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

Damage or Destruction; Condemnation; Insurance. If at any time prior to the date of Closing there is damage or destruction to the Property the cost for repair of which exceeds Five Million Dollars ($5,000,000.00) and the Property cannot be restored to its original condition prior to Closing, or if all or any material portion of the Property is condemned or taken by eminent domain proceedings by any public authority, then, at Buyer’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 if Buyer elects not to terminate this Agreement as therein provided, then (1) 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 Closing; and (2) 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.

Damage or Destruction; Condemnation; Insurance. If at any time prior to the date of Closing Date there is damage or destruction to the Property Fee Properties, the cost for repair of which exceeds Five Million One Hundred Fifty Thousand Dollars ($5,000,000.00150,000) and the Property Fee Properties cannot be restored to its their original condition prior to the Closing, or if all or any material portion of the Property Fee Properties 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 and either the cost to repair does not exceed the amount set forth above set forth, and if or Buyer elects not to terminate this Agreement as therein providedprovided above, then (1a) 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 (2b) 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 there is damage or destruction to the Property Property, the cost for repair of which exceeds Five Million Dollars ($5,000,000.00) 1,000,000.00, as reasonably determined by Buyer and the Property cannot be restored to its original condition prior to ClosingSeller, or if all or any material portion of the Property is condemned or taken by eminent domain proceedings by any public authority, then, at Buyer’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 forthregardless of the cost of any repair, and if Buyer elects not to terminate this Agreement as therein provided, then (1) 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 Closing; and (2) 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 the Seller’s deductible shall be a credit to Buyer against the Purchase Price.

Damage or Destruction; Condemnation; Insurance. If at any time prior to the date of Closing there is damage or destruction to the Property the cost for repair of which exceeds Five Million Dollars ($5,000,000.00) and the Property cannot be restored to its original condition prior to Closing1,000,000.00, or if all or any material portion of the Property is condemned or taken by eminent domain proceedings by any public authority, then, at Buyer’s optionoption 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, as above set forth, and if Buyer elects not to terminate this Agreement (or does not have the right to terminate this Agreement) as therein herein provided, then subject to the rights and interests of tenants (1) 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 Closing; and (2) 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.