Damage or Destruction Prior to Closing. In the event that the Property should be damaged by any casualty prior to the Closing, then if the cost of repairing such damage, as reasonably estimated by Buyer, is:
11.1. Less than Five Hundred Thousand and No/100 Dollars ($500,000.00), the Closing shall proceed as scheduled and any insurance proceeds shall be assigned or distributed to Buyer to the extent not expended by Seller for restoration, and Seller shall pay to Buyer an amount equal to Seller’s deductible maintained in connection with such insurance; or if said cost is:
11.2. Equal to or greater than Five Hundred Thousand and No/100 Dollars ($500,000.00), then Buyer may elect to terminate this Agreement, in which case upon return of the Due Diligence Items the Deposit shall be returned to Buyer, all other escrow documents and funds shall be returned by the Title Company and/or by Seller’s counsel, as applicable, to the party which delivered them into Escrow, the Equity Escrow Holder shall return the Escrowed Equity to Buyer, and thereafter neither party shall have any further obligation to the other, except for the Surviving Obligations. If Buyer does not elect to terminate this Agreement in accordance with the foregoing, any insurance proceeds shall be assigned or distributed to Buyer to the extent not expended by Seller for restoration, and Seller shall pay to Buyer an amount equal to Seller’s deductible maintained in connection with such insurance.
Damage or Destruction Prior to Closing. The Seller shall bear the risk of all loss or damage to the Property from all causes through the time of recordation of the Deed (defined in Section 10.1.1). In the event any of the Improvements or the Land should be damaged or destroyed as a result of fire or other casualty or any other cause whatsoever which occurs prior to the Closing Date, the Seller shall promptly give the Purchaser written notice of such destruction or damage. The Purchaser shall have the option of either (a) affirming this Agreement, in which event Seller will pay to the Purchaser any insurance proceeds payable to the Seller therefor or assign to Purchaser all of Seller’s rights under any policy or policies of insurance on the Property, as applicable, and proceed to Closing hereunder; or (b) terminate this Agreement and receive the Deposit, in which event both Seller and Purchaser shall be released from all further obligations and liabilities under this Agreement, except as otherwise expressly set forth in this Agreement.
Damage or Destruction Prior to Closing. In the event that the Property should be damaged by any casualty prior to the Closing, Seller shall give prompt notice to Buyer. If the Property is "materially damaged" (as hereinafter defined) by a fire or other casualty event (a "Casualty") prior to Closing, Buyer may terminate this Agreement by written notice given to Seller within ten (10) Business Days after Buyer receives notice of the occurrence of such Casualty from Seller. If Buyer so terminates this Agreement, then the Deposit and Investigation Reimbursement shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as set forth herein. If Buyer does not so terminate this Agreement, or if the Property is not deemed "materially damaged," Buyer will remain bound to purchase the Property for the full Purchase Price pursuant to the tenns of this Agreement, without regard to the occurrence or effect of the Casualty; provided that at Closing Seller will assign to Buyer Seller's interest in any property and lost income insurance proceeds payable to Seller under Tenant's insurance, but net of any costs and expenses reasonably incurred by Seller prior to Closing in connection with the Casualty and net of any pre-Closing rental loss resulting from the Casualty permitted by Tenants under the Leases, and Buyer shall receive a credit against the Purchase Price in the amount by which the cost of repair or restoration of the Property, as estimated by an engineer or contractor reasonably and timely selected by Seller and Buyer, exceeds the amount of any insurance proceeds. For purposes of this Section, the Property shall be deemed "materially damaged" if: (a) the estimated repair cost is greater than Two Hundred Thousand Dollars ($200,000.00); or (b) Tenant is not responsible under the Lease for the repair or restoration of the Property; or (c) a Tenant has the right to tenninate the Lease as a result of such Casualty and such right is not waived by the Tenant; or (d) the damage or destruction is not covered by Seller's insurance or if such insurance is not for full replacement cost, and the estimated repair cost is greater than Two Hundred Thousand Dollars ($200,000.00); or the damage or destruction causes the Property to be unacceptable to lender.
Damage or Destruction Prior to Closing. If any of the Properties, or any portion thereof, is damaged or destroyed prior to the Closing from any cause whatsoever, whether insured risk or not, including, without limitation, fire, flood, accident or other casualty which, according to Buyer's and Seller's best estimate, would cost more than Ten Thousand Dollars ($10,000) to repair, Buyer shall have the option, upon written notice to Seller, to either (i) terminate this Agreement, or (ii) purchase all the Properties. If Buyer elects to purchase the Properties, Seller shall promptly repair such Property. In the event that Buyer's and Seller's best estimate of the cost of repair is Ten Thousand Dollars ($10,000) or less, Buyer shall purchase the Properties and Seller shall promptly repair such Property. Should any damage or destruction occur prior to the Closing, the date scheduled for the Closing shall be extended for a period of time not to extend thirty (30) days, for the purpose of allowing Buyer and Seller sufficient time to estimate the cost of repair. If Buyer fails to notify Seller of its election under this Paragraph 10, Buyer shall be deemed to have elected to purchase the Properties.
Damage or Destruction Prior to Closing. In the event that the Property should be damaged by any casualty prior to the Closing, then if the cost of repairing such damage, as reasonably estimated by Seller, is:
11.1 Less than Five Hundred Thousand Dollars ($500,000), the Closing shall proceed as scheduled and any insurance proceeds shall be distributed to Buyer to the extent not expended by Seller for restoration; or if said cost is:
11.2 Greater than Five Hundred Thousand Dollars ($500,000), then either Seller or Buyer may elect to terminate this Agreement, in which case the Due Diligence Items shall be returned and the Deposit shall be returned to Buyer and neither party shall have any further obligation to the other except for Buyer’s indemnification obligations under Section 5.
Damage or Destruction Prior to Closing. In the event that the Property should be damaged by any casualty prior to the Closing, then if the Closing shall proceed as scheduled and any insurance proceeds shall be distributed to Buyer to the extent not expended by Seller for restoration and Buyer shall be credited with any deductible under such insurance policies.
Damage or Destruction Prior to Closing. In the event that the Subject Property should be damaged by any casualty prior to closing, then if the cost of repairing such damage, as estimated by an architect or contractor retained pursuant to the mutual agreement of Seller and Purchaser, is:
Damage or Destruction Prior to Closing. Seller shall bear the risk of all loss or damage to the Property from all causes, through the Closing. In the event, on or prior to the Date of Closing, any of the Improvements, the Land or any of the items constituting the Personalty should be damaged or destroyed as a result of fire or other casualty or any other cause whatsoever, Seller shall promptly give Purchaser written notice of such destruction or damage. The rights and obligations of Seller and Purchaser by reason of such destruction or damage shall be as follows:
(a) If the cost of repair and restoration (as such term is defined below) of such destruction or damage shall be $250,000 or less with respect to the Property, the obligations of Purchaser with respect to the Property shall not be affected by such destruction or damage and Purchaser shall accept title to the Property in its destroyed or damaged condition; but (i) at the Closing, Seller shall assign to Purchaser all of Seller's rights, title and interests in and to the proceeds of any insurance carried by Seller and payable with respect to such destruction or damage (other than as have been used for repairs); (ii) Seller shall pay any deductible on the applicable insurance policy with respect to such destruction or damage or credit the amount of such deductible against the Purchase Price; and (iii) there shall be no other reduction in the Purchase Price.
(b) If the cost of repair and restoration of such destruction or damage shall exceed $250,000 with respect to the Property, Purchaser shall have the option either to: (I) accept title to the Property in its destroyed or damaged condition in accordance with and subject to the provisions of subparagraph (a) above; or (ii) terminate this Agreement by giving notice to such effect to Seller not later than ten (10) days after the cost of repair and restoration is determined (as provided below); upon the giving of such notice by Purchaser, the Deposit together with any interest earned thereon shall be returned to Purchaser and neither Seller nor Purchaser shall have any further obligation hereunder. The term "cost of repair and restoration" shall mean an estimate of actual cost of repair and restoration obtained by Purchaser, within twenty (20) days of receipt of notice from Seller from a reputable contractor regularly doing business in the parish where the Property is located provided that if such Seller does not agree with such estimate, such Seller may obtain, within ten (10) days of receipt...
Damage or Destruction Prior to Closing. In the event that the Property should be damaged by any casualty prior to the Closing, then if the cost of repairing such damage, as reasonably estimated by Seller, is:
11.1. Less than Fifty Thousand and No/100 Dollars ($50,000.00), the Closing shall proceed as scheduled and any insurance proceeds shall be assigned or distributed to Buyer to the extent not expended by Seller for restoration; or if said cost is:
11.2. Equal to or greater than Fifty Thousand and No/100 Dollars ($50,000.00), then either Seller or Buyer may elect to terminate this Agreement, in which case upon return of the Due Diligence Items the Deposit shall be returned to Buyer and neither party shall have any further obligation to the other, except for Buyer’s indemnification obligations under Section 5. If neither party elects to terminate this Agreement in accordance with the foregoing, any insurance proceeds shall be assigned or distributed to Buyer to the extent not expended by Seller for restoration.
Damage or Destruction Prior to Closing. In the event that the Property should be damaged by any casualty prior to closing, then if the cost of repairing such damage, as estimated by an architect or contractor retained pursuant to the mutual agreement of the parties, is:
A. less than Two Hundred Thousand Dollars ($200,000), the closing shall proceed as scheduled and any insurance proceeds shall be distributed to Purchaser, Seller shall pay any deductible under the insurance policy, and Seller shall assign to Purchaser any rights under the insurance policy; or if said cost is:
B. greater than Two Hundred Thousand Dollars ($200,000), then either Seller or Purchaser may elect to terminate this Contract, in which case neither party shall have any further obligation to the other and the Deposit shall be returned to Purchaser.
