Common use of Casualty or Condemnation Clause in Contracts

Casualty or Condemnation. If prior to the Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of twenty percent (20%) of the Purchase Price) are damaged or destroyed by fire or casualty, or are taken by eminent domain by any governmental entity, and Seller is unable to restore such damage or destruction prior to the Closing Date in the case of a casualty, then Buyer shall have the option, exercisable by written notice given to Seller at or prior to the Closing, to 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. If Buyer does not elect to terminate this Agreement or if such damage or destruction or taking has a replacement cost or is in an amount of less than twenty percent (20%) of the Purchase Price, Buyer shall proceed with the purchase of the Property without reduction or offset of the Purchase Price, and in such case, unless Seller shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, Seller shall pay over or assign to Buyer all amounts received or due from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and Buyer shall be entitled to a credit against the Purchase Price equal to the deductible amount under Seller's insurance.

Casualty or Condemnation. If prior to the Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of twenty percent Two Million and No/100 Dollars (20%) of the Purchase Price$2,000,000)) are damaged or destroyed by fire or casualty, or are any material part of the Property (for which a condemnation award is in excess of Two Million and No/100 Dollars ($2,000,000)) is taken by eminent domain by any governmental entity, and Seller is unable to restore such damage or destruction prior to the Closing Date in the case of a casualty, then Buyer shall have the option, exercisable by written notice given to Seller at or prior to the Closing, to 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. If Buyer does not elect to terminate this Agreement or if such damage or destruction or taking has a replacement cost or is in an amount of less than twenty percent Two Million and No/100 Dollars (20%) of the Purchase Price$2,000,000), Buyer shall proceed with the purchase of the Property without reduction or offset of the Purchase Price, and in such case, unless Seller shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, Seller shall pay over or assign to Buyer all amounts received or due from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and Buyer shall be entitled to a credit against the Purchase Price equal to the deductible amount amount, if applicable, under Seller's insurance’s insurance policy.

Casualty or Condemnation. If prior to the Closing, the Improvements improvements or any material portion thereof (having a replacement cost equal to or in excess of twenty percent (20%) of the Purchase Price$250,000.00) are damaged or destroyed by fire or casualty, or are any part of the Property is taken by eminent domain by any governmental entity, and then Purchaser or Seller is unable to restore such damage or destruction prior to the Closing Date in the case of a casualty, then Buyer shall have the option, exercisable by written notice given to Seller the other party at or prior to the Closing, to terminate this AgreementContract, whereupon all obligations of all parties hereto shall cease, the Deposit shall be earnest money deposit shxxx xx returned to Buyer Purchaser and this Agreement Contract 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 neither Purchaser nor Seller elects to terminate this Agreement Contract or if such damage or destruction or taking has a replacement cost or is in an amount of less than twenty percent (20%) of the Purchase Price$250,000.00, Buyer Purchaser shall proceed with the purchase of the Property without reduction or offset of the Purchase Price, and in such case, unless Seller shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, Seller shall give Purchaser a credit against the Purchase Price in an amount equal to the deductible under Seller's insurance policy and Seller shall pay over or assign sign to Buyer Purchaser all amounts received or due from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and Buyer shall be entitled to a credit against the Purchase Price equal to the deductible amount under Seller's insurancetaking.

Casualty or Condemnation. If prior to the Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of twenty percent Five Hundred Thousand Dollars (20%) of the Purchase Price$500,000.00) are damaged or destroyed by fire or casualty, or are any part of the Property is taken by eminent domain by any governmental entity, and Seller is unable to restore such damage or destruction prior to the Closing Date in the case of a casualty, then Buyer shall have the option, exercisable by written notice given to Seller at or prior to the Closing, to 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. If Buyer does not elect to terminate this Agreement or if such damage or destruction or taking has a replacement cost or is in an amount of less than twenty percent Five Hundred Thousand Dollars (20%) of the Purchase Price$500,000.00), Buyer shall proceed with the purchase of the Property without reduction or offset of the Purchase Price, and in such case, unless Seller shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, Seller shall pay over or assign to Buyer all amounts received or due 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 and Buyer shall be entitled to receive a credit against the Purchase Price in an amount equal to the deductible amount under Seller's insurance’s insurance policy.

Casualty or Condemnation. If prior to the Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of twenty percent (20%) of the Purchase Price) are damaged or destroyed by fire or casualty, or are taken by eminent domain by any governmental entity, and Seller is the Selling Entities are unable to restore such damage or destruction prior to the Closing Date in the case of a casualty, then Buyer shall have the option, exercisable by written notice given to Seller at or prior to the Closing, to 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. If Buyer does not elect to terminate this Agreement or if such damage or destruction or taking has a replacement cost or is in an amount of less than twenty percent (20%) of the Purchase Price, Buyer shall proceed with the purchase of the Property without reduction or offset of the Purchase Price, and in such case, unless Seller the Selling Entities shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, Seller the Selling Entities shall pay over or assign to Buyer all amounts received or due from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and Buyer shall be entitled to a credit against the Purchase Price equal to the deductible amount under Seller's insurancethe insurance maintained by the Selling Entities.

Casualty or Condemnation. If prior to the Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of twenty percent Two Hundred Fifty Thousand and 00/100 Dollars (20%) of the Purchase Price$250,000.00) are damaged or destroyed by fire or casualty, or are any part of the Property is taken by eminent domain by any governmental entity, and Seller is unable to restore such damage or destruction prior to the Closing Date in the case of a casualty, then Buyer shall have the option, exercisable by written notice given to Seller at or prior to the Closing, to 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. If Buyer does not elect to terminate this Agreement or if such damage or destruction or taking has a replacement cost or is in an amount of less than twenty percent Two Hundred Fifty Thousand and 00/100 Dollars (20%) of the Purchase Price$250,000.00), Buyer shall proceed with the purchase of the Property without reduction or offset of the Purchase Price, and in such case, unless Seller shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, Seller shall pay over or assign to Buyer all amounts received or due from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and Buyer shall be entitled to a credit against the Purchase Price equal to the deductible amount amount, if applicable, under Seller's insurance’s insurance policy.

Casualty or Condemnation. If prior to the Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of twenty percent Five Hundred Thousand and 00/100 Dollars (20%) of the Purchase Price$500,000.00)) are damaged or destroyed by fire or casualty, or are any material part of the Property is taken by eminent domain by any governmental entity, and Seller is unable to restore such damage or destruction prior to the Closing Date in the case of a casualty, then Buyer shall have the option, exercisable by written notice given to Seller at or prior to the Closing, to 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. If Buyer does not elect to terminate this Agreement or if such damage or destruction or taking has a replacement cost or is in an amount of less than twenty percent (20%) of the Purchase Price$500,000.00, Buyer shall proceed with the purchase of the Property without reduction or offset of the Purchase Price, and in such case, unless Seller shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, Seller shall pay over or assign to Buyer all amounts received or due 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 Buyer shall be entitled to a credit against the Purchase Price equal to the deductible amount amount, if applicable, under Seller's insurance’s insurance policy.

Casualty or Condemnation. If If’ prior to the Closing, the Improvements or any material portion thereof (having a replacement cost equal to or in excess of twenty percent Two Hundred Fifty Thousand Dollars (20%) of the Purchase Price$250,000) are damaged or destroyed by fire or casualty, or are any part of the Property is taken by eminent domain by any governmental entity, and Seller is unable to restore such damage or destruction prior to the Closing Date in the case of a casualty, then Buyer shall have the option, exercisable by written notice given to Seller at or prior to the Closing, to 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. If Buyer does not elect to terminate this Agreement or if such damage or destruction or taking has a replacement cost or is in an amount of less than twenty percent Two Hundred Fifty Thousand Dollars (20%) of the Purchase Price$250,000), Buyer shall proceed with the purchase of the Property without reduction or offset of the Purchase Price, and in such case, unless Seller shall have previously restored the Property to its condition prior to the occurrence of any such damage or destruction, Seller shall pay over or assign to Buyer all amounts received or due 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 and Buyer shall be entitled to receive a credit against the Purchase Price in an amount equal to the deductible amount under Seller's insurance’s insurance policy.