Common use of Immaterial Event Clause in Contracts

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. 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 (with the exception of rent loss insurance applicable to periods prior to Closing) 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. 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 physical damage proceeds of any insurance policies payable to Seller and 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 policy, if any, or (ii) Seller’s portion but not to exceed the amount of any condemnation awardthe loss.