Common use of Effect of Unrepaired Damage Clause in Contracts

Effect of Unrepaired Damage. (a) If any portion of the Property is damaged by Casualty after the Effective Date, the cost to repair such damage exceeds Two Hundred Fifty Thousand Dollars ($250,000) and the damage is not repaired and restored substantially to its original condition before the 42 Closing, or the Tenant under the GSA Lease has the right, which it has not waived in writing, to terminate the GSA Lease by reason of such Casualty, the Purchaser may, at its sole option: (i) postpone the Closing until such times as the Seller shall have fully repaired all such damage; (ii) subject to the next sentence, terminate this Agreement, in which case the Escrow Agent shall return the Fund to the Purchaser and no party shall have any further liability or obligation to any other party under this Agreement, except as otherwise expressly provided in this Agreement; or (iii) elect to proceed with the Closing, in which case the Seller's obligations shall be as specified in SECTION 12.2(b). If Purchaser elects to terminate this Agreement pursuant to the preceding sentence, prior to the effective date of such termination, Seller may elect to adjourn the Closing to repair and restore the Property to its original condition, subject to the reduction of the Purchase Price set forth in SECTION 3.1; PROVIDED, HOWEVER, that in no event shall the Seller be permitted to adjourn the Closing beyond the Outside Closing Date. If a Casualty to any part of the Property has occurred and Purchaser is required or elects to complete the purchase of the Property, the Seller shall cooperate with the Purchaser in prosecuting all insurance claims assigned to the Purchaser at Closing.

Effect of Unrepaired Damage. If (ai) If any portion of the Property is damaged by Casualty after the Effective Date, the cost to repair such damage exceeds Two Hundred Fifty Thousand Dollars ($250,000) Date and the damage is not repaired and restored substantially to its original condition before the 42 Closing, or and (ii) (a) the estimated cost of repairs is less than two percent (2%) of the Purchase Price and (b) no Tenant under the GSA Lease has the right, which it has not waived in writing, right to terminate the GSA its Lease by reason as a result of such Casualty, Purchaser shall be required to purchase the Purchaser mayProperty in accordance with the terms of this Agreement and, at Closing, Seller shall assign to Purchaser all insurance claims and proceeds with respect thereto and shall pay or credit to Purchaser the amount of any deductible or uninsured loss with respect to such Casualty. If (x) the estimated cost of repairing such damage is two percent (2%) or more of the Purchase Price, or (y) a Tenant has the right to terminate its Lease as a result of such Casualty, Purchaser shall, as its sole option: , either (i) postpone the Closing until such times as the Seller shall have fully repaired all such damage; (ii) subject to the next sentence, terminate this Agreement, in which case the Escrow Agent Title Company shall return the Fund Deposit to the Purchaser and no party shall have any further liability or obligation to any other party under this Agreement, except as otherwise expressly provided in this Agreement; or (iiiii) elect to proceed with the Closing, in which case the Seller's obligations Seller shall be as specified in SECTION 12.2(b). If assign to Purchaser elects all insurance claims and proceeds (other than claims and proceeds for rent loss insurance for rents attributable to terminate this Agreement pursuant to the preceding sentence, periods prior to the effective date Closing Date) with respect to such damage and shall pay or credit to Purchaser the amount of any deductible or uninsured loss with respect to such termination, Casualty. Purchaser shall deliver to Seller may elect to adjourn written notice of Purchaser’s election within ten (10) Business Days after Seller informs Purchaser in writing of the repair costs (and the Closing Date shall be extended to repair and restore the Property to its original conditionaccommodate such ten (10) Business Day period, subject to the reduction of the Purchase Price set forth in SECTION 3.1; PROVIDED, HOWEVER, that in no event shall the Seller be permitted to adjourn the Closing beyond the Outside Closing Dateif necessary). If a Casualty to any part of the Property has occurred and Purchaser is required or elects to complete the purchase of the Property, the Seller shall cooperate with the Purchaser in prosecuting all insurance claims assigned to the Purchaser at Closing.

Effect of Unrepaired Damage. Seller shall give Purchaser or Purchaser shall give to Seller written notice within ten (a10) days after such party has knowledge that all or any material portion of the Property has been damaged by any Casualty prior to the Closing. If any portion of the Property is damaged by Casualty prior to Closing and such Casualty is not a Major Casualty (defined below), Purchaser shall be required to purchase the Property in accordance with the terms of this Agreement and, at Closing, Seller shall assign to Purchaser all insurance claims and proceeds with respect thereto and shall pay or credit to Purchaser the amount of any deductible or uninsured loss with respect to such Casualty. If such Casualty is a Major Casualty, within ten (10) days after the Effective Datedetermination that such Casualty constitutes a Major Casualty (which determination shall be made pursuant to Section 10.1(a) of the Lease), the cost to repair such damage exceeds Two Hundred Fifty Thousand Dollars ($250,000) and the damage is not repaired and restored substantially to its original condition before the 42 Closing, or the Tenant under the GSA Lease has the right, which it has not waived in writing, to terminate the GSA Lease by reason of such Casualty, the Purchaser may, at its sole option: shall either (i) postpone the Closing until such times as the Seller shall have fully repaired all such damage; (ii) subject to the next sentence, terminate this AgreementAgreement in a written termination notice delivered to Seller within such ten (10) day period, in which case the Escrow Agent Title Company shall return the Fund Deposit to the Purchaser and no party shall have any further liability or obligation to any other party under this Agreement, except as otherwise expressly provided in this AgreementArticle 5 or Section 17.5; or (iiiii) elect to proceed with the Closing, in which case Seller shall assign to Purchaser all insurance claims and proceeds (other than claims and proceeds for rent loss insurance) with respect to such damage and shall pay or credit to Purchaser the Seller's obligations amount of any deductible or uninsured loss with respect to such Casualty; and failure to timely deliver such notice shall be as specified in SECTION 12.2(b). If Purchaser elects constitute Purchaser’s election to terminate this Agreement pursuant to proceed with the preceding sentence, prior to the effective date of such termination, Seller may elect to adjourn the Closing to repair and restore the Property to its original condition, subject to the reduction of the Purchase Price set forth in SECTION 3.1; PROVIDED, HOWEVER, that in no event shall the Seller be permitted to adjourn the Closing beyond the Outside Closing DateClosing. If a Casualty to any part of the Property has occurred and Purchaser is required or elects to complete the purchase of the Property, the Seller shall cooperate with the Purchaser in prosecuting all insurance claims assigned to the Purchaser at Closing. As used herein, the term “Major Casualty” means any Casualty for which the Tenant has the right to terminate the Lease pursuant to Section 10.1(b) or Section 10.1(d) of the Lease. The Closing Date shall be automatically extended to the extent necessary to determine pursuant to the Lease whether a Casualty constitutes a Major Casualty and to allow the foregoing notice periods.

Effect of Unrepaired Damage. Seller shall give Purchaser or Purchaser shall give to Seller written notice within ten (a10) days after such party has knowledge that all or any material portion of the Property has been damaged by any Casualty prior to the Closing. If any portion of the Property is damaged by Casualty prior to Closing and such Casualty is not a Major Casualty (defined below), Purchaser shall be required to purchase the Property in accordance with the terms of this Agreement and, at Closing, Seller shall assign to Purchaser all insurance claims and proceeds with respect thereto and shall pay or credit to Purchaser the amount of any deductible or uninsured loss with respect to such Casualty. If such Casualty is a Major Casualty, within ten (10) days after the Effective Datedetermination that such Casualty constitutes a Major Casualty (which determination shall be made pursuant to Section 10.1(a) of the Lease), the cost to repair such damage exceeds Two Hundred Fifty Thousand Dollars ($250,000) and the damage is not repaired and restored substantially to its original condition before the 42 Closing, or the Tenant under the GSA Lease has the right, which it has not waived in writing, to terminate the GSA Lease by reason of such Casualty, the Purchaser may, at its sole option: shall either (i) postpone the Closing until such times as the Seller shall have fully repaired all such damage; (ii) subject to the next sentence, terminate this AgreementAgreement in a written termination notice delivered to Seller within such ten (10) day period, in which case the Escrow Agent Title Company shall return the Fund Deposit to the Purchaser and no party shall have any further liability or obligation to any other party under this Agreement, except as otherwise expressly provided in this AgreementArticle 5 or Section 17.5; or (iiiii) elect to proceed with the Closing, in which case Seller shall assign to Purchaser all insurance claims and proceeds (other than claims and proceeds for rent loss insurance) with respect to such damage and shall pay or credit to Purchaser the Seller's obligations amount of any deductible or uninsured loss with respect to such Casualty; and failure to timely deliver such notice shall be as specified in SECTION 12.2(b). If Purchaser elects constitute Purchaser’s election to terminate this Agreement pursuant to proceed with the preceding sentence, prior to the effective date of such termination, Seller may elect to adjourn the Closing to repair and restore the Property to its original condition, subject to the reduction of the Purchase Price set forth in SECTION 3.1; PROVIDED, HOWEVER, that in no event shall the Seller be permitted to adjourn the Closing beyond the Outside Closing DateClosing. If a Casualty to any part of the Property has occurred and Purchaser is required or elects to complete the purchase of the Property, the Seller shall cooperate with the Purchaser in prosecuting all insurance claims assigned to the Purchaser at Closing.. As used herein, the term “Major Casualty” means any Casualty for which the Tenant has the right to terminate the Lease pursuant to Section 10.1(b) or Section 10.1(d)