Common use of Casualty of Less Than a Significant Portion Clause in Contracts

Casualty of Less Than a Significant Portion. If less than a Significant Portion of any of the Real Properties and any of the Improvements are damaged as aforesaid or Purchaser does not otherwise have the right to terminate this Agreement pursuant to the terms of Section 9.1 above following a casualty, Purchaser shall not have the right to terminate this Agreement and Sellers will not be obligated to repair such damage or destruction, but (a) the applicable Seller(s) will assign and turn over to Purchaser all of the insurance proceeds 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 other casualty (excluding any proceeds of insurance that are payable on account of any business interruption, rental insurance or similar coverage intended to compensate the applicable Seller(s) for loss of rental or other income from the Property attributable to periods prior to the Closing), and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser will receive a credit against cash due at Closing for the amount to repair any uninsured portion of the casualty plus the amount of the deductible on such insurance policy less any amounts expended by the applicable Seller(s) to collect any such insurance proceeds or to make such repairs or to remedy any unsafe conditions at the Property, other than repairs which are the responsibility of Tenants under Tenant Leases as mutually agreed upon by Purchaser and Sellers, all parties agreeing to act reasonably.

Casualty of Less Than a Significant Portion. If less than a Significant Portion of any of the Real Properties Property and any of the Improvements are damaged as aforesaid or Purchaser does not otherwise have the right to terminate this Agreement pursuant to the terms of Section 9.1 above following a casualty, Purchaser shall not have the right to terminate this Agreement and Sellers Seller will not be obligated to repair such damage or destruction, but (a) the applicable Seller(s) Seller will assign and turn over to Purchaser all of the insurance proceeds 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 other casualty (excluding any proceeds of insurance that are payable on account of any business interruption, rental insurance or similar coverage intended to compensate the applicable Seller(s) Seller for loss of rental or other income from the Property attributable to periods prior to the Closing), and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser will receive a credit against cash due at Closing for the amount to repair any uninsured portion of the casualty plus the amount of the deductible on such insurance policy less any amounts expended by the applicable Seller(s) Seller to collect any such insurance proceeds or to make such repairs or to remedy any unsafe conditions at the Property, other than repairs which are the responsibility of Tenants under Tenant Leases as mutually agreed upon by Purchaser and SellersSeller, all both parties agreeing to act reasonably.

Casualty of Less Than a Significant Portion. If less than a Significant Portion of any of the Real Properties and any of the Improvements are damaged as aforesaid or Purchaser does not otherwise have the right to terminate this Agreement pursuant to the terms of Section 9.1 above following a casualty, Purchaser shall not have the right to terminate this Agreement and Sellers Seller will not be obligated to repair such damage or destruction, but (a) the applicable Seller(s) Seller will assign and turn over to Purchaser all of the insurance proceeds 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 other casualty (excluding any proceeds of insurance that are payable on account of any business interruption, rental insurance or similar coverage intended to compensate the applicable Seller(s) Seller for loss of rental or other income from the Property attributable to periods prior to the Closing), and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser will receive a credit against cash due at Closing for the amount to repair any uninsured portion of the casualty plus the amount of the deductible on such insurance policy less any amounts expended by the applicable Seller(s) Seller to collect any such insurance proceeds or to make such repairs or to remedy any unsafe conditions at the Property, other than repairs which are the responsibility of Tenants under Tenant Leases as mutually agreed upon by Purchaser and SellersSeller, all parties agreeing to act reasonably.

Casualty of Less Than a Significant Portion. If less than a Significant Portion of any of the Real Properties and any of the Improvements are a Project is damaged as aforesaid aforesaid, or Purchaser if all or a Significant Portion of any Project is so destroyed or damaged but such damage does not otherwise have constitute a MAC, then the right to terminate this Agreement pursuant to the terms of Section 9.1 above following a casualty, Purchaser Purchasers shall not have the right to terminate this Agreement as to such Project and Sellers Seller will not be obligated to repair such damage or destruction, but (a) the applicable Seller(s) Applicable Owner will assign and turn over to Purchaser the Purchasers all of the insurance proceeds 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 other casualty (excluding any proceeds of insurance that are payable on account of any business interruption, rental insurance or similar coverage intended to compensate the applicable Seller(s) Applicable Owner for loss of rental or other income from the Property such Project attributable to periods prior to the Closing), and (b) the parties Parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser the Purchasers will receive a credit against cash due at Closing for the amount to repair any uninsured portion of the casualty plus the amount of the deductible on such insurance policy less any amounts expended by the applicable Seller(s) Applicable Owner to collect any such insurance proceeds or to make such repairs or to remedy any unsafe conditions at the Propertysuch Project, other than repairs which are the responsibility of Tenants under Tenant Leases as mutually agreed upon by Purchaser and Sellers, all parties agreeing to act reasonably.Leases. 44

Casualty of Less Than a Significant Portion. If less than a Significant Portion of any of the Real Properties Property and any of the Improvements thereon are damaged as aforesaid or Purchaser does not otherwise have the right to terminate this Agreement pursuant to the terms of Section 9.1 above following a casualtyaforesaid, Purchaser shall not have the right to terminate this Agreement and Sellers Seller will not be obligated to repair such damage or destruction, but (a) the applicable Seller(s) Seller will assign and turn over to Purchaser all of the insurance proceeds 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 other casualty (excluding any proceeds of insurance that are payable on account of any business interruption, rental insurance or similar coverage intended to compensate the applicable Seller(s) Seller for loss of rental or other income from the Property attributable to periods prior to the Closing), and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Non-Contingent Purchase Price, except that Purchaser will receive a credit against cash due at Closing for the amount to repair any uninsured portion of the casualty plus the amount of the deductible on such insurance policy plus the amount of any uninsured loss up to the amount of $1,000,000, less any amounts expended by the applicable Seller(s) Seller to collect any such insurance proceeds or to make such repairs or to remedy any unsafe conditions at the Property, Property (other than repairs which are the responsibility of Tenants under Tenant Leases Leases) as mutually agreed upon reasonably estimated by Seller. Notwithstanding the preceding sentence, if any such uninsured loss exceeds $1,250,000, then Purchaser shall have the right to terminate this Agreement unless Seller agrees to give Purchaser a credit at Closing for such uninsured loss in excess of $1,250,000, which Seller may do in its sole discretion. Upon any such termination, the Xxxxxxx Money Deposit will be returned to Purchaser and Sellersthereupon neither party shall have any further obligations under this Agreement, all parties agreeing except for the Termination Surviving Obligations as applicable to act reasonablysuch party.

Casualty of Less Than a Significant Portion. If less than a Significant Portion of any of the Real Properties Property and any of the Improvements are damaged as aforesaid or Purchaser does not otherwise have the right to terminate this Agreement pursuant to the terms of Section 9.1 above following a casualty, Purchaser shall not have the right to terminate this Agreement and Sellers Seller will not be obligated to repair such damage or destruction, but (a) the applicable Seller(s) Seller will assign and turn over to Purchaser all of the insurance proceeds 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 other casualty (excluding any proceeds of insurance that are payable on account of any business interruption, rental insurance or similar coverage intended to compensate the applicable Seller(s) Seller for loss of rental or other income from the Property attributable to periods prior to the 28 Closing), and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser will receive a credit against cash due at Closing for the amount to repair any uninsured portion of the casualty plus the amount of the deductible on such insurance policy less any amounts expended by the applicable Seller(s) Seller to collect any such insurance proceeds or to make such repairs or to remedy any unsafe conditions at the Property, other than repairs which are the responsibility of Tenants under Tenant Leases as mutually agreed upon reasonably estimated by Purchaser and Sellers, all parties agreeing to act reasonablySeller.

Casualty of Less Than a Significant Portion. If less than a Significant Portion of any of the Real Properties and any of the Improvements are a Project is damaged as aforesaid aforesaid, or Purchaser if all or a Significant Portion of any Project is so destroyed or damaged but such damage does not otherwise have constitute a MAC, then the right to terminate this Agreement pursuant to the terms of Section 9.1 above following a casualty, Purchaser Purchasers shall not have the right to terminate this Agreement as to such Project and Sellers Seller will not be obligated to repair such damage or destruction, but (a) the applicable Seller(s) Applicable Owner will assign and turn over to Purchaser the Purchasers all of the insurance proceeds 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 other casualty (excluding any proceeds of insurance that are payable on account of any business interruption, rental insurance or similar coverage intended to compensate the applicable Seller(s) Applicable Owner for loss of rental or other income from the Property such Project attributable to periods prior to the Closing), and (b) the parties Parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser the Purchasers will receive a credit against cash due at Closing for the amount to repair any uninsured portion of the casualty plus the amount of the deductible on such insurance policy less any amounts expended by the applicable Seller(s) Applicable Owner to collect any such insurance proceeds or to make such repairs or to remedy any unsafe conditions at the Propertysuch Project, other than repairs which are the responsibility of Tenants under Tenant Leases as mutually agreed upon by Purchaser and Sellers, all parties agreeing to act reasonably.Leases. 44 ARTICLE IX INDEMNITY; LIMITATIONS ON INDEMNITY 9.1

Casualty of Less Than a Significant Portion. If less than a Significant Portion of any of the Real Properties and any of the Property and/or Improvements are is damaged as aforesaid or Purchaser does not otherwise have the right to terminate this Agreement pursuant to the terms of Section 9.1 above following a casualtyaforesaid, Purchaser shall not have the right to terminate this Agreement and Sellers Seller will not be obligated to repair such damage or destruction, destruction but (a) as to the applicable Seller(s) Real Property and/or Improvements, Seller will assign and turn over to Purchaser all of the insurance proceeds net of reasonable collection costs paid to Seller (or, if such proceeds have not been awarded, any and all of its right, title and interest therein) payable ), net of reasonable collection costs and costs incurred by Seller to restore the Property, with respect to such fire or other casualty (excluding any proceeds of insurance that are payable on account of any business interruption, rental insurance or similar coverage intended to compensate the applicable Seller(s) for loss of rental or other income from the Property attributable to periods prior to the Closing)casualty, and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that that, as to the Real Property and/or Improvements, Purchaser will receive a credit against cash due at Closing for the lesser of (i) any insurance deductible amount to repair any uninsured portion or (ii) the cost of the casualty plus the amount of the deductible on such insurance policy less any amounts expended by the applicable Seller(s) to collect any such insurance proceeds or to make such repairs or to remedy which have not been made by Seller, if any unsafe conditions at the Property, (other than repairs which are the responsibility of Tenants under Tenant Leases Leases) as mutually agreed upon reasonably estimated by Purchaser Seller. The parties agree that the provisions of Section 9.1 and Sellers9.2 shall apply and control in the event that the same are inconsistent with any laws or statutes of the State of California that would otherwise govern risk of loss with respect to contracts for the purchase and sale of real property, including, without limitation, California Civil Code Section 1662, and the parties hereby waive their respective rights under any and all parties agreeing to act reasonablysuch laws and statutes.

Casualty of Less Than a Significant Portion. If less than a Significant Portion of any of the Real Properties a Property and any of the Improvements are thereon is damaged as aforesaid or Purchaser does not otherwise have the right to terminate this Agreement pursuant to the terms of Section 9.1 above following a casualtyaforesaid, Purchaser shall not have the right to terminate this Agreement and Sellers will not be obligated to repair such damage or destruction, but (a) the applicable Seller(s) Seller will assign and turn over to Purchaser all of the insurance proceeds 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 other casualty (excluding any proceeds of insurance that are payable on account of any business interruption, rental insurance or similar coverage intended to compensate the applicable Seller(s) such Seller for loss of rental or other income from the applicable Property attributable to periods prior to the Closing), which obligation shall survive the Closing, and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Purchaser will receive a credit against cash due at Closing for the amount to repair any uninsured portion of the casualty plus the amount of the deductible on such insurance policy less any amounts expended by the applicable Seller(s) Seller to collect any such insurance proceeds or to make such repairs or to remedy any unsafe conditions at the applicable Property. If this Agreement is not terminated following any casualty, other than repairs Purchaser shall have the right to participate in any adjustment of the insurance claim and Sellers shall not compromise, settle or adjust any such claim without Purchaser’s prior written consent (which are the responsibility of Tenants under Tenant Leases as mutually agreed upon by Purchaser consent may be withheld in Purchaser’s sole and Sellers, all parties agreeing to act reasonablyabsolute discretion).