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 Two Million and No/100 Dollars ($2,000,000)) are damaged or destroyed by fire or casualty, or 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, 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 Two Million and No/100 Dollars ($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, if applicable, under Seller’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 Two Million Five Hundred Thousand and No/100 00/100 Dollars ($2,000,000)500,000.00) are damaged or destroyed by fire or casualtycasualty and not restored to their prior condition, or 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, 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 Two Million Five Hundred Thousand and No/100 00/100 Dollars ($2,000,000)500,000.00) or if Seller repairs such damage or destruction prior to the Closing Date, 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 unspent deductible amount, if applicable, under Seller’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 Two Million and No/100 Five Hundred Thousand Dollars ($2,000,000)500,000.00) are damaged or destroyed by fire or casualty, or 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, 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 Two Million and No/100 Five Hundred Thousand Dollars ($2,000,000500,000.00), 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, if applicable, under Seller’s insurance policy.

Casualty or Condemnation. If Until the Date of Closing, all risk of any loss or damage to all or part of any of the Premises, including eminent domain, shall be and remain of Seller. In the event that prior to the Closing, Date of Closing either the Improvements or any material portion thereof (having a replacement cost equal to or in excess of Two Million and No/100 Dollars ($2,000,000)) improvements on the Premises are damaged or destroyed destroyed, in whole or in part, by fire or casualtyother cause, or any material part portion of the Property (for which Premises becomes the subject of a condemnation award is in excess proceeding by a public or quasi-public authority having the power of Two Million and No/100 Dollars ($2,000,000)) is taken by eminent domain by any governmental entitydomain, 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 either (a) 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 Two Million and No/100 Dollars ($2,000,000), Buyer shall proceed with the purchase of the Property without reduction or offset of the Purchase Pricetransaction contemplated herein, 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 which event Buyer shall be entitled to receive any insurance or condemnation proceeds, or (b) in the event such damage, destruction, or condemnation involves, in the reasonable estimation of Seller, a credit against the Purchase Price equal loss in an amount in excess of one hundred thousand dollars ($100,000), or loss of all or a material portion of access to the deductible amountPremises, if applicableor a loss which would unreasonably interfere with the use of any of the Premises as a residential apartment complex, under Buyer, at its option, may terminate this Agreement by notice to the Seller within ten (10) days of Buyer's receipt of Seller’s insurance policy's notice of such damage or proceeding, in which case the Deposit shall be refunded, and thereafter neither party shall have any further obligation or liability to the other by virtue of this Agreement, except as otherwise expressly provided herein.

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 Two Million and No/100 Hundred Fifty Thousand Dollars ($2,000,000)250,000) are damaged or destroyed by fire or casualty, or 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, 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 Two Million and No/100 Hundred Fifty Thousand Dollars ($2,000,000250,000), 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, if applicable, under Seller’s insurance policy.

Casualty or Condemnation. If prior to the Closing, the Improvements Project or any material "material" portion thereof (having a replacement cost equal to or in excess of Two Million and No/100 Dollars ($2,000,000)) are is damaged or destroyed by fire or casualty, or any material part of the Property (for which a condemnation award Project is in excess of Two Million and No/100 Dollars ($2,000,000)) is taken or threatened to be taken by eminent domain by any governmental entity, then Buyer shall have the option, exercisable by written notice given to Seller at or prior to the 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. 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 Two Million and No/100 Dollars ($2,000,000), Buyer shall b) proceed with the purchase of the Property without reduction or offset of the Purchase PriceProject, and in such case, unless Seller shall have previously restored the Property Project to its condition prior to the occurrence of any such damage or destruction, Seller shall pay over or assign to Buyer Buyer, without recourse, all amounts received or due (plus an amount equal to the sum of any deductible under any insurance policy covering the Project) from, and all claims against, any insurance company or governmental entity as a result of such destruction or taking and 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 entitled to a credit against the Purchase Price mean damage or destruction in an amount equal to or greater than $200,000 per portion of the deductible amount, if applicable, under Project owned by any individual Seller’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 Two Million Hundred Fifty Thousand and No/100 00/100 Dollars ($2,000,000)250,000.00) are damaged or destroyed by fire or casualty, or 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, 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 Two Million Hundred Fifty Thousand and No/100 00/100 Dollars ($2,000,000250,000.00), 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 a credit against the Purchase Price equal to the deductible amount, if applicable, under Seller’s insurance policypolicy and an amount equal to all rent abatements on account of such casualty which continues after the Closing Date and are not covered by 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 Two Million Hundred Fifty Thousand and No/100 00/100 Dollars ($2,000,000)250,000.00) are damaged or destroyed by fire or casualty, or 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, 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 Two Million Hundred Fifty Thousand and No/100 00/100 Dollars ($2,000,000250,000.00), 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, if applicable, under Seller’s insurance policy.