Common use of Effect of Material Damage to Improvements Clause in Contracts

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are materially damaged by casualty, Seller shall notify Buyer in writing of such casualty as soon as practicable. Within ten (10) days after the occurrence of such casualty or receipt of applicable insurance proceeds whichever is later, Seller will commence restoration of the damaged Improvements, and shall complete such restorations promptly thereafter, and the Closing Date shall, if necessary be extended until such damaged improvements are complete; provided, however, that no such restoration shall be required unless the same is fully covered by a policy of insurance maintained by Seller and provided, however, that such Improvements must be completed by no later than, and the extended Closing Date may not be extended to a date later than, the earlier to occur of (i) a date which reasonably allows the Completion of the damaged Improvements, and (ii) February 24, 1997. If Seller does not commence or complete such restoration within such time period, then Buyer may elect within the next thirty (30) days pursuant to a writing delivered to Seller and Escrow Holder to (i) continue this Agreement, in which case Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage and Buyer shall further be entitled to deduct from the Purchase Price the amount of any deductible payable by Seller under the applicable casualty insurance policy plus the amount of any shortfall after the application of casualty insurance proceeds to the restoration of the Property (including loss of rents and any other costs incurred in restoration of the Property); or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights and obligations to the Seller under this Agreement. In the event that Buyer elections option (i), Buyer shall instruct the Escrow Holder to retain in the Escrow from the Purchase Price the amount of the shortfall that Buyer reasonably estimates may result after the application of casualty insurance proceeds to the restoration of the Property and the Escrow Holder shall disburse to Buyer all amounts actually expended by Buyer in the restoration of the Premises after the application of insurance proceeds upon Buyer's submission of certified receipts and invoices for such amounts. Buyer's failure to have elected any of these options within the time allotted therefor shall be deemed to be an election of option (ii).

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are materially damaged by casualtycasualty and such damage is material, Seller shall notify Buyer in writing of such casualty as soon as practicable. Within ten (10) days after the occurrence of such casualty or receipt of applicable insurance proceeds whichever is latercasualty, Seller will will, as soon as is practicable, commence restoration of the damaged Improvements, and shall complete such restorations restoration in compliance with all laws and the representations and warranties set forth herein and shall restore such Improvements their condition prior to the occurrence of the casualty promptly (but in no event more than ninety (90) days thereafter), and the Closing Date shall, if necessary shall be extended (but in no event by more than ninety (90) days) until such damaged improvements Improvements are complete; provided, however, that no such restoration shall be required unless the same is fully covered by a policy of insurance maintained by Seller and provided, however, that such Improvements must be completed by no later than, and the extended Closing Date may not be extended to a date later than, the earlier to occur of (i) a date which reasonably allows the Completion of the damaged Improvements, and (ii) February 24, 1997. If Seller does not commence or complete such restoration within such time period, then Buyer may elect within the next thirty (30) days pursuant to a writing delivered to Seller and Escrow Holder to (i) continue this Agreement, in which case provided, however, that Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage and Buyer shall further be entitled to deduct from (in which event the Purchase Price shall be reduced by the amount of any deductible payable with respect thereto); (ii) continue this Agreement, provided, however, that Seller shall reduce the Purchase Price by an amount equal to the reasonable cost of repairing or replacing the damaged portion(s) of the Improvements reasonably estimated by Buyer (in which event Seller under the applicable casualty insurance policy plus the amount of shall be entitled to retain any shortfall after the application of casualty insurance proceeds with respect to the restoration of the Property (including loss of rents and any other costs incurred in restoration of the Propertysuch damage); , or (iiiii) terminate this Agreement, in which case Buyer and Seller shall have no further rights and obligations to the Seller under this Agreement. In the event that Buyer elections option Agreement (i), but Buyer shall instruct the Escrow Holder to retain in the Escrow from the Purchase Price the amount of the shortfall that Buyer reasonably estimates may result after the application of casualty insurance proceeds to the restoration of the Property its rights and the remedies against Seller) and Escrow Holder shall disburse immediately return the Earnxxx Xxxey Deposit (with interest thereon) to Buyer all amounts actually expended by Buyer in the restoration of the Premises after the application of insurance proceeds upon Buyer's submission of certified receipts and invoices for such amounts. Buyer's failure to have elected any of these options within the time allotted therefor shall be deemed to be an election of option (iiiii).

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are materially damaged by casualtycasualty and such damage is material, Seller shall notify Buyer in writing of such casualty as soon as practicable. Within ten (10) 30 days after the occurrence of such casualty or receipt of applicable casualty, Seller will, as soon as is practicable, provided insurance proceeds whichever is laterare available to perform such restoration, Seller will commence restoration of the damaged Improvements, and shall complete such restorations restoration in compliance with all laws and the representations and warranties set forth herein and shall restore such Improvements their condition prior to the occurrence of the casualty promptly (but in no event more than ninety (90) days thereafter), and the Closing Date shall, if necessary shall be extended (but in no event by more than ninety (90) days) until such damaged improvements Improvements are complete; provided, however, that no such restoration shall be required unless the same is fully covered by a policy of insurance maintained by Seller and provided, however, that such Improvements must be completed by no later than, and the extended Closing Date may not be extended to a date later than, the earlier to occur of (i) a date which reasonably allows the Completion of the damaged Improvements, and (ii) February 24, 1997. If Seller does not commence or complete such restoration within such time period, then Buyer may elect within the next thirty (30) days pursuant to a writing delivered to Seller and Escrow Holder within fifteen (15) days after such failure by Seller to commence or complete such restoration, to (i) continue this Agreement, in which case provided, however, that Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage and Buyer except that any loss of rent proceeds shall further be entitled to deduct from prorated as of the date of Closing (in which event the Purchase Price shall be reduced by the amount of any deductible payable by Seller under the applicable casualty insurance policy plus the amount of any shortfall after the application of casualty insurance proceeds to the restoration of the Property (including loss of rents and any other costs incurred in restoration of the Propertywith respect thereto); or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights and obligations to the Seller under this Agreement (except for such rights and obligations that, by the express terms hereof, survive any termination of this Agreement. In the event that Buyer elections option ) (i), but Buyer shall instruct the Escrow Holder to retain in the Escrow from the Purchase Price the amount of the shortfall that Buyer reasonably estimates may result after the application of casualty insurance proceeds to the restoration of the Property its rights and the remedies against Seller) and Escrow Holder shall disburse immediately return the Exxxxxx Money Deposit (with interest thereon) to Buyer all amounts actually expended by Buyer in the restoration of the Premises after the application of insurance proceeds upon Buyer's submission of certified receipts and invoices for such amounts. Buyer's failure to have elected any of these options within the time allotted therefor shall be deemed to be an election of option (ii).

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are materially damaged by casualtycasualty and such damage is material, Seller shall notify Buyer in writing of such casualty as soon as practicable. Within ten (10) days after the occurrence of such casualty or receipt of applicable insurance proceeds whichever is latercasualty, Seller will commence restoration of the damaged Improvements, and shall complete such restorations restoration in compliance with all laws and the representations and warranties set forth herein and shall restore such Improvements their condition prior to the occurrence of the casualty promptly (but in no event more than seventy-five (75) days thereafter), and the Closing Date shall, if necessary shall be extended (but in no event by more than seventy-five (75) days) until such damaged improvements Improvements are complete; provided, however, that no such restoration shall be required unless the same is fully covered by a policy of insurance maintained by Seller and provided, however, that such Improvements must be completed by no later than, and the extended Closing Date may not be extended to a date later than, the earlier to occur of (i) a date which reasonably allows the Completion of the damaged Improvements, and (ii) February 24, 1997. If Seller does not commence or complete such restoration within such time period, then Buyer may elect within the next thirty (30) days pursuant to a writing delivered to Seller and Escrow Holder to (i) continue this Agreement, in which case Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage and Buyer shall further be entitled to deduct from (in which event the Purchase Price shall be reduced by the amount of any deductible payable by Seller under the applicable casualty insurance policy plus the amount of any shortfall after the application of casualty insurance proceeds to the restoration of the Property (including loss of rents and any other costs incurred in restoration of the Propertywith respect thereto); or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights and obligations to the Seller under this Agreement. In the event that Buyer elections option (i), but Buyer shall instruct the Escrow Holder to retain in the Escrow from the Purchase Price the amount of the shortfall that Buyer reasonably estimates may result after the application of casualty insurance proceeds to the restoration of the Property its rights and the Escrow Holder shall disburse to Buyer all amounts actually expended by Buyer in the restoration of the Premises after the application of insurance proceeds upon Buyer's submission of certified receipts and invoices for such amountsremedies against Seller. Buyer's failure to have elected any of these options within the time allotted therefor shall be deemed to be an election of option (ii).

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are materially damaged by casualty, Seller shall notify Buyer in writing of such casualty as soon as practicable. Within ten (10) days after the occurrence of such casualty or receipt of applicable insurance proceeds whichever is later, Seller will commence restoration of the damaged Improvements, and shall complete such restorations promptly thereafter, and the Closing Date shall, if necessary be extended until such damaged improvements are complete; provided, however, that no such restoration shall be required unless the same is fully covered by a policy of insurance maintained by Seller and provided, however, that such Improvements must be completed complete by no later than, and the extended Closing Date may not be extended to a date later than, the earlier to occur of (i) a date which reasonably allows the Completion of the damaged Improvements, and (ii) February 24, 1997. If Seller does not commence or complete such restoration within such time period, then Buyer may elect within the next thirty (30) days pursuant to a writing delivered to Seller and Escrow Holder to (i) in the case of an insured casualty continue this Agreement, in which case Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage and Buyer shall further be entitled to deduct from the Purchase Price the amount of any deductible payable by Seller under the applicable casualty insurance policy plus the amount of any shortfall after the application of casualty insurance proceeds to the restoration of the Property (including loss of rents and any other costs incurred in restoration of the Property)policy; or (ii) in the case of an uninsured casualty, continue this Agreement and Buyer shall pay the first $100,000 of costs incurred to restore the Property and Seller shall pay the next of such restoration costs; provided, however, that in the event that the estimated restoration costs exceed $200,000 Buyer may continue this Agreement and Buyer shall pay all restoration costs other than the $100,000 Seller is obligated to pay as set forth above, provided further, however, that if Buyer is unwilling to pay such restoration costs, this Agreement shall terminate; or (iii) terminate this Agreement, in which case Buyer and Seller shall have no further rights and obligations to the Seller under this Agreement. In the event that Buyer elections option (i), Buyer shall instruct the Escrow Holder to retain Agreement except as provided in the Escrow from the Purchase Price the amount of the shortfall that Buyer reasonably estimates may result after the application of casualty insurance proceeds to the restoration of the Property and the Escrow Holder shall disburse to Buyer all amounts actually expended by Buyer in the restoration of the Premises after the application of insurance proceeds upon Buyer's submission of certified receipts and invoices for such amountsSection 6.9. Buyer's failure to have elected any of these options within the time allotted therefor shall be deemed to be an election of option (iiiii).

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are materially damaged by casualtycasualty and such damage is material, Seller shall notify Buyer in writing of such casualty as soon as practicable. Within ten (10) days after the occurrence of such casualty or receipt of applicable insurance proceeds whichever is latercasualty, Seller will commence restoration of the damaged Improvements, and shall complete such restorations restoration in compliance with all laws and the representations and warranties set forth herein and shall restore such Improvements to their condition prior to the occurrence of the casualty promptly (but in no event more than seventy-five (75) days thereafter), and the Closing Date shall, if necessary shall be extended (but in no event by more than seventy-five (75) days) until such damaged improvements Improvements are complete; provided, however, that no such restoration shall be required unless the same is fully covered by a policy of insurance maintained by Seller and provided, however, that such Improvements must be completed by no later than, and the extended Closing Date may not be extended to a date later than, the earlier to occur of (i) a date which reasonably allows the Completion of the damaged Improvements, and (ii) February 24, 1997. If Seller does not commence or complete such restoration within such time period, then Buyer may elect within the next thirty (30) days pursuant to a writing delivered to Seller and Escrow Holder to (i) continue this Agreement, in which case Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage and Buyer shall further be entitled to deduct from (in which event the Purchase Price shall be reduced by the amount of any deductible payable by Seller under the applicable casualty insurance policy plus the amount of any shortfall after the application of casualty insurance proceeds to the restoration of the Property (including loss of rents and any other costs incurred in restoration of the Propertywith respect thereto); or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights and obligations to the Seller under this Agreement. In the event that Buyer elections option (i), but Buyer shall instruct the Escrow Holder to retain in the Escrow from the Purchase Price the amount of the shortfall that Buyer reasonably estimates may result after the application of casualty insurance proceeds to the restoration of the Property its rights and the Escrow Holder shall disburse to Buyer all amounts actually expended by Buyer in the restoration of the Premises after the application of insurance proceeds upon Buyer's submission of certified receipts and invoices for such amountsremedies against Seller. Buyer's failure to have elected any of these options within the time allotted therefor shall be deemed to be an election of option (ii).

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are materially damaged by casualtycasualty and such damage is material, Seller shall notify Buyer in writing of such casualty as soon as practicable. Within ten (10) days after the occurrence of such casualty or receipt of applicable insurance proceeds whichever is latercasualty, Seller will as soon as is practicable, commence restoration of the damaged Improvements, and shall complete such restorations restoration in compliance with all laws and the representations and warranties set forth herein and shall restore such Improvements their condition prior to the occurrence of the casualty promptly (but in no event more than sixty (60) days thereafter), and the Closing Date shall, if necessary shall be extended (but in no event by more than sixty (60) days) until such damaged improvements Improvements are complete; provided, however, that no if Seller's mortgagee does not release portions of the insurance proceeds attributable to such restoration casualty to Seller, then Seller may terminate this Agreement by written notice to Buyer, in which event the Earnxxx Money Deposit shall be required unless returned to Buyer and neither party shall have any further obligation to the same is fully covered by a policy other, except those that expressly survive the termination of insurance maintained by Seller and provided, however, that such Improvements must be completed by no later than, and the extended Closing Date may not be extended to a date later than, the earlier to occur of (i) a date which reasonably allows the Completion of the damaged Improvements, and (ii) February 24, 1997this Agreement. If Seller does not commence or complete such restoration within such time period, then Buyer may elect within the next thirty (30) days pursuant to a writing delivered to Seller and Escrow Holder to (i) continue this Agreement, in which case provided, however, that Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage and Buyer shall further be entitled to deduct from (in which event the Purchase Price shall be reduced by the amount of any deductible payable by Seller under the applicable casualty insurance policy plus the amount of any shortfall after the application of casualty insurance proceeds to the restoration of the Property (including loss of rents and any other costs incurred in restoration of the Propertywith respect thereto); or (ii) terminate this Agreement, in which case Buyer and Seller shall have no further rights and obligations to the Seller under this Agreement. In the event that Buyer elections option Agreement (i), but Buyer shall instruct the Escrow Holder to retain in the Escrow from the Purchase Price the amount of the shortfall that Buyer reasonably estimates may result after the application of casualty insurance proceeds to the restoration of the Property its rights and the remedies against Seller) and Escrow Holder shall disburse immediately return the Earnxxx Xxxey Deposit (with interest thereon) to Buyer all amounts actually expended by Buyer in the restoration of the Premises after the application of insurance proceeds upon Buyer's submission of certified receipts and invoices for such amounts. Buyer's failure to have elected any of these options within the time allotted therefor shall be deemed to be an election of option (ii).

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are materially damaged by casualtycasualty and such damage is material, Seller shall notify Buyer Purchaser in writing of such casualty as soon as practicable. Within ten (10) days after the occurrence of such casualty or receipt of applicable insurance proceeds whichever is latercasualty, Seller will will, as soon as is practicable, commence restoration of the damaged Improvements, and shall complete such restorations restoration in compliance with all laws and the representations and warranties set forth herein and shall restore such Improvements their condition prior to the occurrence of the casualty promptly (but in no event more than ninety (90) days thereafter), and the Outside Closing Date shall, if necessary shall be extended (but in no event by more than ninety (90) days) until the restoration of such damaged improvements are Improvements is complete; provided, however, that no such restoration shall be required unless the same is fully covered by a policy of insurance maintained by Seller and provided, however, that such Improvements must be completed by no later than, and the extended Closing Date may not be extended to a date later than, the earlier to occur of (i) a date which reasonably allows the Completion of the damaged Improvements, and (ii) February 24, 1997. If Seller does not commence or complete such restoration within such time period, then Buyer Purchaser may elect within the next thirty (30) days pursuant to a writing delivered to Seller and Escrow Holder to (i) continue this Agreement, in which case provided, however, that Seller shall assign to Buyer Purchaser at the Closing any insurance proceeds to which Seller is entitled with respect to such damage and Buyer (in which event the Consideration shall further be entitled to deduct from the Purchase Price reduced by the amount of any deductible payable with respect thereto); (ii) continue this Agreement, provided, however, that Seller shall reduce the Consideration by an amount equal to the reasonable cost of repairing or replacing the damaged portion(s) of the Improvements reasonably estimated by Purchaser (in which event Seller under the applicable casualty insurance policy plus the amount of shall be entitled to retain any shortfall after the application of casualty insurance proceeds with respect to the restoration of the Property (including loss of rents and any other costs incurred in restoration of the Propertysuch damage); , or (iiiii) terminate this Agreement, in which case Buyer and Seller neither party shall have no any further rights and obligations to the Seller other party under this Agreement. In the event that Buyer elections option Agreement (i), Buyer but Purchaser shall instruct the Escrow Holder to retain in the Escrow from the Purchase Price the amount of the shortfall that Buyer reasonably estimates may result after the application of casualty insurance proceeds to the restoration of the Property its rights and the remedies against Seller) and Escrow Holder shall disburse immediately return the Deposits (with interest thereon) to Buyer all amounts actually expended by Buyer in the restoration of the Premises after the application of insurance proceeds upon Buyer's submission of certified receipts and invoices for such amountsPurchaser. BuyerPurchaser's failure to have elected any of these options within the time allotted therefor shall be deemed to be an election of option (iiiii).