Damage Before Closing. The interest of the Vendor in and to the Property shall be at the risk of the Vendor until Closing, subject to the terms and conditions of this Agreement. If loss or damage to the Property occurs, then:
Damage Before Closing. If applicable, all buildings on the property and all other things being purchased shall be and remain until completion at the risk of Vendor. Pending completion, Vendor shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage. Purchaser may either terminate this Agreement and have all monies paid returned, less any deduction for the Vendor's legal costs or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion.
Damage Before Closing. If the Condominium, the Building or any of the Units are damaged by fire or other casualty after this Agreement takes effect but before closing, Buyer shall have the right to elect whether to (i) terminate this Agreement, in which event the Escrow Agent shall refund the Buyer’s deposit, if Buyer is not in default, and such refund will end any rights or responsibilities Buyer and Seller may have to each other, or (ii) close on the purchase of the Units and receive any insurance proceeds received by the Seller with respect to the Units. In the event the Buyer and the Seller agree to have the Seller repair the Condominium, the Building and/or the Units, and the Seller completes such repairs pursuant to said agreement, any money received in settlement of the damage from insurance or otherwise will belong to Seller and in such event, if Buyer receives any money in connection with the damage, Buyer will turn it over to Seller immediately.
Damage Before Closing. The Hotel Assets shall be at the risk of the Vendor for insurance purposes until the Closing Date. Prior to Closing, the Vendor shall maintain its current insurance on the Hotel Assets (or such other substantially similar insurance as reasonably determined by the Vendor). If loss or damage to the Hotel Assets occurs at any time prior to Closing, then:
Damage Before Closing. The interest of the Vendor in and to the Property shall be at the risk of the Vendor until Closing. In the event that any loss of or damage to the Property the cost of repair of which would exceed $10,000 (such loss or damage and repair cost to be determined by the Vendor’s arm’s length, independent architect, engineer or other qualified expert retained for the purpose), occurs before Closing which the Vendor has not covenanted to repair by the Closing Date or to adjust for, or in respect of which the Purchaser is not prepared to accept such Vendor’s covenant to repair or adjust, then the Purchaser, within ten (10) days after disclosure to the Purchaser by the Vendor of the loss or damage and the extent thereof and the Vendor’s concurrent Notice that it does or does not intend to repair or adjust, at its option shall by Notice to the Vendor either: (i) elect to complete the purchase of the Property in which event the Purchaser shall be entitled to the proceeds of insurance in respect of the loss or damage and the Vendor shall pay any deductibles in respect of such loss or damage, or (ii) elect not to complete the purchase of the Property in which case this Agreement shall be terminated and of no further force and effect. In the event of loss or damage to the Property, the cost of repair of which is less than or equal to $10,000 then the Purchaser shall have no right to terminate this Agreement, the Vendor shall pay any deductibles in respect of such loss or damage, the Purchaser shall be entitled to all proceeds of insurance in respect of such loss or damage, and the parties shall complete the within transaction with respect to the Property.
Damage Before Closing. The interest of the Vendor in and to the Purchased Assets shall be at the risk of the Vendor until Closing. If any loss or damage to the Building in excess of Five Million Dollars ($5,000,000) (a “material loss”) occurs before that time, the Purchaser, at its sole option, by notice given within ten (10) Business Days after disclosure to the Purchaser by the Vendor of the occurrence of such material loss and the extent of insurance coverage available and any deductibles in insurance coverage for such material loss, or two Business Days prior to the Closing Date (whichever first occurs) may terminate this Agreement by notice in writing to the Vendor, in which case this Agreement shall be terminated, null and void and of no further force or effect whatsoever and the Deposit shall be refunded without interest or deduction, or the Purchaser may elect to complete the agreement of purchase and sale constituted upon the execution and delivery of this Agreement, in which event the Purchaser shall be entitled to the net proceeds of insurance in respect of the loss or damage after any deductible, if, as and when received by the Vendor, together with a credit on the closing statement of adjustments equal to the amount of the insurance deductible. If no notice is delivered by the Purchaser within the time set out in this Section 9.1, it shall be deemed to have elected to proceed with the agreement of purchase and sale. If a loss or damage occurs which is not a material loss, neither the Purchaser and the Vendor shall have any right to terminate this Agreement pursuant to this Section and the Vendor shall assign to the Purchaser the proceeds of any applicable insurance net of any deductible amounts.
Damage Before Closing. To the extent recognized under Tennessee state law as a contract defense (e.g. impossibility or frustration), if the Unit is damaged by fire or other casualty before closing, and if Seller decides to repair the damage, Seller shall have a reasonable time to complete repairs, which shall be made without cost to Buyer. The repair work will be judged by the same standard used to evaluate new construction. Buyer shall have no right to any reduction in the Full Purchase Price nor any claims against Seller by reason of the damage and shall close on the scheduled closing date if the repairs have been completed (to the extent that Buyer is not prevented from living in the Unit) by that date.
Damage Before Closing. (a) The Mohawk Parties shall promptly give the Invesque Parties written notice of any damage in excess of $25,000 to a Property or $125,000 to the Properties, in the aggregate, describing such damage, stating whether and to what extent such damage and loss of rents is covered by insurance, any applicable deductibles, retentions or self-insurance amounts, and the estimated cost and timing of repairing such damage and any injuries to persons or damage to other Person’s property, attaching a copy of the relevant insurance policy to such notice.
Damage Before Closing. (a) The interests of the Vendor in and to the Property being purchased, acquired and assumed by the Purchaser pursuant to the terms and conditions of this Agreement shall be at the risk of the Vendor until Closing. If any loss or damage occurs before Closing to the Building, in excess of ten percent (10%) of the Purchase Price (such loss or damage and replacement cost to be determined by the Purchaser’s arm’s length, independent architect, engineer or other qualified expert, acting reasonably), the Purchaser, within five (5) Business Days after disclosure to the Purchaser by the Vendor of the loss or damage and the extent thereof, shall by Notice to the Vendor elect either (i) to complete the purchase of the Property, in which event the Purchaser shall be entitled to the proceeds of insurance, if any, in respect of the loss or damage and the Vendor shall pay any deductibles in respect of such loss or damage, or (ii) not to complete the purchase of the Property, in which case this Agreement shall be terminated, null and void and of no further force or effect whatsoever, each of the Vendor and the Purchaser shall be released from all of its liabilities and obligations under this Agreement (other than those liabilities and obligations which are expressly stated to survive the termination of this Agreement), and the Deposit and accrued interest shall, subject to Section 4.2(b), be returned to the Purchaser.
Damage Before Closing. 47 Section 6.17 Expenses .................................................................................................................. 49 Section 6.18 Post-Closing Sale of Specified Portfolio ................................................................. 49 Section 6.19 Taxes ....................................................................................................................... 49
