Common use of Damage or Destruction to Project Clause in Contracts

Damage or Destruction to Project. In the event that between the Acceptance Date and the date of Closing, all or any portion of the Project is damaged or destroyed by fire or other casualty and the cost of repairing such damage exceeds $250,000.00, Purchaser may elect to: a. Terminate this Agreement without cost, obligation or liability on Purchaser's part, in which event all rights and obligations of the parties hereunder shall cease and the Xxxxxxx Money and all interest thereon shall be returned to Purchaser; or b. Consummate the transaction contemplated hereby, in which event the Seller shall provide Purchaser with a closing credit in the amount of its insurance deductible and shall insurance proceeds payable as a result of such damage or destruction shall provide Purchaser with a closing insurance proceeds payable as a result of Purchaser at Closing and used to rebuild the Project. Purchaser shall notify Seller within thirty (30) days after receipt of notice from Seller of such damage or destruction of its election. If Purchaser fails to notify Seller of its election within said 30-day period, such failure shall constitute an election to terminate this Agreement as aforesaid. The Closing shall be adjusted, if necessary, to allow for Purchaser's election not to terminate. In the event that the cost of restoration or rebuilding is less than $250,000.00, Seller shall effect such restoration and if such restoration or rebuilding is not completed as of the date of Closing, the date of Closing shall be extended until such time as such restoration or rebuilding is completed.

Damage or Destruction to Project. In the event that A. If between the Acceptance Effective Date and the date of ClosingClosing Date, all or any portion of the Project is damaged or destroyed by fire or other casualty and the cost casualty, Seller shall notify Purchaser in writing of repairing such damage exceeds $250,000.00or destruction (the “Casualty Notice”) and Purchaser, Purchaser at its sole option, may elect to: a. Terminate i. terminate this Agreement without cost, obligation or liability on Purchaser's part, in which event all rights and obligations of the parties hereunder shall cease and the Xxxxxxx Money and all interest thereon shall be returned to Purchaser; or b. Consummate the transaction contemplated herebyAgreement, in which event the Seller Xxxxxxx Money shall provide be returned to Purchaser with a closing credit and, except as specifically provided in this Agreement, neither party shall have any further rights or obligations to the amount of its insurance deductible and shall insurance proceeds payable as a result of such damage or destruction shall provide Purchaser with a closing insurance proceeds payable as a result of Purchaser at Closing and used to rebuild other under this Agreement; or ii. consummate the Project. transaction contemplated by this Agreement, in which event Purchaser shall notify Seller within receive a credit against the Purchase Price in an amount equal to the reasonable determination of the cost of restoring the Project prepared by an independent insurance examiner or engineer selected by Seller. B. Purchaser shall have until the date (the “Casualty Election Date”) that is thirty (30) days after receipt of notice from Seller of such damage the Casualty Notice to elect whether to terminate or destruction of its electionproceed with this Agreement. If Purchaser fails to notify Seller of its election within said 30-day periodon or before the Casualty Election Date, such failure then Purchaser shall constitute an election be deemed to have elected to terminate this Agreement as aforesaid. The Agreement. C. If the Closing shall be adjusted, if necessary, Date is a date prior to allow for Purchaser's election not to terminate. In the event that the cost of restoration or rebuilding is less than $250,000.00, Seller shall effect such restoration and if such restoration or rebuilding is not completed as of the date of ClosingCasualty Election Date, the date of Closing Date shall be extended until such time as such restoration or rebuilding is completedto a date twenty (20) days after the Casualty Election Date.

Damage or Destruction to Project. In the event that A. If between the Acceptance Effective Date and the date of ClosingClosing Date, all or any portion of the Project is damaged or destroyed by fire or other casualty and the cost casualty, Seller shall notify Purchaser in writing of repairing such damage exceeds $250,000.00, or destruction (the "Casualty Notice"): (i) either Seller or Purchaser may elect to: a. Terminate to terminate this Agreement without cost, obligation or liability on Purchaser's part, in which event all rights and obligations of the parties hereunder shall cease and the Xxxxxxx Money and all interest thereon shall be returned to Purchaser; or b. Consummate the transaction contemplated herebyAgreement, in which event the Seller Xxxxxxx Money shall provide be returned to Purchaser with and, except as specifically provided in this Agreement, neither party shall have any further rights or obligations to the other under this Agreement; or (ii) both parties may elect to consummate the transaction contemplated by this Agreement, in which event Purchaser shall receive a closing credit against the Purchase Price in an amount equal to Purchaser's reasonable determination of the amount cost of its insurance deductible and shall insurance proceeds payable as a result of such damage or destruction shall provide Purchaser with a closing insurance proceeds payable as a result of Purchaser at Closing and used to rebuild restoring the Project. 992507_9 18 B. Purchaser and Seller shall notify Seller within have until the date (the "Casualty Election Date") that is thirty (30) days after receipt of notice from Seller of such damage the Casualty Notice to elect whether to terminate or destruction of its electionproceed with this Agreement. If Purchaser either party fails to notify Seller the other party of its election within said 30-day periodon or before the Casualty Election Date, such failure then that party shall constitute an election be deemed to have elected to terminate this Agreement. C. Notwithstanding the foregoing, Seller shall only have the right to terminate this Agreement as aforesaid. The Closing shall be adjusted, if necessary, pursuant to allow for Purchaser's election not to terminate. In Section 13A above in the event that the cost of restoration to repair and restore any damage or rebuilding is less than $250,000.00, Seller shall effect such restoration and if such restoration destruction to the Project by fire or rebuilding is not completed as other casualty will exceed ten percent of the Purchase Price. D. If the Closing Date is a date of Closingprior to the Casualty Election Date, the date of Closing Date shall be extended until such time as such restoration or rebuilding is completedto a date twenty (20) days after the Casualty Election Date.