Common use of If No Termination Clause in Contracts

If No Termination. If a Casualty occurs and Buyer does not have the right or does not elect to exercise the right under Section 9.3.1 to terminate this Agreement, this Agreement shall continue in force. In such case and if the Casualty affects a material part of the Hotel, at Closing Seller shall pay over to Buyer the amount of any insurance proceeds, condemnation awards or other amounts in connection with such Casualty (“Proceeds”) which have already been received by Seller, shall assign to Buyer all of Seller’s rights to Proceeds which may then be or thereafter become payable and shall credit Buyer with the amount of any applicable insurance deductible, except that Seller shall retain the right to Proceeds payable under business interruption or rent loss insurance to the extent applicable to periods before the Closing Date, and the Proceeds of property hazard insurance to the extent Seller has incurred costs to repair or replace property damaged as a result of such Casualty). If the Casualty does not affect a material part of the Hotel, at Closing Seller shall give Buyer a credit for the lesser of (A) reasonably estimated cost to repair the Casualty or (B) the deductible under the property hazard insurance covering the Hotel (less in each case the amount expended by Seller to restore the Hotel) and Seller shall retain the right to Proceeds payable in connection with such Casualty.

If No Termination. If a Casualty occurs and Buyer does not have the right or does not elect neither Party has and elects to exercise the right under Section 9.3.1 to terminate this AgreementAgreement or there is a Casualty and it is not deemed to effect a material part of the Hotel Premises, this Agreement shall continue in force. In such case and if the Casualty affects a material part of the Hotelforce and, at Closing Seller upon Closing, Buyer shall pay over be entitled to Buyer the amount of any all insurance proceeds, condemnation awards or other amounts which have been paid or may thereafter be payable to or for the account of Seller by any person in connection with such Casualty (“Proceeds”) which have already been received by Seller, shall assign to Buyer all of Seller’s rights to Proceeds which may then be or thereafter become payable and shall credit Buyer with the amount of any applicable insurance deductible), except that Seller shall retain the right to Proceeds payable under business interruption or rent loss insurance to the extent applicable to periods before the Closing DateClosing, and the Proceeds of property hazard insurance to the extent Seller has incurred costs to repair or replace property damaged as a result of such Casualty). If At Closing, Seller shall, except to the Casualty does not affect a material part extent entitled to retain Proceeds under the preceding sentence, pay over to Buyer the amount of any Proceeds already received by Seller, shall assign Buyer all of Seller’s rights to Proceeds which may then be or thereafter become payable and shall credit Buyer with the Hotel, at Closing Seller shall give Buyer a credit for the lesser least of (A) reasonably estimated cost to repair the Casualty or amount of any applicable insurance deductible, (B) the deductible under reasonably estimated cost of repairing, restoring or replacing the property hazard insurance covering portion of the Hotel damaged by such Casualty or (less in each case C) the amount expended by Seller specified to restore be a “material part” of the Hotel) and Seller shall retain the right to Proceeds payable Hotel Premises in connection with such CasualtySection 9.3.3.

If No Termination. If a Casualty occurs and Buyer either does not have the right have, or does not elect to exercise exercise, the right under Section 9.3.1 to terminate this Agreement, this Agreement shall continue in force. In such case and if the Casualty affects a material part of the Hotelforce and, at Closing Seller upon Closing, Buyer shall pay over be entitled to Buyer the amount of any all insurance proceeds, condemnation awards or other amounts which have been paid or may thereafter be payable to or for the account of Seller by any Person in connection with such Casualty (“"Proceeds”) which have already been received by Seller, shall assign to Buyer all of Seller’s rights to Proceeds which may then be or thereafter become payable and shall credit Buyer with the amount of any applicable insurance deductible"), except that Seller shall retain the right to Proceeds payable under business interruption or rent loss insurance to the extent applicable to periods before the Closing DateClosing, and the Proceeds of property hazard insurance to the extent Seller has incurred reasonable third party costs to repair or replace property damaged as a result of such Casualty). If At Closing, Seller shall, except to the Casualty does not affect a material part extent entitled to retain Proceeds under the preceding sentence, pay over to Buyer the amount of any Proceeds already received by Seller, shall assign Buyer all of Seller's rights to Proceeds which may then be or thereafter become payable and shall credit Buyer with the Hotel, at Closing Seller shall give Buyer a credit for the lesser least of (A) reasonably estimated cost to repair the Casualty or amount of any applicable insurance deductible, (B) the deductible under reasonably estimated cost of repairing, restoring or replacing the property hazard insurance covering portion of the Hotel damaged by such Casualty or (less in each case C) the amount expended by Seller specified to restore be a "material part" of the Hotel) and Seller shall retain the right to Proceeds payable Hotel Premises in connection with such CasualtySection 9.3.3.

If No Termination. If a Casualty occurs and Buyer does not have the right neither Party has or does not elect elects to exercise the right under Section 9.3.1 to terminate this Agreement, this Agreement shall continue in force. In such case and if the Casualty affects a material part of the Hotelforce and, at Closing Seller upon Closing, Buyer shall pay over be entitled to Buyer the amount of any all insurance proceeds, condemnation awards or other amounts which have been paid or may thereafter be payable to or for the account of Seller by any person in connection with such Casualty (“Proceeds”) which have already been received by Seller, shall assign to Buyer all of Seller’s rights to Proceeds which may then be or thereafter become payable and shall credit Buyer with the amount of any applicable insurance deductible), except that Seller shall retain the right to Proceeds payable under business interruption or rent loss insurance to the extent applicable to periods before the Closing DateClosing, and the Proceeds of property hazard insurance to the extent Seller has incurred costs to repair or replace property damaged as a result of such Casualty). If At Closing, Seller shall, except to the Casualty does not affect a material part extent entitled to retain Proceeds under the preceding sentence, pay over to Buyer the amount of the Hotelany Proceeds already received by Seller, at Closing Seller shall give assign Buyer a all of Seller’s rights to Proceeds which may then be or thereafter become payable and shall credit for Buyer with the lesser of (A) reasonably estimated cost to repair the Casualty amount of any applicable insurance deductible or (B) the deductible under reasonably estimated cost of repairing, restoring or replacing the property hazard insurance covering portion of the Hotel (less in each case the amount expended damaged by Seller such Casualty to restore the Hotel) and Seller shall retain the right its condition as existed immediately prior to Proceeds payable in connection with such Casualty.