Common use of Damage, Destruction or Condemnation Clause in Contracts

Damage, Destruction or Condemnation. Damage and Destruction. Seller shall have the risk of loss or damage to the Property and liability arising out of the Business or the Acquisition Assets from any cause whatsoever prior to the Closing Date. In the event of any loss or damage to the Property, the following procedure shall be used, Buyer may: (a) elect to extend the Closing Date for a period up to one hundred eighty (180) days and require Seller to repair or replace such damaged or destroyed Property, and, in which event Seller shall be entitled to retain the Insurance proceeds and shall promptly proceed, at Seller's expense, to repair or replace such damaged or destroyed Property; the Purchase Price shall not be affected or adjusted in any way provided such damage or destruction is fully repaired or replaced; (b) elect to proceed with the transaction contemplated herein, and have the Insurance proceeds concerning the loss assigned at Closing to Buyer, and if all or part of the loss is not covered by Insurance, reduce the Purchase Price payable at the Closing by an amount equal to the uninsured loss in which event Seller shall not be obligated to repair or replace such damaged or destroyed Property; or (c) if the aggregate loss or damage to the Property (from one or more events) at or prior to the Closing exceeds ten (10%) percent of the Purchase Price, or would take longer than thirty (30) days to repair or replace, elect to terminate this Agreement, in which event neither Seller nor Buyer shall have any further rights or obligations to the other hereunder.

Damage, Destruction or Condemnation. Damage and DestructionDestruction . Seller shall have the risk of loss or damage to the Property and liability arising out of the Business or the Acquisition Assets from any cause whatsoever prior to the Closing Date. In the event of any loss or damage to the Property, the following procedure shall be used, Buyer may: (a) elect to extend the Closing Date for a period up to one hundred eighty (180) days and require Seller to repair or replace such damaged or destroyed Property, and, in which event Seller shall be entitled to retain the Insurance proceeds and shall promptly proceed, at Seller's expense, to repair or replace such damaged or destroyed Property; the Purchase Price shall not be affected or adjusted in any way provided such damage or destruction is fully repaired or replaced; (b) elect to proceed with the transaction contemplated herein, and have the Insurance proceeds concerning the loss assigned at Closing to Buyer, and if all or part of the loss is not covered by Insurance, reduce the Purchase Price payable at the Closing by an amount equal to the uninsured loss in which event Seller shall not be obligated to repair or replace such damaged or destroyed Property; or (c) if the aggregate loss or damage to the Property (from one or more events) at or prior to the Closing exceeds ten (10%) percent of the Purchase Price, or would take longer than thirty (30) days to repair or replace, elect to terminate this Agreement, in which event neither Seller nor Buyer shall have any further rights or obligations to the other hereunder.

Damage, Destruction or Condemnation. Damage and Destruction. Seller shall have the risk of loss or damage to the Property and liability arising out of the Business or the Acquisition Assets from any cause whatsoever If, prior to the Closing Date. In the event of Closing, to Seller's knowledge, there shall occur any loss damage or damage destruction to the Property, the following procedure shall be usedincluding termite damage or infestation, Buyer may: (a) elect to extend the Closing Date for a period up to one hundred eighty (180) days and require Seller to repair or replace such damaged or destroyed Property, and, in which event Seller shall be entitled give prompt written notice thereof to retain the Insurance proceeds and shall promptly proceed, at Seller's expense, to repair or replace such damaged or destroyed Property; the Purchase Price shall not be affected or adjusted in any way provided Buyer. If such damage or destruction is fully repaired would require more than One Hundred Thousand and No/100 Dollars ($100,000.00) or replaced; (b) elect to proceed with the transaction contemplated herein, and have the Insurance proceeds concerning the loss assigned at Closing to Buyer, and if all or part of the loss is not covered by Insurance, reduce the Purchase Price payable at the Closing by an amount equal to the uninsured loss in which event Seller shall not be obligated to repair or replace such damaged or destroyed Property; or (c) if the aggregate loss or damage to the Property (from one or more events) at or prior to the Closing exceeds ten (10%) percent of the Purchase Price, or would take longer than thirty (30) days to repair, Buyer shall have the option, in its sole judgment and discretion, (a) to terminate this Agreement or (b) to proceed with Closing without any adjustment in the Purchase Price, in which event, at Closing, Seller shall transfer and assign to Buyer all Seller's right, title and interest in and to all proceeds from all termite bonds, if any, and insurance policies owned by Seller with respect to the Property (including loss of rents insurance benefits accruing on and after Closing Date, with Seller's retaining such loss of rents insurance benefits accruing prior to Closing Date) for such damage or destruction, after deduction therefrom of any reasonable costs incurred by Seller to collect such proceeds and any amounts expended by Seller prior to Closing for the repair or replacerestoration of the Property, and, at Closing, Buyer shall receive a credit against the Purchase Price in an amount equal to the applicable deductible on said bonds or insurance policies. If Buyer shall elect to terminate this Agreement, in which event neither Buyer shall give written notice thereof to Seller nor and to Escrow Agent within ten (10) days after Buyer shall have received written notice of such damage or destruction (the Closing Date shall be extended if necessary to provide said ten (10) day period). If Buyer does not give such notice within such time, Buyer shall be conclusively deemed to have elected to proceed with Closing, and shall not have any further rights right to terminate this Agreement as a result of such damage or obligations to the other hereunderdestruction.