(s) 454 Other smart home devices (must specify): 455 456 Other (specify) 457 _ _ _ 458 Items specifically excluded from this Agreement: 459 _ _ _ 460 _ _ 461 17. ADDENDA/RIDERS/DISCLOSURES: 462 If marked the following are attached hereto and made a part of this Agreement and this Agreement will not be 463 deemed accepted unless and until all marked Addenda, Riders and Disclosures have been signed/initialed, as 464 appropriate, by both BUYER and SELLER, and delivered to BUYER and SELLER or their respective Broker: 465 Condominium Rider 466 Homeowners’ Association/Community Disclosure Addendum 467 Community Development District Disclosure Addendum 468 Lead-Based Paint Disclosure For Residential Sales Addendum (required for pre-1978 homes) 469 Continued Marketing Addendum 470 Coastal Construction Control Line Disclosure Addendum 471 Short Sale Addendum 472 For Your Protection: Get a Home Inspection (for FHA Financing) 473 Counter Offer Addendum (To accept a counter offer, BUYER and SELLER must sign both this Agreement 474 and the Counter Offer Addendum.) 475 Energy-Related Improvement Assessment Addendum (affects only properties that have PACE financing) 476 Other (Specify here) 477 ADDITIONAL TERMS AND CONDITIONS 478 _ _ _ 479 _ _ 480 _ _ _ 481 _ _ 482 _

CASUALTY LOSS OR DAMAGE. If the Property is damaged by any casualty prior to closing, SELLER shall 427 428 immediately notify BUYER in writing. If the cost of repair or restoration does not exceed 3% of the Purchase 428 429 Price, cost of repair or restoration will be an obligation of SELLER and closing will proceed pursuant to the 429 430 terms of this Agreement. If the cost of repair or restoration exceeds 3% of the Purchase Price, BUYER may 430 431 terminate this Agreement by giving written notice to SELLER within 10 days after BUYER’s receipt of 431 432 written notice from SELLER of the casualty. If BUYER has not so terminated, SELLER shall have 30 days 432 433 from the end of said 10 day period to complete the repairs in accordance with the conditions required by 433 434 paragraph 3 and all applicable laws. Closing shall occur within 20 days thereafter but not sooner than the 434 435 date of closing as set forth in paragraph 6. 435 436 If BUYER has not terminated as above, and the cost of repair or restoration exceeds said 3% and SELLER 436 437 declines to pay the excess, then SELLER must notify BUYER in writing of same within 15 days after the 437 438 casualty. In this event, BUYER may either purchase the Property as is, together with any insurance 438 439 proceeds payable by virtue of such casualty (to be assigned by SELLER to BUYER upon closing) plus an 439 440 amount equal to SELLER’s deductible, or BUYER may terminate this Agreement. BUYER shall have 5 days 440 441 after receipt of SELLER’s written notice of refusal to pay the excess costs to terminate this Agreement Agreement, or 442 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 shutters and panels 452 Gas logs Wine cooler Storage Shed Spa or hot tub with heater 453 Security Camera(s) 454 Other smart home devices (must specify): 455 456 Other (specify) 457 _ _ _ 458 Items specifically excluded from this Agreement: 459 _ _ _ 460 _ _ 461 17. ADDENDA/RIDERS/DISCLOSURES: 462 If marked the following are attached hereto and made a part of this Agreement and this Agreement will not be 463 deemed accepted unless and until all marked Addenda, Riders and Disclosures have been signed/initialed, as 464 appropriate, by both BUYER and SELLER, and delivered to BUYER and SELLER or their respective Broker: 465 Condominium Rider 466 Homeowners’ Association/Community Disclosure Addendum 467 Community Development District Disclosure Addendum 468 Lead-Based Paint Disclosure For Residential Sales Addendum (required for pre-1978 homes) 469 Continued Marketing Addendum 470 Coastal Construction Control Line Disclosure Addendum 471 Short Sale Addendum 472 For Your Protection: Get a Home Inspection (for FHA Financing) 473 Counter Offer Addendum (To accept a counter offer, BUYER and SELLER must sign both this Agreement 474 and the Counter Offer Addendum.) 475 Energy-Related Improvement Assessment Addendum (affects only properties that have PACE financing) 476 Other (Specify here) 477 ADDITIONAL TERMS AND CONDITIONS 478 _ _ _ 479 _ _ 480 _ _ _ 481 _ _ 482 _