Common use of CONDITION OF AND DAMAGE TO PROPERTY Clause in Contracts

CONDITION OF AND DAMAGE TO PROPERTY. Except as otherwise provided in this Agreement, the Property shall be delivered in the condition existing as of the date of this Agreement, ordinary wear and tear expected. If the Property or any portion thereof is damaged by casualty, force majeure or other cause prior to Closing, then Purchaser at its option may elect (i) to deduct the cost of restoration, in an amount reasonably determined by Purchaser’s engineer and agreed to by Seller’s engineer, from the Purchase Price at Closing, and proceed in accordance with the terms and conditions of this Agreement, or (ii) to terminate this Agreement whereupon the Exxxxxx Money shall be returned to Purchaser and the parties hereto shall have no further obligations hereunder

CONDITION OF AND DAMAGE TO PROPERTY. Except as otherwise provided in this Agreement, the Property shall be delivered in the condition existing as of the date of this Agreement, ordinary wear and tear expected. If the Property or any portion thereof is damaged by casualty, force majeure or other cause prior to Closing, then Purchaser at its option may elect (i) to deduct the cost of restoration, in an amount reasonably determined by Purchaser’s engineer and agreed to by Seller’s engineer, from the Purchase Price at Closing, and proceed in accordance with the terms and conditions of this Agreement, or (ii) to terminate this Agreement whereupon the Exxxxxx Xxxxxxx Money shall be returned to Purchaser and the parties hereto shall have no further obligations hereunder