Common use of Damage or Destruction; Condemnation; Insurance Clause in Contracts

Damage or Destruction; Condemnation; Insurance. If at any time prior to the Closing Date there is damage or destruction to the Fee Properties, the cost for repair of which exceeds One Hundred Fifty Thousand Dollars ($150,000) and the Fee Properties cannot be restored to their original condition prior to the Closing, or if any portion of the Fee Properties is condemned or taken by eminent domain proceedings by any public authority, then, at Buyer's option, this Agreement shall terminate, and neither party shall have any further liability or obligation to the other hereunder. If there is any damage or destruction or condemnation or taking, and either the cost to repair does not exceed the amount set forth above or Buyer elects not to terminate this Agreement as provided above, then (a) in the case of a taking, all condemnation proceeds paid or payable to Seller shall belong to Buyer and shall be paid over and assigned to Buyer at the Closing; and (b) in the case of a casualty, Seller shall assign to Buyer all rights to any insurance proceeds paid or payable under the applicable insurance policies, less any costs of collection and any sums expended in restoration, and Buyer shall receive a credit against the Purchase Price for the amount of any deductible under Seller's insurance policies.

Damage or Destruction; Condemnation; Insurance. If at any time prior to the date of Closing Date there is damage or destruction to the Fee PropertiesProperty, the cost for repair of which exceeds One Hundred Fifty Thousand Dollars ($150,000) 1,000,000.00, as reasonably determined by Buyer and the Fee Properties cannot be restored to their original condition prior to the ClosingSeller, or if all or any portion of the Fee Properties Property is condemned or taken by eminent domain proceedings by any public authority, then, at Buyer's ’s option, this Agreement shall terminate, and the Deposit shall be returned to Buyer, and except as expressly set forth herein, neither party shall have any further liability or obligation to the other hereunder. If there is any damage or destruction or condemnation or taking, and either regardless of the cost to repair does not exceed the amount set forth above or of any repair, and if Buyer elects not to terminate this Agreement as provided abovetherein provided, then (a1) in the case of a taking, all condemnation proceeds paid or payable to Seller shall belong to Buyer and shall be paid over and assigned to Buyer at the Closing; and (b2) in the case of a casualty, Seller shall assign to Buyer all rights to any insurance proceeds paid or payable under the applicable insurance policies, less any costs of collection and any sums expended in restoration, and Buyer the Seller’s deductible shall receive be a credit to Buyer against the Purchase Price for the amount of any deductible under Seller's insurance policiesPrice.

Damage or Destruction; Condemnation; Insurance. If at any time prior to the date of Closing Date there is damage or destruction to the Fee Properties, Property the cost for repair of which exceeds One Hundred Fifty Thousand Dollars ($150,000) and the Fee Properties cannot be restored to their original condition prior to the Closing1,000,000.00, or if all or any material portion of the Fee Properties Property is condemned or taken by eminent domain proceedings by any public authority, then, at Buyer's option’s option by notice given to Seller within five (5) business days following notice of such casualty or condemnation, this Agreement shall terminate, and the Deposit shall be returned to Buyer, and except as expressly set forth herein, neither party shall have any further liability or obligation to the other hereunder. If there is any damage or destruction or condemnation or taking, and either the cost to repair does not exceed the amount set forth above or if Buyer elects not to terminate this Agreement (or does not have the right to terminate this Agreement) as provided aboveherein provided, then subject to the rights and interests of tenants (a1) in the case of a taking, all condemnation proceeds paid or payable to Seller shall belong to Buyer and shall be paid over and assigned to Buyer at the Closing; and (b2) in the case of a casualty, Seller shall assign to Buyer all rights to any insurance proceeds paid or payable to Seller under the applicable insurance policies and Buyer shall receive a credit at Closing for any deductible amount under such insurance policies, ; less in each case any costs of collection and any sums expended in restoration, and Buyer shall receive a credit against the Purchase Price for the amount of any deductible under Seller's insurance policies.

Damage or Destruction; Condemnation; Insurance. If at any time prior to the date of Closing Date there is damage or destruction to the Fee Properties, Property the cost for repair of which exceeds One Hundred Fifty Thousand Five Million Dollars ($150,0005,000,000.00) and the Fee Properties Property cannot be restored to their its original condition prior to the Closing, or if all or any material portion of the Fee Properties Property is condemned or taken by eminent domain proceedings by any public authority, then, at Buyer's ’s option, this Agreement shall terminate, and the Deposit shall be returned to Buyer, and except as expressly set forth herein, neither party shall have any further liability or obligation to the other hereunder. If there is any damage or destruction or condemnation or taking, as above set forth, and either the cost to repair does not exceed the amount set forth above or if Buyer elects not to terminate this Agreement as provided abovetherein provided, then (a1) in the case of a taking, all condemnation proceeds paid or payable to Seller shall belong to Buyer and shall be paid over and assigned to Buyer at the Closing; and (b2) in the case of a casualty, Seller shall assign to Buyer all rights to any insurance proceeds paid or payable under the applicable insurance policies, less any costs of collection and any sums expended in restoration, and Buyer shall receive a credit against the Purchase Price for the amount of any deductible under Seller's insurance policies.