Immaterial Event. Except upon the occurrence of a material event as set forth in Section 7.1 above, Purchaser shall close this transaction on the date and at the Purchase Price agreed upon in Section 2, and Seller will assign to Purchaser (i) the insurance proceeds of any insurance policies payable to Seller and pay to Purchaser the amount of any deductible under Seller’s insurance policy, if any, or (ii) Seller’s portion of any condemnation award.
Immaterial Event. If, prior to Closing, the Property is subject to a casualty or a condemnation event that is not a Material Event, Purchaser shall close this transaction on the date and at the Purchase Price agreed upon in Section 2, and Seller will assign to Purchaser the physical damage proceeds of any insurance policies payable to Seller, or Seller’s rights to any portion of any condemnation award, in both cases, up to the amount of the Purchase Price and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.
Immaterial Event. If prior to the Closing, a portion of any Real Property is condemned, damaged or destroyed and such portion does not constitute a Material Reconstruction Event, then (provided that any such damage or destruction is not caused by Sellers or their Representatives) the parties shall nonetheless consummate the transaction contemplated by this Agreement (including with respect to such Damaged Property), without any abatement of the Purchase Price, and upon the occurrence of the Closing, Buyers shall be entitled to the benefit of any and all applicable insurance proceeds or condemnation awards payable in connection with such Damaged Property (and Buyers shall be credited the amount of any deductible payable under any insurance policy covering such damage).
Immaterial Event. If, prior to Closing, any Project is subject to a casualty or a condemnation event that is not a Material Event, Purchaser shall close this transaction on the Closing Date without reduction of the Purchase Price, and the Seller that owns the affected Project will assign to Purchaser the physical damage proceeds of any insurance policies payable to such Seller, or such Seller's rights to any portion of any condemnation award (but such Seller shall retain insurance recoveries or condemnation aware reimbursing such Seller for its expenditures, if any, in making repairs or replacements of any such damage, destruction or taking), and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.
Immaterial Event. If, prior to Closing, the Property is subject to a casualty or a condemnation event that is not a Material Event, Purchaser shall close this transaction on the date and at the Purchase Price agreed upon in Section 2, and Seller will assign to Purchaser the physical damage proceeds of any insurance policies payable to Seller, or Seller’s rights to any portion of any condemnation award (or reduce the Purchase Price by the amount of such proceeds or award), in both cases, up to the amount of the Purchase Price and, if an insured casualty, pay to Purchaser as a credit to the Purchase Price at Closing the amount of any deductible but not to exceed the amount of the loss.
Immaterial Event. 20 7.3 Termination and Return of Deposit ............................................................................................ 20 8. Notices ................................................................................................................................................ 20 9.
Immaterial Event. If, prior to Closing, less than fifteen percent (l5%) of the net rentable area of the building(s) or of the parking spaces on the Property are rendered completely untenantable or are destroyed, or are taken under power of eminent domain, Purchaser shall close this transaction on the date and at the Purchase Price agreed upon in Section 2, and Seller will assign to Purchaser all required proofs of loss, assignments of claims and other similar items and the physical damage proceeds of any insurance policies payable to Seller, or Seller's portion of any condemnation award, in both cases, up to the amount of the Purchase Price and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.
Immaterial Event. If, prior to Closing, the Property is subject to a casualty or a condemnation event that is not a Material Event, Purchaser shall close this transaction on the date and at the Purchase Price agreed upon in Section 2, and Seller will assign to Purchaser the physical damage proceeds of any insurance policies payable to Seller, or Seller’s rights to any portion of any condemnation award, in both cases, up to the amount of the Purchase Price and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss, and pay to Purchaser the amount of any uninsured casualty up to $300,000.
Immaterial Event. If, prior to Closing, there is damage or destruction to the Buildings or a taking, but such is not a Material Event, Purchaser shall close this transaction on the date and at the Purchase Price agreed upon in Section 1, and Seller shall assign to Purchaser (i) its interest in the physical damage proceeds of any insurance policies payable to Seller or the LLC, and the proceeds or rent loss insurance, but only to the extent available for loss of rental income attributable to periods after Closing or (ii) Seller’s or the LLC’s portion of any condemnation award, as applicable, in both cases, up to the amount of the Purchase Price, and including any rights of Seller or the LLC to prosecute, settle, compromise, or appeal such payments, and, if an insured casualty, pay to Purchaser the amount of any deductible not previously paid by Seller or the LLC, but not to exceed the amount of the loss. It is acknowledged that notwithstanding the sale of the Membership Interest, any right to insurance not specifically assigned is reserved to Seller and is not included in the sale.
Immaterial Event. If, prior to Closing: (a) less than ten percent (10%) of the net rentable area of the Building is rendered completely untenantable as a result of fire, lightning or other casualty or is permanently taken under the power of eminent domain, or (b) less than material access to such Building is permanently destroyed as a result of fire, lightening or other casualty or is permanently taken under the power of eminent domain, this transaction shall close on the Date of Closing and Purchaser shall pay the full Purchase Price agreed upon in Section 2, above, and Seller shall assign to Purchaser the physical damage proceeds of any insurance policies payable to Seller, or Seller's portion of any condemnation award, in both cases, up to the amount of the Purchase Price and, if an insured casualty, pay to Purchaser the amount of any deductible under Seller's insurance coverage, but not to exceed the amount of the loss.
