Common use of Casualty Not Material Clause in Contracts

Casualty Not Material. If the casualty is not Material, then the Closing shall occur without abatement of the Purchase Price (except for a credit against the Purchase Price in the amount of the applicable deductible under Seller’s insurance policies), Seller shall not be obligated to repair such damage or destruction and Seller shall assign and turn over to Purchaser all of the insurance proceeds net of any costs of repairs and net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or such casualty, including any rent abatement insurance accruing for periods after the Closing with respect to such casualty.

Casualty Not Material. If the casualty Casualty is not Material, then the Closing shall occur without abatement of the Purchase Price (Acquisition Consideration except for a credit against the Purchase Price in the amount of the applicable insurance deductible under Seller’s insurance policies), Seller and Transferors shall not be obligated to repair such damage or destruction and Seller Transferors shall assign assign, or cause to be assigned, without recourse, and turn over to Purchaser Transferee all of the insurance proceeds net of any costs of repairs and net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or such casualty, casualty including any rent abatement insurance accruing for periods such casualty applicable to the period after the Closing with respect to such casualtyClosing.