Damage or Destruction of Assets. In the event of destruction or material damage, at or before the moment of Closing, of any of the assets of the Hotel, Restaurant or Property, then either Buyer of Seller shall have the right to terminate this Agreement.
Damage or Destruction of Assets. Notify Purchaser immediately in the event of any damage to or destruction of any material Assets.
Damage or Destruction of Assets. If an Asset or Assets shall be damaged in whole or in part by fire or other cause, West Central and REG shall mutually determine if the damages shall be repaired and restored, the allocation of costs of any repair or replacement, and adjustment to the Compensation to be paid with respect to such Asset(s). If the parties determine that the Asset(s) are to be repaired, any insurance proceeds receivable by either party as a result of such loss shall be paid towards the necessary repairs or costs of restoration (up to the cost of such expenses), with the parties to determine their respective contribution to any expenses not covered by insurance proceeds received. If the parties conclude such Asset(s) will not be repaired, all insurance proceeds will be divided between the parties in the same ratio as expenses with respect to such Asset(s) had been shared, and the parties obligations under this Use Agreement with respect to such Asset(s) shall cease.
Damage or Destruction of Assets. Between the Date of this Agreement and the Closing Date, Sellers shall maintain all insurance coverage presently in effect with regard to the Property and any improvements thereon, including, but not limited to, the Hotel. In the event of destruction or material damage, at or before the moment of Closing, of any of the assets of the Hotel or Property, then at Buyer’s election, Buyer will be entitled to receive the insurance proceeds, if any, payable in respect of such damaged or destroyed property, in lieu of or together with such properties, in which event the Purchase Price shall remain the same, or Buyer may terminate this Agreement. The Closing may be delayed by such time as is reasonably necessary to determine whether such assets, properties and rights are destroyed, materially damaged, or substantially impaired.
Damage or Destruction of Assets. In the event that any loss or damage to, or destruction of, any of the Assets shall occur prior to the Closing, Buyer shall have the option of either (a) accepting any insurance proceeds, awards, or compensation in respect of such loss, damage or destruction and proceeding with the Closing, or (b) terminating this Agreement, in which case neither Buyer, Imperial nor the Companies or Shareholders shall have any further obligations or rights hereunder.
Damage or Destruction of Assets. In the event that any loss or damage to or destruction of any of the Assets shall occur prior to the Closing, Buyer shall have the option of either (a) terminating this Agreement, in which case neither Buyer nor the Company shall have any further obligations or rights hereunder other than for the Company's obligations to reimburse MWI for the option payments made in accordance with Section 3.2 herein, or (b) reducing the Purchase Price by the replacement cost of such Assets.
Damage or Destruction of Assets. In the event that any loss or damage to or destruction of any of the Assets shall occur prior to the Closing, Purchaser shall be entitled to all insurance proceeds, awards, or other compensation payable in respect of such loss, damage, or destruction; provided, however, that if any material portion of the Assets is lost or destroyed or materially damaged prior to the Closing, Purchaser shall have the option of either (i) accepting such proceeds, awards, or compensation and proceeding with the Closing, or (ii) terminating this Agreement, in which case neither Purchaser nor Seller shall have any further obligations or rights hereunder.
Damage or Destruction of Assets. Notify Speex xxxediately in the event of any material damage to or material destruction of any of the material assets of PSI.
Damage or Destruction of Assets. Notify Xxxxx immediately in the event of any material damage to or material destruction of any of the material assets of PSI.
Damage or Destruction of Assets. If any of the Fixed Assets are lost, damaged or destroyed prior to the Completion Date PTL may at its option either:
