Immaterial Casualty. If, before Closing, the Property is damaged by a fire or other casualty that is not a Major Casualty or is not covered by Seller’s insurance but Seller agrees to provide a credit against the Sales Price in the amount of the cost of such damage at Closing, then Purchaser may not terminate this Contract, and the Sales Price shall be reduced by an amount equal to Seller's deductible under its insurance policies and any proceeds of insurance previously received by Seller with respect thereto, and by the uninsured portion of the damage, and Seller shall assign to Purchaser at the Closing all of Seller's interest in and to any casualty insurance proceeds that may be payable to Seller on account of the occurrence (with its insurer’s consent written thereto), including the proceeds of any business interruption or loss of rental insurance payable with respect to periods after the Closing Date.
Appears in 5 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Steadfast Apartment REIT, Inc.), Purchase and Sale Agreement (Steadfast Apartment REIT, Inc.)
