Common use of Condemnation and General Casualty Clause in Contracts

Condemnation and General Casualty. Buyer shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to or destruction of any improvements or condemnation of any portion of the Property. In the event of a casualty Buyer may elect to purchase the Property pursuant to the terms of this sub-paragraph (a) or to require Seller to repair and complete the Improvements pursuant to sub-paragraph (c). Such election shall be made by written notice given within thirty (30) days following the casualty. If Buyer elects to proceed pursuant to this sub-paragraph (a), the Purchase Price shall be credited by the amount of any insurance proceeds or condemnation awards (excluding proceeds or awards payable in respect of carrying costs or other costs born by Seller and not subject to adjustment of the Purchase Price as provided herein) collected by Seller as a result of any such damage or destruction or condemnation less any monies actually expended by Seller to repair any damage, plus any deductible amounts attributable to such damage or destruction, or such proceeds shall be assigned to Buyer if not then collected.

Condemnation and General Casualty. Buyer shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to or destruction of any improvements or condemnation of any portion of the Property. In the event of a casualty Buyer may elect to purchase the Property pursuant to the terms of this sub-paragraph (a) or to require Seller to repair and complete the Improvements pursuant to sub-paragraph (c). Such election shall be made by written notice given within thirty (30) days following the casualty. If Buyer elects to proceed pursuant to this sub-paragraph (a), the Purchase Price shall be credited by the amount of any insurance proceeds or condemnation awards (excluding proceeds or awards payable in respect of carrying costs or other costs born by Seller Xxxxxx and not subject to adjustment of the Purchase Price as provided herein) collected by Seller as a result of any such damage or destruction or condemnation less any monies actually expended by Seller to repair any damage, plus any deductible amounts attributable to such damage or destruction, or such proceeds shall be assigned to Buyer if not then collected.

Condemnation and General Casualty. Buyer shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to or destruction of the Equipment or any improvements or condemnation of any portion of the Property. In the event of a casualty casualty, Buyer may elect to purchase the Property and the Equipment pursuant to the terms of this sub-paragraph (a) or to require Seller Sellers to replace and/or repair the Equipment and to repair and complete the Improvements pursuant to sub-paragraph (c). Such election shall be made by written notice given within thirty (30) days following the casualty. If Buyer elects to proceed pursuant to this sub-paragraph (a), the Purchase Price shall be credited by the amount of any insurance proceeds or condemnation awards (excluding proceeds or awards payable in respect of carrying costs or other costs born by Seller Sellers and not subject to adjustment of the Purchase Price as provided herein) collected by Seller Sellers as a result of any such damage or destruction or condemnation less any monies actually expended by Seller Sellers to repair any damage, plus any deductible amounts attributable to such damage or destruction, or such proceeds shall be assigned to Buyer if not then collected.