Common use of Damage, Destruction or Condemnation Clause in Contracts

Damage, Destruction or Condemnation. If prior to the Close of Escrow, there occurs any destruction of or damage or loss to the Property or any portion thereof from any cause whatsoever, including, but not limited to, any fire, flood, accident, release or other casualty which, according to Buyer’s good faith estimate (the “Estimate”), would cost more than Fifty Thousand Dollars ($50,000.00) to repair or remediate, or any condemnation proceedings are commenced or threatened by an entity other than Buyer in which the award would be Fifty Thousand Dollars ($50,000.00) or more, then Buyer shall have the right, exercisable by delivering written notice to Seller and Escrow Holder within ten (10) days after the determination of the amount of such cost or award, to either (i) terminate this Agreement, in which case neither Party shall have any further rights or obligations hereunder, and the Deposit and all interest accrued thereon shall be paid by Escrow Holder as set forth in Section 4.4, hereof and all documents deposited in Escrow shall be returned to the Party depositing the same, or (ii) accept the Property in its then condition and proceed with the Close of Escrow in accordance with this Agreement, in which case Seller shall assign to Buyer the right to any and all insurance proceeds or condemnation awards from any entity other than Buyer recoverable as a result of such event. Buyer’s failure to deliver such notice within the time period specified shall be deemed to constitute Buyer’s election to terminate this Agreement. In the event the Estimate of the cost of repair, remediation or condemnation award is less than Fifty Thousand Dollars ($50,000.00), then Buyer shall not have the option to terminate this Agreement, and the Parties shall proceed to the Close of Escrow on the terms described in clause (ii) above.

Damage, Destruction or Condemnation. 10.1 Seller agrees to maintain its present (or similar) policies of fire insurance covering the Project in full force and effect from the date of this Agreement through and including the Closing Date. 10.2 If prior on or before the Closing Date either (a) all or a substantial part of the improvements on the Land is damaged or destroyed by fire or the elements or by any other cause, or (b) all or a substantial part of the Property is taken by condemnation or other power of eminent domain, Purchaser or Seller may, by written notice given to the Close of Escrow, there occurs any destruction of or damage or loss to the Property or any portion thereof from any cause whatsoever, including, but not limited to, any fire, flood, accident, release or other casualty which, according to Buyer’s good faith estimate (the “Estimate”), would cost more than Fifty Thousand Dollars ($50,000.00) to repair or remediate, or any condemnation proceedings are commenced or threatened by an entity other than Buyer in which the award would be Fifty Thousand Dollars ($50,000.00) or more, then Buyer shall have the right, exercisable by delivering written notice to Seller and Escrow Holder within ten (10) days after the determination Purchaser shall have notice of the amount occurrence or the taking (but in no event after the Closing Date), elect to terminate this Agreement. 10.3 If either (a) a substantial part of the improvements on the Land is damaged or destroyed or a substantial part of the Property is taken by condemnation or other power of eminent domain but this Agreement is not canceled as provided in Section 10.2, or (b) on or before the Closing Date, an insubstantial part of the improvements on the Land is damaged or destroyed or an insubstantial part of the Property is so taken, then neither Seller nor Purchaser shall have the right to terminate this Agreement based upon such cost damage, destruction or awardtaking, to eitherand on the Closing Date, (i) terminate this Agreement, Seller shall credit the Cash Portion of the Purchase Price with an amount equal to any sums of money collected by Seller under its policies of insurance or renewals thereof insuring against the loss in which case neither Party question (after deducting any amount that Seller shall have paid, agreed to pay, or shall have been obligated to pay for repairs or restoration of the damage), and Seller shall assign, transfer and set over to Purchaser all of Seller's right, title and interest in and to said policies with respect to the Property and any further rights or obligations hereundersums payable under said policies (provided that in no event shall the credits and insurance assigned exceed the unrepaired damage), and the Deposit and all interest accrued thereon shall be paid by Escrow Holder as set forth in Section 4.4, hereof and all documents deposited in Escrow shall be returned to the Party depositing the same, or and (ii) accept Seller shall assign, transfer and set over to Purchaser all of Seller's right, title and interest in and to any awards that may be made for any taking by condemnation or other power of eminent domain. 10.4 For the purposes of this Article, a substantial part of the Property in its then condition and proceed with or the Close of Escrow in accordance with this Agreement, in which case Seller shall assign to Buyer improvements on the right to any and all insurance proceeds or condemnation awards from any entity other than Buyer recoverable as a result of such event. Buyer’s failure to deliver such notice within the time period specified Land shall be deemed to constitute Buyer’s election to terminate this Agreement. In the event the Estimate mean a portion having a value of the cost $150,000 or more or which would require expenditure of repair, remediation $150,000 or condemnation award is less than Fifty Thousand Dollars ($50,000.00), then Buyer shall not have the option to terminate this Agreement, and the Parties shall proceed to the Close of Escrow on the terms described in clause (ii) abovemore for repair or restoration.

Damage, Destruction or Condemnation. If prior to the Close Before Closing, all risk of Escrow, there occurs any destruction of or damage or loss to the Property or any portion thereof from any cause whatsoever, including, but not limited to, any fire, flood, accident, release by fire or other casualty whichshall be upon GTP. If, according before Closing, there occurs damage to Buyer’s good faith estimate or destruction of any of the buildings located on the Property, that would cost in excess of FIVE HUNDRED THOUSAND AND NO/100 (the “Estimate”$500,000.00) DOLLARS to repair, Seller shall promptly file a claim under its applicable insurance policies for such casualty (including loss of rents insurance), would cost more than Fifty Thousand Dollars ($50,000.00) to repair or remediate, or any condemnation proceedings are commenced or threatened by an entity other than Buyer in which the award would be Fifty Thousand Dollars ($50,000.00) or more, then and Buyer shall have the rightoption (a) to proceed with Closing and to receive at Closing an assignment of Seller’s insurance proceeds with respect to said damage, exercisable except for the insurance proceeds attributable to the loss of rents before Closing and any costs incurred by delivering Seller to protect or repair the Property, and Buyer shall receive a credit at Closing in the amount of Seller’s deductible under its insurance policy, or (b) to terminate this Agreement. If Buyer elects to terminate this Agreement, Buyer shall send a written termination notice to Seller and to Escrow Holder Agent within ten (10) days Business Days after the determination Buyer receives notice of such damage or destruction. If necessary, Closing Date shall be extended to allow Buyer at least ten (10) Business Days within which to make said election. If Buyer does not send such notice within such time, Buyer shall be conclusively deemed to have elected to proceed with Closing, subject to receipt of the amount insurance proceeds and credit described above, and shall not have any further right to terminate this Agreement because of such cost damage or awarddestruction. If Buyer properly terminates this Agreement pursuant to this Section, the Exxxxxx Money shall be returned to either (i) terminate this AgreementBuyer, in which case and neither Party party shall have any further rights duties, obligations or obligations hereunder, and the Deposit and all interest accrued thereon shall be paid by Escrow Holder as set forth in Section 4.4, hereof and all documents deposited in Escrow shall be returned liabilities to the Party depositing other under this Agreement except for the sameContinuing Obligations. If, before Closing, there occurs damage to or destruction of any of the buildings located at any of the Property that would cost FIVE HUNDRED THOUSAND AND NO/100 ($500,000.00) DOLLARS or less to repair, then, in such event, Seller agrees (x) to repair such damage prior to Closing, or (ii) accept at Seller’s option, to allow Buyer a credit against the Property Purchase Price in its then condition and proceed with an amount equal to the Close estimated cost of Escrow in accordance with this Agreement, in which case Seller shall assign to repair plus the estimated rents that Buyer the right to any and all insurance proceeds or condemnation awards from any entity other than Buyer recoverable will lose as a result of such event. Buyer’s failure to deliver such notice within the time period specified said damage, (y) this Agreement shall remain in full force and effect, and (z) Buyer shall be deemed obligated to constitute Buyer’s election to terminate this Agreement. In proceed with the event the Estimate purchase of the cost of repair, remediation or condemnation award is Property at the Purchase Price (less than Fifty Thousand Dollars ($50,000.00), then Buyer shall not have the option any credit pursuant to terminate this Agreement, and the Parties shall proceed to the Close of Escrow on the terms described in clause (iix) above).

Damage, Destruction or Condemnation. If prior to the Close of EscrowClosing, there occurs any destruction of or damage or loss to the Property or any portion thereof from any cause whatsoever, including, but not limited to, any fire, flood, accident, release accident or other casualty which, according to Buyer’s Seller's good faith estimate (the “Estimate”), would cost cost, with respect to the Property, more than Fifty Thousand Dollars ($50,000.00) the Threshold Amount to repair or remediaterepair, or any condemnation proceedings are commenced or overtly threatened by an entity other which would involve the taking of any portion of the Property valued at more than Buyer in which the award would be Fifty Thousand Dollars ($50,000.00) or moreThreshold Amount, then Buyer shall have the right, exercisable by delivering written notice to Seller and Escrow Holder Agent within ten (10) days after the determination Buyer's receipt of Seller's written Estimate of the amount of such cost or awardthe scope of any taking, to either either (ia) terminate this Agreement, in which case neither Party shall have any further rights or obligations hereunder, and the Deposit and all interest accrued thereon shall be paid by Escrow Holder as set forth in Section 4.4, hereof and all documents deposited in Escrow shall be returned to Buyer and the Party depositing the sameother provisions of Paragraph 9(c) of this Agreement shall govern, or (iib) accept the Property in its then condition and proceed with the Close of Escrow in accordance with this AgreementClosing, in which case Buyer shall receive a credit against the Purchase Price equal to the amount of the deductible under Seller's insurance policies (to the extent not satisfied by Seller prior to Closing), and Seller shall assign to Buyer the right its rights to any and all insurance proceeds or condemnation awards from any entity other than Buyer recoverable award received as a result of such event. Buyer’s 's failure to deliver such notice within the time period specified shall be deemed to constitute Buyer’s 's election to terminate this Agreement. In the event the Estimate of the cost of repairrepair or the amount of the taking, remediation or condemnation award with respect to the Property, is less than Fifty Thousand Dollars ($50,000.00)or equal to the Threshold Amount, then Buyer shall not have the option to terminate this Agreement, and the Parties parties shall proceed to the Close Closing, in which case Buyer shall, (x) in the event of Escrow on a casualty to the terms described Property, receive a credit against the Purchase Price equal to the amount of the deductible under Seller's insurance policies (to the extent not satisfied by Seller prior to Closing) (or the Estimate amount if such casualty is not covered by Seller's insurance policy), and Seller shall assign to Buyer its rights to any insurance proceeds received as a result of such event and (y) in clause (ii) abovethe event of a condemnation relating to the Property, Seller shall assign to Buyer its rights to any condemnation award received as a result of such event.

Damage, Destruction or Condemnation. If prior to the Close of EscrowClosing, there occurs any destruction of or damage or loss to the Property or any portion thereof from any cause whatsoever, including, but not limited to, any fire, flood, accident, release accident or other casualty which, according to BuyerSeller’s good faith estimate (the “Estimate”), would cost cost, with respect to the Property, more than Fifty Thousand Dollars ($50,000.00) the Threshold Amount to repair or remediaterepair, or any condemnation proceedings are commenced or overtly threatened by an entity other which would involve the taking of any portion of the Property valued at more than Buyer in which the award would be Fifty Thousand Dollars ($50,000.00) or moreThreshold Amount, then Buyer shall have the right, exercisable by delivering written notice to Seller and Escrow Holder Agent within ten (10) days after the determination Buyer’s receipt of Seller’s written Estimate of the amount of such cost or awardthe scope of any taking, to either either (ia) terminate this Agreement, in which case neither Party shall have any further rights or obligations hereunder, and the Deposit and all interest accrued thereon shall be paid by Escrow Holder as set forth in Section 4.4, hereof and all documents deposited in Escrow shall be returned to Buyer and the Party depositing the sameother provisions of Paragraph 9(c) of this Agreement shall govern, or (iib) accept the Property in its then condition and proceed with the Close of Escrow in accordance with this AgreementClosing, in which case Buyer shall receive a credit against the Purchase Price equal to the amount of the deductible under Seller’s insurance policies (to the extent not satisfied by Seller prior to Closing), and Seller shall assign to Buyer the right its rights to any and all insurance proceeds or condemnation awards from any entity other than Buyer recoverable award received as a result of such event. Buyer’s failure to deliver such notice within the time period specified shall be deemed to constitute Buyer’s election to terminate this Agreement. In the event the Estimate of the cost of repairrepair or the amount of the taking, remediation or condemnation award with respect to the Property, is less than Fifty Thousand Dollars ($50,000.00)or equal to the Threshold Amount, then Buyer shall not have the option to terminate this Agreement, and the Parties parties shall proceed to the Close Closing, in which case Buyer shall, (x) in the event of Escrow on a casualty to the terms described Property, receive a credit against the Purchase Price equal to the amount of the deductible under Seller’s insurance policies (to the extent not satisfied by Seller prior to Closing) (or the Estimate amount if such casualty is not covered by Seller’s insurance policy), and Seller shall assign to Buyer its rights to any insurance proceeds received as a result of such event and (y) in clause (ii) abovethe event of a condemnation relating to the Property, Seller shall assign to Buyer its rights to any condemnation award received as a result of such event.

Damage, Destruction or Condemnation. If prior to the Close of Escrow, there occurs any destruction of or damage or loss to the Property or any portion thereof from any cause whatsoever, including, including but not limited to, any fire, flood, accident, release accident or other casualty whichthat, according to Buyer’s the good faith estimate of Seller’s insurance carrier or its adjuster (the “Estimate”), would cost more than Fifty Five Hundred Thousand Dollars ($50,000.00500,000) to repair or remediaterepair, or any condemnation proceedings are commenced or threatened by an entity other than Buyer in which the award would be Fifty Five Hundred Thousand Dollars ($50,000.00500,000) or more, then Buyer shall have the right, exercisable by delivering written notice to Seller and Escrow Holder within ten (10) days after Buyer’s receipt of written notice of the determination of the amount of such cost or award, to either either (ia) terminate this Agreement, in which case neither Party shall have any further rights or obligations hereunder, and except for those that expressly survive the Deposit termination of this Agreement, and all interest accrued thereon shall be paid by Escrow Holder as set forth in Section 4.4funds (including, hereof without limitation, the Deposit) and all documents deposited in Escrow shall be returned to the Party depositing the same, or (iib) accept the Property in its then condition and proceed with the Close of Escrow in accordance with this Agreement, without adjustment to the Purchase Price (except that there shall be credited against the Purchase Price an amount equal to the deductible under Seller’s insurance coverage for the subject event of casualty), in which case Seller shall assign to Buyer the right to any and all insurance proceeds or condemnation awards from any entity other than Buyer recoverable as a result of such event. Buyer’s failure to deliver such notice within the time period specified shall be deemed to constitute Buyer’s election to not terminate this Agreement. In the event the Estimate of the cost of repair, remediation repair or the condemnation award is less than Fifty Five Hundred Thousand Dollars ($50,000.00500,000), then Buyer shall not have the option to terminate this Agreement, and the Parties shall proceed to the Close of Escrow on the terms described in clause (iib) above., in which case Seller shall assign to Buyer the right to any and all insurance proceeds or condemnation awards recoverable as a result of such event..

Damage, Destruction or Condemnation. If prior to between the Close date of Escrowthis Agreement and the Closing, there occurs any destruction of or damage or loss to the Property or any portion thereof from any cause whatsoever, including, but not limited to, any fire, flood, accident, release accident or other casualty which, according to BuyerSeller’s good faith estimate (the “Estimate”), would cost cost, with respect to the Property, more than Fifty Thousand Dollars ($50,000.00) the Threshold Amount to repair or remediaterepair, or any condemnation proceedings are commenced or overtly threatened by an entity other which would involve the taking of any portion of the Property valued at more than Buyer in which the award would be Fifty Thousand Dollars ($50,000.00) or moreThreshold Amount, then Buyer shall have the right, exercisable by delivering written notice to Seller and Escrow Holder Agent within ten (10) days after the determination Buyer’s receipt of Seller’s written Estimate of the amount of such cost or awardthe scope of any taking, to either either (ia) terminate this Agreement, in which case neither Party the Deposit shall have any further rights or obligations hereunder, be delivered to the Buyer and the Deposit and all interest accrued thereon provisions of Paragraph 9(c) of this Agreement shall be paid by Escrow Holder as set forth in Section 4.4, hereof and all documents deposited in Escrow shall be returned to the Party depositing the samegovern, or (iib) accept the Property in its then condition and proceed with the Close of Escrow in accordance with this AgreementClosing, in which case Buyer shall receive a credit against the Purchase Price equal to the amount of the deductible under Seller’s insurance policies (to the extent not satisfied by Seller prior to Closing), and Buyer shall also receive a credit against the Buyer Price equal to the amount of such damage that is not covered by insurance, and Seller shall assign to Buyer the right its rights to any and all insurance proceeds or condemnation awards from any entity other than Buyer recoverable award received (to the extent not already spent in connection therewith) or to be received as a result of such event. Buyer’s failure to deliver such notice within the time period specified shall be deemed to constitute Buyer’s election to terminate this Agreement. In the event the Estimate of the cost of repairrepair or the amount of the taking, remediation or condemnation award with respect to the Property, is less than Fifty Thousand Dollars ($50,000.00)or equal to the Threshold Amount, then Buyer shall not have the option to terminate this Agreement, and the Parties parties shall proceed to the Close Closing, in which case Buyer shall, (x) in the event of Escrow on a casualty to the terms described Property, receive a credit against the Purchase Price equal to the amount of the deductible under Seller’s insurance policies (to the extent not satisfied by Seller prior to Closing) (or the Estimate amount if such casualty is not covered by Seller’s insurance policy), and Buyer shall also receive a credit against the Buyer Price equal to the amount of such damage that is not covered by insurance, and Seller shall assign to Buyer its rights to any insurance proceeds received (to the extent not already spent in clause connection therewith) or to be received as a result of such event and (iiy) abovein the event of a condemnation relating to the Property, Seller shall assign to Buyer its rights to any condemnation award received (to the extent not already spent in connection therewith) or to be received as a result of such event.

Damage, Destruction or Condemnation. If (a) Subject to the provisions of subsection (b) below, Buyer shall be bound to purchase the Property for the Purchase Price as required by the terms of this Agreement without regard to the occurrence during the Contract Period of any damage to or destruction of the improvements on the Real Property or any condemnation thereof (“Contract Period Damage”). Buyer shall receive a credit against the Purchase Price in the amount of any insurance or condemnation proceeds (net of reasonable costs incurred in securing such proceeds) collected by Seller prior to the Close Closing Date as a result of Escrowany Contract Period Damage (and, if any insurance proceeds have been collected, the amount of any deductible on the insurance policy) and not expended by Seller on repair, replacement or restoration of the Property pursuant to subsection (c) below. If the proceeds have not been collected as of the Closing Date, there occurs any destruction shall be no credit against the Purchase Price (other than the amount of or damage or loss to the Property or any portion thereof from any cause whatsoever, including, but not limited to, any fire, flood, accident, release or other casualty which, according to Buyer’s good faith estimate (the “Estimate”deductible), would cost more than Fifty Thousand Dollars and such proceeds shall be assigned to Buyer ($50,000.00) less the amount of any expenditures by Seller to repair or remediaterestore the Property). (b) Notwithstanding the foregoing, if Contract Period Damage occurs and the cost of repair, replacement or any condemnation proceedings are commenced or threatened restoration of the Property as estimated by an entity other than Buyer in which the award would be Fifty Seller exceeds Two Hundred Thousand Dollars dollars ($50,000.00) or more200,000), then Buyer shall have the right, exercisable either party may elect to terminate this Agreement by delivering written notice to Seller and Escrow Holder within the other given not more than ten (10) days after following the determination of the amount date that Seller notifies Buyer in writing of such cost damage, destruction or awardcondemnation and assigns an estimated valuation thereto, but in no event later than the scheduled Closing Date. Upon termination of this Agreement pursuant to either (i) terminate this Agreementparagraph, in which case neither Party Seller shall have any further rights or obligations hereunder, and cause Escrow Agent to return to Buyer the Deposit and Additional Purchase Price, if any, and all interest accrued thereon rights and obligations hereunder of each party shall be paid by Escrow Holder as set forth in Section 4.4at an end, hereof except for those obligations and all documents deposited in Escrow undertakings which pursuant to this Agreement shall be returned to survive the Party depositing the same, or (ii) accept the Property in its then condition and proceed with the Close of Escrow in accordance with this Agreement, in which case Seller shall assign to Buyer the right to any and all insurance proceeds or condemnation awards from any entity other than Buyer recoverable as a result of such event. Buyer’s failure to deliver such notice within the time period specified shall be deemed to constitute Buyer’s election to terminate this Agreementtermination hereof. In the event the Estimate of the cost of repair, remediation or condemnation award is less than Fifty Thousand Dollars ($50,000.00), then Buyer shall not have the option neither party timely elects to terminate this AgreementAgreement pursuant to this subsection (b), and the Parties provisions of subsection (a) above shall proceed be applicable. (c) Notwithstanding anything in this Agreement to the Close contrary, the insurance proceeds to be credited or delivered to Buyer pursuant to this Section 7.1 shall exclude business interruption or rental loss insurance proceeds, if any, allocable to the period through the Closing Date, which proceeds shall be retained by Seller. (d) This Section 7.1 shall be in lieu of Escrow on the terms described provisions contained in clause (ii) aboveSection 5-1311 of the General Obligations Law.

Damage, Destruction or Condemnation. If prior to the Close If, before legal title or possession of Escrow, there occurs any destruction of or damage or loss to the Property or has been transferred to Buyer, any portion thereof from any cause whatsoeverof the Property is damaged or destroyed, including, but not limited to, any fire, flood, accident, release Seller shall promptly notify Buyer in writing. If the portion of the Property so damaged or other casualty which, according to Buyer’s good faith estimate (the “Estimate”), would destroyed without fault of Buyer will cost more than Fifty Five Hundred Thousand and No/100 Dollars ($50,000.00500,000.00) to repair or remediate, or any condemnation proceedings are commenced or threatened restore as estimated by an entity other than a licensed general contractor reasonably satisfactory to Buyer in which the award would be Fifty Thousand Dollars ($50,000.00) or moreand Seller, then Buyer shall have the right, exercisable by delivering written notice option to Seller and Escrow Holder within ten (10) days after the determination of the amount of such cost or award, to either either (i) terminate this Agreement, in which case neither Party event the rights and obligations of the Parties hereunder shall have any further rights or obligations hereunder, and the Deposit and all interest accrued thereon shall be paid by Escrow Holder terminate except as otherwise expressly set forth in Section 4.4this Agreement, hereof and all documents deposited in Escrow Buyer shall be returned entitled to a return of the Party depositing the sameXxxxxxx Money Deposit, or (ii) accept the Property in its then condition and proceed with the Close purchase of Escrow in accordance with this Agreementthe Property without any adjustment to the Purchase Price, in which latter case (A) Seller shall assign to Buyer the right any amounts due from, or pay to Buyer any and all amounts received from, Seller’s casualty insurance proceeds or condemnation awards from any entity other than Buyer recoverable company as a result of the damage or destruction (excepting therefrom any amounts payable for lost rental or other income or items applicable to any period prior to the Closing), less the amount of all costs reasonably incurred by Seller in connection with the repair of such event. Buyer’s failure damage or destruction or collection costs of Seller respecting any uncollected insurance proceeds which Seller may be entitled to deliver receive from such notice within damage or destruction; and (B) Seller shall credit Buyer with the time period specified shall be deemed lesser of (x) an amount equal to constitute Buyer’s election the deductible payable by Seller under the applicable casualty insurance policy; or (y) an amount equal to terminate this Agreementthe estimated cost of repair of such damage. In the event the Estimate of the such damage will cost of repair, remediation or condemnation award is less than Fifty Five Hundred Thousand and No/100 Dollars ($50,000.00)500,000.00) to restore, then Buyer shall not have the option to terminate this Agreement, and the Parties transaction shall proceed to the Close of Escrow on the terms described in accordance with clause (ii) above. Seller represents and warrants to Buyer that Seller shall maintain its currently existing casualty insurance coverage on the Property until the Closing Date. In the event of any damage to the Property which is governed by this Section that occurs prior to the Closing, if necessary, the Scheduled Closing Date may be extended for a period of up to five (5) business days plus the period of time reasonably required for Seller to obtain the required estimate of the cost of repair of such damage.