Common use of Closing After Substantial Damage Clause in Contracts

Closing After Substantial Damage. So long as this Agreement shall remain in force under Section 5.2 or 5.3, then (i) all proceeds of insurance collected prior to Closing, plus the amount of deductible under Seller’ insurance policy, shall be adjusted subject to Buyer’s approval and participation in any adjustment, and shall be credited to Buyer against the Purchase Price payable by Buyer at Closing and, in the case of a fire or other casualty described in Section 5.2, the Purchase Price shall be further credited by the amount of an uninsured loss which has not been repaired by Seller, and (ii) all unpaid claims and rights in connection with losses shall be assigned to Buyer at Closing.

Closing After Substantial Damage. So long as this Agreement shall remain in force under Section 5.2 or 5.3Sections 7.2 and 7.3, then then: (i) all proceeds of casualty insurance only collected prior to Closing, plus the amount of deductible under Seller’ ’s casualty insurance policy, shall be adjusted subject to Buyer’s approval and participation in any adjustment, and and, together with the amount of any deductible under Seller’s casualty insurance policy, plus the amount of any uninsured loss up to $1,000,000, shall be credited to Buyer against the Purchase Price payable by Buyer at Closing and, in the case of a fire or other casualty described in Section 5.2, the Purchase Price shall be further credited by the amount of an uninsured loss which has not been repaired by Seller, Closing; and (ii) all unpaid claims and rights in connection with losses shall be assigned to Buyer at Closing.