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

Effect of Non-Material Damage to Improvements. If prior to the Closing the Improvements on the Property are non-materially damaged by casualty (i) this Agreement may not be terminated by reason of such casualty (provided that this does not waive Buyer's other termination rights under this Agreement) and (ii) Seller will, at Buyer's option, either (a) cause the damaged portion of the Improvements to be repaired at Seller's sole cost and expense or (b) reduce the Purchase Price by an amount equal to the actual, reasonable and necessary cost of repairing or replacing the damaged portions of the Improvements. Seller will notify Buyer within one (1) day of Seller's receipt of knowledge of any casualty which occurs in between the date of this Agreement and the Closing Date.

Effect of Non-Material Damage to Improvements. If prior to the Closing the Improvements on the Property are non-materially damaged by casualty casualty, whether insured or uninsured, (i) this Agreement may not be terminated by reason of such casualty (provided that this does not waive Buyer's other termination rights under this Agreement) and (ii) Seller will, at Buyer's option, either (awill to the extent insurance proceeds are available(a) cause the damaged portion of the Improvements to be repaired at Seller's sole cost and expense or (b) reduce the Purchase Price by an amount equal to the actual, reasonable and necessary cost of repairing or replacing the damaged portions of the Improvements, provided that Buyer will be responsible for the first $100,000 of any uninsured casualty. Seller will notify Buyer within one (1) day of Seller's receipt of knowledge of any casualty which occurs in between the date of this Agreement and the Closing Date.

Effect of Non-Material Damage to Improvements. If prior to the Closing the Improvements on the Property are non-materially damaged by casualty and such damage is not material, (i) this Agreement may not be terminated by reason of such casualty (provided that this does not waive Buyer's other termination rights under this Agreement) and (ii) Seller will, at Buyer's option, either (a) cause the damaged portion of the Improvements to be repaired at Seller's sole cost and expense or (b) reduce the Purchase Price by an amount equal to the actual, reasonable and necessary cost of repairing or replacing the damaged portions of the Improvements. Seller will notify Buyer within one three (13) day days of Seller's receipt of knowledge of any casualty which occurs in between the date of this Agreement and the Closing Date.

Effect of Non-Material Damage to Improvements. If prior to the Closing the Improvements on the Property are non-materially damaged by casualty and such damage is not material, (i) this Agreement may not be terminated by reason of such casualty (provided that this does not waive Buyer's other termination rights under this Agreement) and (ii) Seller will, at Buyer's option, either (a) cause the damaged portion of the Improvements to be repaired at Seller's sole cost and expense or (b) reduce the Purchase Price by an amount equal to the actual, reasonable and necessary cost of repairing or replacing the damaged portions of the Improvements. Seller will notify Buyer within one (1) day of Seller's receipt of knowledge of any casualty which occurs in between the date of this Agreement and the Closing Date.