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:
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. 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. 10.1 In the event that either the Improvements or Personal Property should be damaged by any casualty prior to Closing, and if the cost of repairing such damage, as estimated by an independent contractor ("Independent Contractor") retained by Buyer (and approved by Seller, which approval shall not be withheld unreasonably or unduly delayed) is:
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. 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 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. Seller shall bear the risk of all loss or damage to the Facility from all causes through the time of Closing and Seller shall maintain its current fire and extended insurance coverage. . If more than 5% of the Facility is damaged by fire or other casualty prior to Closing, then the Buyer shall have the right to either (i) terminate this Agreement or (ii) proceed to Closing without a reduction in Purchase Price and receive an assignment of all of Seller's right, title and interest in and to any insurance proceeds relating to such casualty. If less than 5% of the Facility is damaged by fire or other casualty prior to Closing, then the Purchaser, subject to the other terms of this Agreement, shall be obligated to proceed to Closing without a reduction in Purchase Price but shall receive an assignment of all of Seller's right, title and interest in and to any insurance proceeds relating to such casualty. Seller shall in no event be liable to Buyer for any damages, out-of-pocket expenses of other claims arising out of a fire or other casualty to the Facility.
Damage or Destruction Prior to Closing. Condemnation ----------------------------------------------------
Damage or Destruction Prior to Closing
