Damage to Purchased Assets Clause Samples

Damage to Purchased Assets. Neither a material portion of the Purchased Assets are rendered unusable as a result of damage or destruction on or prior to the Closing Date, nor a condemnation, eminent domain, or similar proceeding is instituted and maintained with respect to the Leased Real Property before the Closing, provided, however, that if Purchaser, in its sole discretion, elects to proceed with the Closing after receiving written notice from Seller of such damage or destruction or the institution of such proceedings, then Purchaser shall be entitled to all insurance or condemnation proceeds, including without limitation, business interruption and rental loss proceeds collected by Seller or any Seller Related Party prior to the Closing Date, together with an amount from Seller equal to all deductible amounts under the insurance policies of Seller covering such damage or destruction.

Damage to Purchased Assets. By written notice to Seller delivered within five (5) business days after Seller has provided written notice to Buyer of the suffering of damage to the Equipment, Inventory and/or Assigned Contracts which is in excess of Two Hundred Thousand Dollars ($200,000) occurs prior to the Closing Date;