Common use of Casualty or Condemnation Clause in Contracts

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00) are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership Interests, and in such case, unless the Transferor Partners shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners shall pay over or assign to the BRI Partnership, on behalf of the Transferor Partnership, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) above.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00) are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership Interests, and in such case, unless the Transferor Partners shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners shall pay over or assign to the BRI Partnership, on behalf of the Transferor Partnership and the Borrower Partnership, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) above.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements Property or any material "material" portion thereof (having a replacement cost equal to or in excess of $750,000.00) are is damaged or destroyed by fire or casualty, or if any material part of the Property is subject taken or threatened to any be taken by eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities)entity, then the BRI Partnership Buyer shall have the option, exercisable by written notice given to the Transferor Partners Seller at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, the Deposit shall be returned to Buyer and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer purchase of the Transferor Partnership InterestsProperty, and in such case, unless the Transferor Partners Seller shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners Seller shall pay over or assign to the BRI PartnershipBuyer, on behalf of the Transferor Partnershipwithout recourse, all amounts received or due (plus an amount equal to the sum of any deductible under any insurance policy covering the PropertyProperty and any additional proceeds which shall be necessary to effect such restoration) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there taking, together with any additional proceeds which shall be no adjustment necessary to the Consideration hereundereffect such restoration. If prior Within five (5) days after receipt of written notice of such casualty or condemnation, Buyer will advise Seller in writing whether Buyer desires to the Time proceed with this transaction in light of Closing, any such casualty or condemnation. The term "material" as used in this Section 12 shall mean damage or destruction shall occur having a replacement cost of less in an amount equal to or greater than $750,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion 5% of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) abovePurchase Price.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00100,000.00) are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership Interests, and in such case, unless the Transferor Partners shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners shall pay over or assign to the BRI Partnership, on behalf of the Transferor Partnership and the Borrower Partnership, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 100,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) above.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00) are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding -30- which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership Interests, and in such case, unless the Transferor Partners shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners shall pay over or assign to the BRI Partnership, on behalf of the Transferor Partnership, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) above.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements Project or any material "material" portion thereof (having a replacement cost equal to or in excess of $750,000.00) are is damaged or destroyed by fire or casualty, or if any material part of the Property Project is subject taken or threatened to any be taken by eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities)entity, then the BRI Partnership Buyer shall have the option, exercisable by written notice given to the Transferor Partners Seller at or prior to the Time of Closing, either to (a) terminate casualty or condemnation, Buyer will advise Seller in writing whether Buyer desires to proceed with this transaction in light of such casualty or condemnation. The term "material" as used in this Section 7.02 shall mean damage or destruction in an amount equal to or greater than $200,000. This Agreement, whereupon all obligations of all parties hereto shall cease, the Deposit shall be returned to Buyer and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer purchase of the Transferor Partnership InterestsProject, and in such case, unless the Transferor Partners Seller shall have previously restored the Property Project to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners Seller shall pay over or assign to the BRI PartnershipBuyer, on behalf of the Transferor Partnershipwithout recourse, all amounts received or due (plus an amount equal to the sum of any deductible under any insurance policy covering the PropertyProject) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there taking. Within thirty (30) days after receipt of written notice of such casualty or condemnation, Buyer will advise Seller in writing whether Buyer desires to proceed with this transaction in light of such casualty or condemnation. The term "material" as used in this Section 7.02 shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such mean damage or destruction shall occur having a replacement cost of less in an amount equal to or greater than $750,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) above200,000.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00100,000.00) are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners Corporation at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership InterestsProperty, and in such case, unless the Transferor Partners Corporation shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners Corporation shall pay over or assign to the BRI Partnership, on behalf of the Transferor PartnershipCorporation, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 100,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests Property in accordance with the provisions of clause (b) above.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of Five Hundred Thousand and 00/100 Dollars ($750,000.00500,000.00)) are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any taken by eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities)entity, then the BRI Partnership Buyer shall have the option, exercisable by written notice given to the Transferor Partners Seller at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; . If Buyer does not elect to terminate this Agreement or (b) if such damage or destruction or taking has a replacement cost or is in an amount of less than $500,000.00, Buyer shall proceed with the contribution and transfer purchase of the Transferor Partnership InterestsProperty without reduction or offset of the Purchase Price, and in such case, unless the Transferor Partners Seller shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners Seller shall pay over or assign to the BRI Partnership, on behalf of the Transferor Partnership, Buyer all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company (including business interruption and rental loss insurance proceeds to the extent related to any period after the Closing Date) or governmental entity as a result of such destruction or taking taking, and there Buyer shall be no adjustment entitled to a credit against the Purchase Price equal to the Consideration hereunder. If prior to the Time of Closingdeductible amount, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Propertyapplicable, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) aboveunder Seller’s insurance policy.

Casualty or Condemnation. If prior to the Time of Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of $750,000.00) 750,000.00 are damaged or destroyed by fire or casualty, or if any material part of the Property is subject to any eminent domain notice or proceeding by any governmental entity (which shall mean for purposes of this Section 7.02 a proceeding which affects any units, parking spaces or material amenities), then the BRI Partnership shall have the option, exercisable by written notice given to the Transferor Partners at or prior to the Time of Closing, either to (a) terminate this Agreement, whereupon all obligations of all parties hereto shall cease, and this Agreement shall be void and without recourse to the parties hereto except for provisions which are expressly stated to survive such termination; or (b) proceed with the contribution and transfer of the Transferor Partnership Interests, and in such case, unless the Transferor Partners shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, the Transferor Partners shall pay over or assign to the BRI Partnership, on behalf of the Transferor Partnership and the Borrower Partnership, all amounts received or due (plus an amount equal to any deductible under any insurance policy covering the Property) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and there shall be no adjustment to the Consideration hereunder. If prior to the Time of Closing, any such damage or destruction shall occur having a replacement cost of less than $750,000.00 or if any eminent domain notice or proceeding is commenced which does not affect any material portion of the Property, the BRI Partnership shall proceed to accept the contribution and transfer of the Transferor Partnership Interests in accordance with the provisions of clause (b) above.