Common use of Destruction or Damage Clause in Contracts

Destruction or Damage. In the event that prior to the Closing Date any portion of the Improvements shall be damaged or destroyed by fire or other casualty, Seller shall immediately give Purchaser notice of such occurrence. If the amount of damage caused by such fire or casualty shall exceed $350,000.00 (as determined by an insurance adjuster selected by Seller) Purchaser may, within fifteen (15) days after receipt of such notice, elect to (a) terminate this Agreement, in which event the Deposit shall be returned promptly to Purchaser, all obligations of the parties hereunder shall cease and this Agreement shall have no further force and effect, or (b) Close the transaction contemplated hereby as scheduled (except that if the Closing Date is less than fifteen (15) days following Purchaser's receipt of such notice, Closing shall be delayed until after Purchaser makes such election), and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to equal amount of any deductible under such policy. Failure to give such notice within such time shall be conclusive evidence that Purchaser has elected the option contained in subsection (b) of this Section 6.1. In the event that the amount of damage caused by such fire or casualty is less than $350,000.00 (as determined by an insurance adjuster selected by Seller), Purchaser may not elect to terminate this Agreement and shall Close the transaction contemplated hereby as scheduled, and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to the amount of any deductible under such policy.

Destruction or Damage. In the event that prior If, subsequent to the Contract Date and on or before the Closing Date Date, all or any material portion of the Improvements Property shall be destroyed or damaged by one or destroyed by fire more incidents of vandalism, fire, release of Hazardous Materials or other casualty, whether or not covered by insurance, Seller shall immediately give Purchaser Buyer notice of such occurrence. If the amount of damage caused by such fire or casualty shall exceed $350,000.00 (as determined by an insurance adjuster selected by Seller) Purchaser may, and Buyer, within fifteen (15) days after receipt of such notice, may elect by written notice to Seller to (a) terminate this Agreement, in which event the Deposit shall be returned promptly to Purchaser, all obligations of the parties hereunder shall cease and this Agreement shall be deemed null and void and neither party shall have no any further force rights and effectobligations hereunder (subject to Buyer's Indemnity which shall survive closing for the period specified in Section 5.2), or (b) Close proceed to close the transaction contemplated hereby as scheduled (except that if the Closing Date is less than fifteen (15) days following PurchaserBuyer's receipt of such notice, Closing closing shall be delayed until after Purchaser Buyer makes such election), with no adjustment to the Acquisition Price; provided; however, that Buyer shall have the right to participate in the adjustment and settlement of any insurance claim relating to said damage, and Seller shall assign and/or pay to Purchaser Buyer at Closing closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction (and other related choses in action, if any) collected or claimed with respect to said loss or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to equal amount of plus any deductible under such policyor self-insured amount. Failure Buyer's failure to give such notice within such the time period specified above shall be conclusive evidence that Purchaser has elected deemed to be Buyer's election of option (a) above. Notwithstanding anything to the option contrary contained in subsection (b) of this Section 6.1. In 9.1, if the event that cost of restoring damage to the amount of damage caused by such fire or casualty Property is less than One Hundred Thousand Dollars ($350,000.00 (as determined by an insurance adjuster selected by Seller100,000.00), Purchaser may not elect then Buyer shall have no right to terminate this Agreement and the closing and insurance adjustment procedures described in clause (b) above shall Close the transaction contemplated hereby as scheduled, and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to the amount of any deductible under such policyapply.

Destruction or Damage. In the event that prior If, subsequent to the Contract Date and on or before the Closing Date Date, all or any portion of the Improvements Property shall be destroyed or damaged by one or destroyed by fire more incidents of vandalism, fire, release of Hazardous Materials or other casualty, whether or not covered by insurance, Seller shall immediately give Purchaser Buyer notice of such occurrence. If the amount of damage caused by such fire or casualty shall exceed $350,000.00 (as determined by an insurance adjuster selected by Seller) Purchaser may, and Buyer, within fifteen (15) days after receipt of such notice, may elect by written notice to Seller to (a) terminate this Agreement, in which event the Deposit shall be returned promptly to Purchaser, all obligations of the parties hereunder shall cease and this Agreement shall be deemed null and void and neither party shall have no any further force rights and effectobligations hereunder (subject to Buyer's Indemnity which shall survive closing for the period specified in Section 5.2), or (b) Close proceed to close the transaction contemplated hereby as scheduled (except that if the Closing Date is less than fifteen (15) days following PurchaserBuyer's receipt of such notice, Closing closing shall be delayed until after Purchaser Buyer makes such election), with no adjustment to the Acquisition Price; provided; however, that Buyer shall have the right to participate in the adjustment and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to equal amount settlement of any deductible under such policy. Failure insurance claim relating to give such notice within such time shall be conclusive evidence that Purchaser has elected the option contained in subsection (b) of this Section 6.1. In the event that the amount of damage caused by such fire or casualty is less than $350,000.00 (as determined by an insurance adjuster selected by Seller), Purchaser may not elect to terminate this Agreement and shall Close the transaction contemplated hereby as scheduledsaid damage, and Seller shall assign and/or pay to Purchaser Buyer at Closing closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction (and other related choses in action, if any) collected or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to the amount of any deductible under such policy.claimed with respect

Destruction or Damage. In the event that prior to the Closing Date Date, the Purchased Assets, or any portion of material part thereof, are destroyed or damaged, Buyer shall have the Improvements shall be damaged or destroyed right exercisable by fire or other casualty, Seller shall immediately give Purchaser giving notice of such occurrence. If the amount of damage caused by such fire or casualty shall exceed $350,000.00 (as determined by an insurance adjuster selected by Seller) Purchaser may, to Sellers within fifteen (15) days after receipt Buyer learns of such noticethe destruction or damage, elect to (a) terminate this Agreement. In the event Buyer elects to so terminate, in which event the neither party shall have any further rights or obligations under this Agreement except that any Purchase Deposit with interest, if any, shall be returned promptly immediately refunded to PurchaserBuyer or in the alternative, all obligations any letter of credit in favor of Sellers shall be immediately cancelled. If Buyer does not elect to so terminate, then Buyer shall accept the parties hereunder shall cease and this Agreement shall have no further force and effect, or (b) Close the transaction contemplated hereby as scheduled (except that if Purchased Assets on the Closing Date is less than fifteen in their then physical condition with no reduction in the Purchase Price and Buyer shall be entitled to receive: (15i) days following Purchaser's receipt an assignment of all of Sellers’ rights to any insurance proceeds payable by reason of such notice, Closing shall be delayed until after Purchaser makes such election)damage or destruction, and Seller Sellers shall assign execute and deliver to Purchaser Buyer a written assignment thereof (together with all of Sellers’ right to compromise, settle or adjust any claims to such proceeds) at Closing all rights under Seller's insurance policy or prior to collect insurance proceeds for such destruction or damage the Closing; and loss of rents, and Purchaser shall receive (ii) a credit against the Purchase Price equal for any deductible or self insured retention on any insurance policy or obligated person responsible for such claim, deductible or retention. Sellers shall cooperate with Buyer and take all reasonable actions requested by Buyer in order to equal amount give effect to and carry out the intent and terms of such assignment provided that in no event shall Sellers be required to incur any cost or expense in doing so (and, subject to the foregoing, Sellers shall be relieved of any deductible under further obligation with respect to the collection of such policyproceeds). Failure Sellers shall not compromise, settle or adjust any claims to give such notice within such time proceeds without Buyer’s prior written consent, and any proceeds received by Sellers prior to the Closing Date shall be conclusive evidence that Purchaser has elected deposited into escrow and disbursed to Buyer at the option contained in subsection (b) of this Section 6.1. In the event that the amount of damage caused by such fire or casualty is less than $350,000.00 (as determined by an insurance adjuster selected by Seller), Purchaser may not elect to terminate this Agreement and shall Close the transaction contemplated hereby as scheduled, and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to the amount of any deductible under such policyClosing.

Destruction or Damage. In the event that prior to the Closing Date Date, the Premises, or any portion of material part thereof, is destroyed or damaged, Buyer shall have the Improvements shall be damaged or destroyed right exercisable by fire or other casualty, Seller shall immediately give Purchaser giving notice of such occurrence. If the amount of damage caused by such fire or casualty shall exceed $350,000.00 (as determined by an insurance adjuster selected by Seller) Purchaser may, to Sellers within fifteen (15) days after receipt Buyer learns of such noticethe same, elect to (a) terminate this Agreement. If Buyer does not elect to so terminate, in which event then Buyer shall accept the Deposit shall be returned promptly to Purchaser, all obligations of the parties hereunder shall cease and this Agreement shall have no further force and effect, or (b) Close the transaction contemplated hereby as scheduled (except that if Premises on the Closing Date is less than fifteen in its then physical condition with no reduction in the Purchase Price and Buyer shall be entitled to receive (15i) days following Purchaser's receipt an assignment of all of Sellers' rights to any insurance proceeds payable by reason of such notice, Closing shall be delayed until after Purchaser makes such election)damage or destruction, and Seller Sellers shall assign execute and deliver to Purchaser Buyer a written assignment thereof (together with all of Sellers' right to compromise, settle or adjust any claims to such proceeds) at or prior to the Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive (ii) a credit against the Purchase Price equal for any deductible or self insured retention on any insurance policy or obligated person responsible for such claim, deductible or retention. Sellers shall cooperate with Buyer and take all reasonable actions requested by Buyer in order to equal amount give effect to and carry out the intent and terms of such assignment provided that in no event shall Sellers be required to incur any cost or expense in doing so (and, subject to the foregoing, Sellers shall be relieved of any deductible under further obligation with respect to the collection of such policyproceeds). Failure Sellers shall not compromise, settle or adjust any claims to give such notice within such time proceeds without Buyer's prior written consent, and any proceeds received by Sellers prior to the Closing Date shall be conclusive evidence that Purchaser has elected deposited into escrow and disbursed to Buyer at the option contained in subsection (b) of this Section 6.1. In the event that the amount of damage caused by such fire or casualty is less than $350,000.00 (as determined by an insurance adjuster selected by Seller), Purchaser may not elect to terminate this Agreement and shall Close the transaction contemplated hereby as scheduled, and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to the amount of any deductible under such policyClosing.

Destruction or Damage. In 17.01. If the event that prior to the Closing Date any portion of the Improvements shall be Demised Premises are damaged or destroyed by fire or other casualtycasualty ("Casualty"), Seller the Lease shall immediately give Purchaser notice continue in full force, subject, however, to the following: (a) Subject to subdivision (b) hereinbelow, if the Demised Premises are partially damaged by Casualty, the damage shall promptly and diligently be repaired by Landlord using the same quality of materials and workmanship, and, during the period from the day following the Casualty until such occurrencerepair is substantially completed, the Net Ret shall be equitably reduced, taking into account the portion of the Demised Premises which remains usable. If the amount repairs are not made within 180 days from the Casualty, Tenant, at its option, may terminate the Lease. (b) If thirty (30%) percent or more of damage caused the Building area is rendered substantially unusable as the result of Casualty, then either party may elect to terminate the Lease by such fire or casualty shall exceed $350,000.00 written notice to the other party, given within sixty (as determined by an insurance adjuster selected by Seller) Purchaser may, within fifteen (1560) days after receipt the Casualty, specifying a date for the termination of the Lease, which date shall not be more than ninety (90) days after the giving of such noticenotice and, elect upon the specified date, the Term shall expire and Tenant shall vacate the Demised Premises, without prejudice, however, to (a) terminate this AgreementLandlord's and Tenant's respective rights against the other accruing prior to the expiration date, in which event the Deposit and Net Rent and Additional Rent shall be returned promptly paid to Purchaser, all obligations the date of the parties hereunder shall cease and this Agreement shall have no further force and effectCasualty; provided that, or (b) Close the transaction contemplated hereby as scheduled (except that if the Closing Date Demised Premises can be restored to usable condition within a period of seven (7) months from the date of the Casualty and Landlord elects to so restore, Tenant shall not have the right to terminate the Lease unless the restoration is less than fifteen (15) days following Purchaser's receipt of such notice, Closing shall be delayed until after Purchaser makes such election), and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to equal amount of any deductible under such policy. Failure to give such notice not completed within such time shall be conclusive evidence that Purchaser has elected the option contained in subsection (b) of this Section 6.1. In the event that the amount of damage caused by such fire or casualty is less than $350,000.00 (as determined by an insurance adjuster selected by Seller), Purchaser may not elect to terminate this Agreement and shall Close the transaction contemplated hereby as scheduled, and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to the amount of any deductible under such policyperiod.

Destruction or Damage. In If, subsequent to the event that date hereof and prior to the Closing Date Date, all or any portion which will cost less than $500,000.00 to repair or restore (in the reasonable judgment of Company or its lenders, if any) the Property, and provided no leases are terminated by tenants as a result of such event, the Company shall close and take the Property as diminished by such events, and Contributor shall assign and/or to pay the Company at Closing all insurance proceeds collected or claimed with respect to said loss or damage, plus any deductible or self-insured amount. If, subsequent to the date hereof and prior to the Closing Date, all or any portion which will cost more than $500,000.00 to repair or restore (in the reasonable judgment of Company and Contributor) the Property or in the event any of the Improvements Leases may be terminated as a result of such event, or if any one or more improved parcels of the Property shall be entirely destroyed or damaged by one or destroyed by more incidents of vandalism, fire or and/or other casualty, Seller whether or not covered by insurance, Contributor shall immediately give Purchaser Company notice of such occurrence. If the amount of damage caused by such fire or casualty shall exceed $350,000.00 (as determined by an insurance adjuster selected by Seller) Purchaser , and Company may, within fifteen (15) days after receipt of such notice, elect to (a) terminate this AgreementAgreement as to all properties comprising the Property if the cost to repair the damage or destruction exceeds $20,000,000.00; otherwise, to terminate this Agreement only as to such properties which have been damaged or destroyed, in which event event, in the case of such termination as to all Properties, the Deposit (less $137,500.00, which sum shall be retained by Contributor), and any earnings thereon, shall be returned promptly forthwith to PurchaserCompany, all obligations of the parties hereunder shall cease and this Agreement shall have no further force and effect, and in the case of termination as to such Property which has been damaged or destroyed, the Purchase Price shall be reduced by the amount allocated to such property on Schedule 10 and the parties shall make any other adjustments as agreed upon, or (b) Close close the transaction contemplated hereby as scheduled (except that if the Closing Date is less than fifteen (15) days following PurchaserCompany's receipt of such notice, Closing closing shall be delayed until after Purchaser Company makes such election), in which event Company shall have the right to participate in the adjustment and Seller settlement of any insurance claim relating to said damage, and Contributor shall assign and/or pay to Purchaser Company at Closing closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction collected or claimed with respect to said loss or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to equal amount of plus any deductible under such policy. Failure to give such notice within such time shall be conclusive evidence that Purchaser has elected the option contained in subsection (b) of this Section 6.1. In the event that the amount of damage caused by such fire or casualty is less than $350,000.00 (as determined by an insurance adjuster selected by Seller), Purchaser may not elect to terminate this Agreement and shall Close the transaction contemplated hereby as scheduled, and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to the amount of any deductible under such policyself-insured amount.

Destruction or Damage. In the event that prior to the Closing Date any portion of the Improvements shall be damaged or destroyed by fire or other casualty, Seller shall immediately give Purchaser notice of such occurrence. If the amount of damage caused by such fire or casualty shall exceed $350,000.00 (as determined by an insurance adjuster selected by Seller) Purchaser may, within fifteen (15) days after receipt of such notice, elect to (a) terminate this Agreement, in which event the Deposit shall be returned promptly to Purchaser, all obligations of the parties hereunder shall cease and this Agreement shall have no further force and effect, or (b) Close close the transaction contemplated hereby as scheduled (except that if the Closing Date is less than fifteen (15) days following Purchaser's receipt of such notice, Closing shall be delayed until after Purchaser makes such election), and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to equal the amount of any deductible under such policy. Failure to give such notice within such time shall be conclusive evidence that Purchaser has elected the option contained in subsection (b) of this Section 6.1. In the event that the amount of damage caused by such fire or casualty is less than $350,000.00 (as determined by an insurance adjuster selected by Seller), Purchaser may not elect to terminate this Agreement and shall Close close the transaction contemplated hereby as scheduled, and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to the amount of any deductible under such policy.

Destruction or Damage. In the event that prior If, subsequent to the Contract Date and on or before the Closing Date Date, all or any material portion of the Improvements Real Property shall be destroyed or damaged by one or destroyed by more incidents of fire or other casualty, Seller shall immediately give Purchaser Buyer notice of such occurrence. If , and Buyer shall on or before the amount earlier to occur of damage caused by such fire or casualty shall exceed $350,000.00 (as determined by an insurance adjuster selected by Selleri) Purchaser may, within fifteen (15) days after receipt of such noticenotice and (ii) the then scheduled Closing Date (provided Buyer shall have had not fewer than three (3) business days within which to make such election, otherwise the Closing Date shall automatically be extended to the business day which will permit Buyer such minimum three (3) business day period), elect by written notice to Seller to (a) terminate this Agreement, in which event the Exxxxxx Money Deposit and any interest thereon net of any investment charges shall be returned promptly forthwith to PurchaserBuyer, all obligations of subject to the parties hereunder shall cease disbursement and payment release conditions set forth in Section 3.1, this Agreement shall be deemed null and void and neither party shall have no any further force rights and effect, obligations hereunder (other than those matters which expressly survive early termination of this Agreement); or (b) Close proceed to close the transaction contemplated hereby as scheduled (except that if the Closing Date is less than fifteen (15) days following Purchaser's receipt of such notice, Closing shall be delayed until after Purchaser makes such election), and Seller shall assign with no adjustment to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal (provided, however, that Buyer shall have the right to equal amount participate with Seller in the adjustment and settlement of any insurance claim relating to said damage, and, to the extent the tenant(s) under the Leases at the Real Property are not entitled to the insurance proceeds, Seller shall, at Closing, (i) assign to Buyer all of Seller’s interest in any then unpaid insurance proceeds claimed with respect to said loss or damage, and (ii) pay to Buyer all insurance proceeds theretofore paid to Seller with respect to same and not theretofore used for restoration or repair, plus any deductible under such policyamount). Failure Buyer’s failure to give such notice within such the time period specified above shall be conclusive evidence that Purchaser has elected the deemed to be Buyer’s election of option contained in subsection (b) above. For purposes of this Section 6.1. In 9.1, damage to the event that Real Property shall not be deemed to be “material” under this Section 9.1 unless either (1) the amount cost of restoring damage caused by such fire or casualty is less than $350,000.00 (to the Real Property, as determined by an insurance adjuster selected by Sellerengineer reasonably acceptable to Seller and Buyer, in the aggregate, exceeds One Million Five Hundred Thousand and 00/100 US Dollars ($1,500,000.00), Purchaser may or (2) JPMorgan has the right to terminate the JPMorgan Lease as a result of such casualty and has not elect otherwise waived such right, in writing. With respect to any such damage which is not material, Buyer shall have no right to terminate this Agreement provided that closing and insurance adjustment procedures described in clause (b) above shall Close the transaction contemplated hereby as scheduled, and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to the amount of any deductible under such policystill apply.

Destruction or Damage. In the event that prior to the Closing Date any portion of the Improvements shall be damaged or destroyed by fire or other casualty, Seller shall immediately give Purchaser notice of such occurrence. If the amount of damage caused by such fire or casualty shall exceed $350,000.00 (as determined by an insurance adjuster selected by Seller) Purchaser may, within fifteen (15) days after receipt of such notice, elect to (a) terminate this Agreement, in which event the Deposit shall be returned promptly to Purchaser, all obligations of the parties hereunder shall cease and this Agreement shall have no further force and effect, or (b) Close close the transaction contemplated hereby as scheduled (except that if the Closing Date is less than fifteen (15) days following Purchaser's receipt of such notice, Closing shall be delayed until after Purchaser makes such election), and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to equal the amount of any deductible under such policy. Failure to give such notice within such time shall be conclusive evidence that Purchaser has elected the option contained in subsection (b) of this Section 6.1Paragraph 6. 1. In the event that the amount of damage caused by such fire or casualty is less than $350,000.00 (as determined by an insurance adjuster selected by Seller), Purchaser may not elect to terminate this Agreement and shall Close close the transaction contemplated hereby as scheduled, and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to the amount of any deductible under such policy.

Destruction or Damage. In the event that prior to the Closing Date any portion of the Improvements shall be damaged or destroyed by fire or other casualty, Seller shall immediately give Purchaser notice of such occurrence. If the amount of damage caused by such fire or casualty shall exceed $350,000.00 (as determined by an insurance adjuster selected by Seller) Purchaser may, within fifteen (15) days after receipt of such notice, elect to (a) terminate this Agreement, in which event the Deposit shall be returned promptly to Purchaser, all obligations of the parties hereunder shall cease and this Agreement shall have no further force and effect, or (b) Close close the transaction contemplated hereby as scheduled (except that if the Closing Date is less than fifteen (15fifteen(15) days following Purchaser's receipt of such notice, Closing shall be delayed until after Purchaser makes such election), and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to equal the amount of any deductible under such policy. Failure to give such notice within such time shall be conclusive evidence that Purchaser has elected the option contained in subsection (b) of this Section 6.1. -12- In the event that the amount of damage caused by such fire or casualty is less than $350,000.00 (as determined by an insurance adjuster selected by Seller), Purchaser may not elect to terminate this Agreement and shall Close close the transaction contemplated hereby as scheduled, and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to the amount of any deductible under such policy.

Destruction or Damage. In the event that prior to the Closing Date any portion of the Improvements shall be damaged or destroyed by fire or other casualty, Seller shall immediately give Purchaser notice of such occurrence. If the amount of damage caused by such fire or casualty shall exceed $350,000.00 (as determined by an insurance adjuster selected by Seller) Purchaser may, within fifteen (15) days after receipt of such notice, elect to (a) terminate this Agreement, in which event the Deposit shall be returned promptly to Purchaser, all obligations of the parties hereunder shall cease and this Agreement shall have no further force and effect, or (b) Close the transaction contemplated hereby as scheduled (except that if the Closing Date is less than fifteen (15) days following Purchaser's receipt of such notice, Closing shall be delayed until after Purchaser makes such election), and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to equal the amount of any deductible under such policy. Failure to give such notice within such time shall be conclusive evidence that Purchaser has elected the option contained in subsection (b) of this Section 6.1. In the event that the amount of damage caused by such fire or casualty is less than $350,000.00 (as determined by an insurance adjuster selected by Seller), Purchaser may not elect to terminate this Agreement and shall Close the transaction contemplated hereby as scheduled, and Seller shall assign to Purchaser at Closing all rights under Seller's insurance policy to collect insurance proceeds for such destruction or damage and loss of rents, and Purchaser shall receive a credit against the Purchase Price equal to the amount of any deductible under such policy.