Common use of Destruction of Improvements Clause in Contracts

Destruction of Improvements. If all or any material part of the improvements, if any, on the Property is destroyed or damaged (excluding natural wear and tear) prior to Closing, Seller shall give Notice to Buyer of such damage or destruction and of Seller's insurance coverage. Within thirty (30) days of Seller’s notification to Buyer, Buyer shall elect by Notice to Seller either (i) to Terminate this Contract, in which event the Xxxxxxx Money shall be refunded to Buyer, or (ii) to close the transaction contemplated hereby, in which event the Purchase Price shall not be reduced but Seller shall assign to Buyer Seller's rights in any insurance proceeds paid or payable to Seller in connection with such damage or destruction. If Xxxxx does not give Notice timely, Buyer shall be deemed to have elected to close the transaction contemplated hereby in accordance with this paragraph. Seller agrees until Closing to maintain any improvements in their existing condition, natural wear and tear and damage by condemnation, fire or other casualty excepted, and to preserve in effect all existing insurance on the improvements.

Destruction of Improvements. If all or any material part of the improvements, if any, improvements located on the Real Property is are destroyed or damaged (excluding natural normal wear and tear) prior to Closing, Seller Meridian shall give Notice notice to Buyer of such damage or destruction and of SellerMeridian's insurance coverage. Within Buyer shall elect within thirty (30) days of Seller’s notification such notice to Buyer, Buyer shall elect by Notice to Seller either (i) to either: A. Terminate this Contract, in which event the Xxxxxxx Money shall be refunded to Buyer, or (ii) to close Agreement; or B. Close the transaction contemplated hereby, in which event the Purchase Price shall not be reduced but except for a reduction by the amount of any deductible amount applicable to insurance proceeds and Seller shall assign to Buyer Buyer, Seller's rights in to any insurance proceeds paid or payable to Seller in connection with such damage or destruction. If Xxxxx Buyer does not give Notice timelytimely notify Seller of Buyer's election, Buyer shall be deemed to have elected to close the transaction contemplated hereby in accordance with this paragraphclause (B) above. Seller agrees until Closing to maintain any improvements in their existing condition, natural normal wear and tear and damage by condemnation, fire or other casualty excepted, and to preserve in effect all existing insurance keep the improvements on the improvementsReal Property insured in an amount equal to one hundred percent (100%) of the replacement cost thereof.

Destruction of Improvements. If all or any material part of the improvements, if any, on the Property is destroyed or damaged (excluding natural wear and tear) prior to Closing, Seller shall give Notice to Buyer of such damage or destruction and of Seller's insurance coverage. Within thirty (30) days of Seller’s notification to Buyer, Buyer shall elect by Notice to Seller either (i) to Terminate this ContractContracx, in which xx xhich event the Xxxxxxx Earnest Money shall be refunded to Buyer, or (ii) to close the transaction contemplated hereby, in which event the Purchase Price shall not be reduced but Seller shall assign to Buyer Seller's rights in any insurance proceeds paid or payable to Seller in connection with such damage or destruction. If Xxxxx Buyer does not give Notice timely, Buyer shall be deemed to have elected to close the transaction contemplated hereby in accordance with this paragraph. Seller agrees until Closing to maintain any improvements in their existing condition, natural wear and tear and damage by condemnation, fire or other casualty excepted, and to preserve in effect all existing insurance on the improvements.