Common use of Defective Property Clause in Contracts

Defective Property. (a) If, prior to the Closing, (i) the Property suffers a casualty or condemnation which causes the Property to become a Defective Property, (ii) the Property is not, prior to the Closing, restored to a condition substantially the same as the condition thereof immediately prior to such casualty or condemnation, and (iii) Purchaser provides written notice of same to Seller no later than the Closing Date, time being of the essence, then subject to paragraph (b) of this Section 3.2 and the remainder of this Section ----------- ------- 3, Purchaser may elect at its option to terminate this Agreement. Promptly upon - learning of the same, Seller covenants and agrees to provide Purchaser with prompt written notice of any casualty or condemnation affecting the Property.

Defective Property. (a) If, prior to the Closing, (i) the Property suffers a casualty or condemnation which causes the Property to become a Defective Property, (ii) the Property is not, prior to the Closing, restored to a condition substantially the same as the condition thereof immediately prior to such casualty or condemnation, and (iii) Purchaser provides written notice of same to Seller no later than the Closing Date, time being of the essence, then subject to paragraph (b) of this Section 3.2 and the remainder of this Section ----------- ------- 3, Purchaser may elect at its option to terminate this Agreement. Promptly upon - learning of the same, Seller covenants and agrees to provide Purchaser with prompt written notice of any casualty or condemnation affecting the Property.

Defective Property. (a) If, prior to the Closing, (i) the Property suffers a casualty or condemnation which causes would cause the Property to become a Defective Property, (ii) the Property is not, prior to the Closing, restored to a condition substantially the same as the condition thereof immediately prior to such casualty or condemnation, and (iii) Purchaser provides written notice of same to Seller no later than the Closing Date, time being of the essence, then subject to paragraph (b) of this Section 3.2 and the remainder of this ----------- Section ----------- ------- 3, Purchaser may elect at its option to terminate this Agreement. --------- Promptly upon - learning of the same, Seller covenants and agrees to provide Purchaser with prompt written notice of any casualty or condemnation affecting the Property.

Defective Property. (a) If, prior to the Closing, (i) the Property suffers a casualty or condemnation which causes the Property to become a Defective Property, (ii) the Property is not, prior to the Closing, restored to a condition substantially the same as the condition thereof immediately prior to such casualty or condemnation, and (iii) Purchaser provides written notice of same to Seller no later than the Closing Date, time being of the essence, then subject to paragraph (b) of this Section 3.2 and the remainder of this Section ----------- ------- 3, Purchaser may elect at its option to terminate this Agreement. Promptly upon - learning of the same, Seller covenants and agrees to provide Purchaser with prompt written notice of any casualty or condemnation affecting the PropertyProperty .

Defective Property. (a) If, prior to the Closing, (i) the Property suffers a casualty or condemnation which causes would cause the Property to become a Defective Property, (ii) the Property is not, prior to the Closing, restored to a condition substantially the same as the condition thereof immediately prior to such casualty or condemnation, and (iii) Purchaser provides written notice of same to Seller no later than the Closing Date, time being of the essence, then subject to paragraph (b) of this Section 3.2 and the remainder of this Section ----------- ------- 3, Purchaser may elect at its option to terminate this Agreement. Promptly upon - learning of the same, Seller covenants and agrees to provide Purchaser with prompt written notice of any casualty or condemnation affecting the Property.