Common use of Damage to or Destruction of Property Prior to Closing; Risk of Loss Clause in Contracts

Damage to or Destruction of Property Prior to Closing; Risk of Loss. If prior to Closing the Property shall sustain damage caused by fire or other casualty that is insured and that would cost One Hundred Fifty Thousand Dollars ($150,000) or more to repair or if any uninsured loss or casualty occurs that would cost One Hundred Fifty Thousand Dollars ($150,000) or more to repair, either Seller or Purchaser may respectively elect to terminate this Agreement by written notice to the other within fifteen days after notice of such event, or at Closing, whichever is earlier. If neither Seller nor Purchaser so elects to terminate its obligations under this Agreement, or if the loss or casualty would cost less than One Hundred Fifty Thousand Dollars ($150,000) to repair, the Closing shall take place as provided herein and Purchaser shall receive an assignment of Seller's rights to insurance proceeds with respect to any unrepaired damage (including any rental loss proceeds for periods after the Closing), loss or casualty in question. Seller shall retain all interest in and to the insurance proceeds that may be payable to Seller on account of repaired and completed damage, but Seller shall have no obligation of repair or replacement.

Damage to or Destruction of Property Prior to Closing; Risk of Loss. If prior to Closing the Property shall sustain damage caused by fire or other casualty that is insured and that would cost One Five Hundred Fifty Thousand Dollars ($150,000500,000) or more to repair or if any uninsured loss or casualty occurs that would cost One Five Hundred Fifty Thousand Dollars ($150,000500,000) or more to repair, either Seller or Purchaser may respectively elect to terminate this Agreement by written notice to the other within fifteen days after notice of such event, or at Closing, whichever is earlier. If neither Seller nor Purchaser so elects to terminate its obligations under this Agreement, or if the loss or casualty would cost less than One Five Hundred Fifty Thousand Dollars ($150,000500,000) to repair, the Closing shall take place as provided herein and Purchaser shall receive an assignment of Seller's rights to insurance proceeds with respect to any unrepaired damage (including any rental loss proceeds for periods after the Closing), loss or casualty in question. Seller shall retain all interest in and to the insurance proceeds that may be payable to Seller on account of repaired and completed damage, but Seller shall have no obligation of repair or replacement.

Damage to or Destruction of Property Prior to Closing; Risk of Loss. If after the date hereof and prior to Closing the Property shall sustain damage caused by fire or other casualty that is insured and that would cost One Hundred Fifty Thousand Dollars ($150,000) or more to repair or if any uninsured loss or casualty occurs that would cost One Hundred Fifty Thousand Dollars ($150,000) or more to repair, either Seller or Purchaser may respectively elect to terminate this Agreement by written notice to the other within fifteen days after notice of such event, or at Closing, whichever is earlier. If neither Seller nor Purchaser so elects to terminate its obligations under this AgreementAgree- ment, or if the loss or casualty would cost less than One Hundred Fifty Thousand Dollars ($150,000) to repair, the Closing shall take place as provided herein and Purchaser shall receive an assignment of Seller's rights to insurance proceeds with respect to any unrepaired damage (including any rental loss proceeds for periods after the Closing), loss or casualty in question. Seller shall retain all interest in and to the insurance proceeds that may be payable to Seller on account of repaired and completed damage, but Seller shall have no obligation of repair or replacement.

Damage to or Destruction of Property Prior to Closing; Risk of Loss. If prior to Closing the Property shall sustain damage caused by fire or other casualty that is insured and that would cost One Hundred Fifty Thousand Million Dollars ($150,0001,000,000) or more to repair or if any uninsured loss or casualty occurs that would cost One Hundred Fifty Thousand Million Dollars ($150,0001,000,000) or more to repair, either Seller Owner or Purchaser Acquirer may respectively elect to terminate this Agreement by written notice to the other within fifteen days after notice of such event, or at Closing, whichever is earlier. If neither Seller Owner nor Purchaser Acquirer so elects to terminate its obligations under this Agreement, or if the loss or casualty would cost less than One Hundred Fifty Thousand Million Dollars ($150,0001,000,000) to repair, the Closing shall take place as provided herein and Purchaser Acquirer shall receive (i) a credit for the amount of Owner's deductible or retention and (ii) an assignment of SellerOwner's rights to insurance proceeds with respect to any unrepaired damage (including any rental loss proceeds for periods after the Closing), loss or casualty in question. Seller Owner shall retain all interest in and to the insurance proceeds that may be payable to Seller Owner on account of repaired and completed damage, but Seller Owner shall have no obligation of repair or replacement.

Damage to or Destruction of Property Prior to Closing; Risk of Loss. If after the date hereof and prior to Closing the Property shall sustain damage caused by fire or other casualty that is insured and that would cost One Hundred Fifty Thousand Dollars ($150,000) or more to repair or if any uninsured loss or casualty occurs that would cost One Hundred Fifty Thousand Dollars ($150,000) or more to repair, either Seller Sellers or Purchaser may respectively elect to terminate this Agreement by written notice to the other within fifteen days after notice of such event, or at Closing, whichever is earlier. If neither Seller Sellers nor Purchaser so elects to terminate its obligations under this Agreement, or if the loss or casualty would cost less than One Hundred Fifty Thousand Dollars ($150,000) to repair, the Closing shall take place as provided herein and Purchaser shall receive an assignment of Seller's Sellers' rights to insurance proceeds with respect to any unrepaired damage (including any rental loss proceeds for periods after the Closing), loss or casualty in question. Seller Sellers shall retain all interest in and to the insurance proceeds that may be payable to Seller Sellers on account of repaired and completed damage, but Seller Sellers shall have no obligation of repair or replacement.