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 damaged by casualty 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, Seller will, as soon as is practicable, commence restoration of the damaged Improvements, and shall complete such 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 be extended (but in no event by more than ninety (90) days) until such damaged Improvements are complete. If Seller does not commence or complete such restoration within such time period, then Buyer may elect pursuant to a writing delivered to Seller and Escrow Holder to (i) continue this Agreement, provided, however, that Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage (in which event the Purchase Price shall be reduced by the amount of any deductible 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 shall be entitled to retain any insurance proceeds with respect to such damage), or (iii) terminate this Agreement, in which case Buyer shall have no further rights and obligations to the Seller under this Agreement (but Buyer shall retain its rights and remedies against Seller) and Escrow Holder shall immediately return the Earnxxx Xxxey Deposit (with interest thereon) to Buyer. Buyer's failure to have elected any of these options within the time allotted therefor shall be deemed to be an election of option (iii).

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are damaged by casualty 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, Seller will, as soon as is practicable, will commence restoration of the damaged Improvements, and shall complete such 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 seventy-five (9075) days thereafter), and the Closing Date shall be extended (but in no event by more than ninety seventy-five (9075) days) until such damaged Improvements are complete. 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, provided, however, that in which case Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage (in which event the Purchase Price shall be reduced by the amount of any deductible with respect thereto); or (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 shall be entitled to retain any insurance proceeds with respect to such damage), or (iii) terminate this Agreement, in which case Buyer shall have no further rights and obligations to the Seller under this Agreement (Agreement, but Buyer shall retain its rights and remedies against Seller) and Escrow Holder shall immediately return the Earnxxx Xxxey Deposit (with interest thereon) to Buyer. 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 casualty and such damage is materialcasualty, Seller shall notify Buyer in writing of such casualty as soon as practicable. Within ten (10) days after the occurrence of such casualtycasualty or receipt of applicable insurance proceeds whichever is later, Seller will, as soon as is practicable, will commence restoration of the damaged Improvements, and shall complete such 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 restorations promptly (but in no event more than ninety (90) days thereafter), and the Closing Date shall shall, if necessary 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 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, provided, however, that in which case Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage (in which event and Buyer shall further be entitled to deduct from the Purchase Price shall be reduced by the amount of any deductible with respect thereto)payable by Seller under the applicable casualty insurance policy; or (ii) in the case of an uninsured casualty, continue this Agreement, 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 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 shall be entitled to retain any insurance proceeds with respect to such damage), 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 (but Buyer shall retain its rights and remedies against Seller) and Escrow Holder shall immediately return the Earnxxx Xxxey Deposit (with interest thereon) to Buyerexcept as provided in Section 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 (iii).

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are damaged by casualty 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, Seller will, as soon as is practicable, commence restoration of the damaged Improvements, and shall complete such 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 be extended (but in no event by more than ninety (90) days) until the restoration of such damaged Improvements are is complete. If Seller does not commence or complete such restoration within such time period, then Buyer Purchaser may elect pursuant to a writing delivered to Seller and Escrow Holder to (i) continue this Agreement, 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 (in which event the Purchase Price Consideration shall be reduced by the amount of any deductible with respect thereto); (ii) continue this Agreement, provided, however, that Seller shall reduce the Purchase Price Consideration by an amount equal to the reasonable cost of repairing or replacing the damaged portion(s) of the Improvements reasonably estimated by Buyer Purchaser (in which event Seller shall be entitled to retain any insurance proceeds with respect to such damage), or (iii) terminate this Agreement, in which case Buyer neither party shall have no any further rights and obligations to the Seller other party under this Agreement (but Buyer Purchaser shall retain its rights and remedies against Seller) and Escrow Holder shall immediately return the Earnxxx Xxxey Deposit Deposits (with interest thereon) to BuyerPurchaser. BuyerPurchaser's failure to have elected any of these options within the time allotted therefor shall be deemed to be an election of option (iii).

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are materially damaged by casualty and such damage is materialcasualty, Seller shall notify Buyer in writing of such casualty as soon as practicable. Within ten (10) days after the occurrence of such casualtycasualty or receipt of applicable insurance proceeds whichever is later, Seller will, as soon as is practicable, will commence restoration of the damaged Improvements, and shall complete such 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 restorations promptly (but in no event more than ninety (90) days thereafter), and the Closing Date shall shall, if necessary 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, provided, however, that in which case Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage (in which event and Buyer shall further be entitled to deduct from the Purchase Price shall be reduced by the amount of any deductible with respect theretopayable 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) 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 shall be entitled to retain any insurance proceeds with respect to such damage), or (iii) terminate this Agreement, in which case Buyer and Seller shall have no further rights and obligations to the Seller under this Agreement Agreement. In the event that Buyer elections option (but i), Buyer shall instruct the Escrow Holder to retain its rights 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 remedies against Seller) and the Escrow Holder shall immediately return disburse to Buyer all amounts actually expended by Buyer in the Earnxxx Xxxey Deposit (with interest thereon) to 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 damaged by casualty 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, Seller will, as soon as is practicable, provided insurance proceeds are available to perform such restoration, commence restoration of the damaged Improvements, and shall complete such 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 be extended (but in no event by more than ninety (90) days) until such damaged Improvements are complete. If Seller does not commence or complete such restoration within such time period, then Buyer may elect 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, provided, however, that Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage except that any loss of rent proceeds shall be prorated as of the date of Closing (in which event the Purchase Price shall be reduced by the amount of any deductible 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 shall be entitled to retain any insurance proceeds with respect to such damage), or (iii) terminate this Agreement, in which case Buyer 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) (but Buyer shall retain its rights and remedies against Seller) and Escrow Holder shall immediately return the Earnxxx Xxxey Exxxxxx Money Deposit (with interest thereon) to Buyer. 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).. (d)

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are damaged by casualty 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, Seller will, as soon as is practicable, will commence restoration of the damaged Improvements, and shall complete such 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 ninety seventy-five (9075) days thereafter), and the Closing Date shall be extended (but in no event by more than ninety seventy-five (9075) days) until such damaged Improvements are complete. 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, provided, however, that in which case Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage (in which event the Purchase Price shall be reduced by the amount of any deductible with respect thereto); or (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 shall be entitled to retain any insurance proceeds with respect to such damage), or (iii) terminate this Agreement, in which case Buyer shall have no further rights and obligations to the Seller under this Agreement (Agreement, but Buyer shall retain its rights and remedies against Seller) and Escrow Holder shall immediately return the Earnxxx Xxxey Deposit (with interest thereon) to Buyer. 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).. (d)

Effect of Material Damage to Improvements. If prior to the Closing the Improvements are damaged by casualty 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, Seller will, will as soon as is practicable, commence restoration of the damaged Improvements, and shall complete such 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 sixty (9060) days thereafter), and the Closing Date shall be extended (but in no event by more than ninety sixty (9060) days) until such damaged Improvements are complete; provided, however, if Seller's mortgagee does not release portions of the insurance proceeds attributable to such casualty to Seller, then Seller may terminate this Agreement by written notice to Buyer, in which event the Earnxxx Money Deposit shall be returned to Buyer and neither party shall have any further obligation to the other, except those that expressly survive the termination of this Agreement. If Seller does not commence or complete such restoration within such time period, then Buyer may elect pursuant to a writing delivered to Seller and Escrow Holder to (i) continue this Agreement, provided, however, that Seller shall assign to Buyer at the Closing any insurance proceeds to which Seller is entitled with respect to such damage (in which event the Purchase Price shall be reduced by the amount of any deductible with respect thereto); or (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 shall be entitled to retain any insurance proceeds with respect to such damage), or (iii) terminate this Agreement, in which case Buyer shall have no further rights and obligations to the Seller under this Agreement (but Buyer shall retain its rights and remedies against Seller) and Escrow Holder shall immediately return the Earnxxx Xxxey Deposit (with interest thereon) to Buyer. 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).