Common use of Damage and Destruction Condemnation Clause in Contracts

Damage and Destruction Condemnation. Seller shall notify Buyer immediately of the occurrence of any damage to or destruction of the Property, or the institution or maintenance of any condemnation or similar proceedings with respect to the Property. In the event of any damage to or destruction of the Property for which the cost to repair exceeds $100,000.00, or is not fully covered by insurance, or in the event any such condemnation or other proceedings are instituted or maintained, Buyer at its option either (i) may terminate this Agreement by written notice to Seller, or (ii) may consummate the purchase evidenced by this Agreement. In all other events or in the event that Buyer elects to consummate the purchase pursuant to (ii) above, all insurance or condemnation proceeds, including business interruption and rental loss proceeds, collected by Seller prior to the Closing Date, together with an amount equal to all deductible amounts under the insurance policies covering such damage or destruction, shall be credited against the Purchase Price on Buyer’s account, and all entitlement to all other insurance or condemnation proceeds arising out of such damage or destruction or proceedings and not collected prior to the Closing Date shall be assigned by Seller to Buyer on the Closing Date, and all such deductible amounts not credited against the Purchase Price shall be immediately paid by Seller to Buyer.

Damage and Destruction Condemnation. Seller shall notify Buyer immediately of the occurrence of any material damage to or destruction of the PropertyProperty which occurs prior to the Closing Date, or the institution or maintenance of any condemnation or similar proceedings with respect to any of the Property. In the event of any material damage to or destruction of the Property for which the cost to repair exceeds $100,000.00, or is not fully covered by insurance, or in the event any such condemnation or other proceedings are instituted or maintained, Buyer Buyer, at its option option, may either (i) may terminate this Agreement by written notice to SellerAgreement, or (ii) may consummate the purchase evidenced provided for by this Agreement. In all other events or in the event that Buyer elects to consummate the purchase pursuant to (ii) above, all insurance or condemnation proceeds, including business interruption and rental loss proceeds, collected by Seller prior to the Closing Date, together with an amount equal to all deductible amounts under the insurance policies covering such damage or destructiondestruction and amounts of damage or destruction not covered by insurance (which amounts shall be agreed upon in good faith by Seller and Buyer and approved by the Bankruptcy Court), shall be credited against the Purchase Price on Buyer’s 's account, and all entitlement Buyer shall be entitled to and Seller shall pay to Buyer all other insurance or condemnation proceeds arising out of such damage or destruction or proceedings and not collected prior to the Closing Date shall be assigned by Seller to Buyer on following the Closing Date, and all such deductible amounts not credited against the Purchase Price shall be immediately paid by Seller to Buyer.

Damage and Destruction Condemnation. Seller shall notify Buyer Purchaser immediately of the occurrence of any damage to or destruction of the Property, or the institution or maintenance of any condemnation or similar proceedings with respect to the Property. In the event of any damage to or destruction of the Property for which the cost to repair exceeds $100,000.00100,000, or is not fully covered by insurance, or in the event any such condemnation or other proceedings are instituted or maintained, Buyer Purchaser at its option either (i) may terminate this Agreement by written notice to Selleras provided in Section 4 above, or (ii) may consummate the purchase evidenced by this Agreement. In all other events or in the event that Buyer Purchaser elects to consummate the purchase pursuant to (ii) above, all insurance or condemnation proceeds, including business interruption and rental loss proceeds, collected by Seller prior to the Closing Date, together with an amount equal to all deductible amounts under the insurance policies covering such damage or destruction, shall be credited against the Purchase Price on BuyerPurchaser’s account, and all entitlement to all other insurance or condemnation proceeds arising out of such damage or destruction or proceedings and not collected prior to the Closing Date shall be assigned by Seller to Buyer Purchaser on the Closing Date, and all such deductible amounts not credited against the Purchase Price shall be immediately paid by Seller to BuyerPurchaser.

Damage and Destruction Condemnation. Seller Sellers shall notify Buyer immediately of the occurrence of any damage to or destruction of any of the PropertyAcquired Assets which occurs prior to the Closing Date, or the institution or maintenance of any condemnation or similar proceedings with respect to any leased property used by Sellers in connection with the Propertyoperation of the Business. In the event of any damage to or destruction of a material portion of the Property for Acquired Assets which the cost to repair exceeds $100,000.00, or is not fully covered by insurance, or in the event any such condemnation or other proceedings are instituted or maintained, Buyer Buyer, at its option option, may either (i) may terminate this Agreement by written notice to SellerAgreement, or (ii) may consummate the purchase evidenced provided for by this Agreement. In all other events or in the event that Buyer elects alects to consummate the purchase pursuant to (ii) above, all insurance or condemnation proceeds, including business interruption and rental loss proceeds, collected by Seller Sellers prior to the Closing Date, together with an amount equal to all deductible amounts under the insurance policies covering such damage or destructiondestruction and amounts not covered by insurance (which amounts shall be agreed upon in good faith by Sellers and Buyer and approved by the Bankruptcy Court), shall be credited against the Purchase Price on Buyer’s account, and all entitlement to all other insurance or condemnation proceeds arising out of such damage or destruction or proceedings and not collected prior to the Closing Date shall be assigned by Seller to Buyer on the Closing Date, and all such deductible amounts not credited against the Purchase Price shall be immediately paid by Seller to Buyer.