Loss by Fire or Other Casualty. Condemnation. Promptly upon learning thereof, Seller shall give Buyer written notice of any condemnation, damage or destruction of the Property occurring prior to the Closing. Buyer shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to or destruction of any Improvements or condemnation of any portion of the Property, provided: (a) the cost to repair any damage or destruction, or the diminution in the value of the remaining Property as a result of a partial condemnation, does not exceed thirty-three percent (33%) of the Purchase Price, and (b) the square footage of the building which comprises part of the Improvements affected by any damage or destruction or by any partial condemnation, does not exceed thirty-three percent (33%) thereof, and (c) at Closing, Buyer shall be credited against the Purchase Price (A) in the event of damage or destruction fully covered (other than customary deductibles) by Seller’s insurance policies, the amount of any insurance proceeds collected by Seller as a result of any such damage or destruction plus applicable deductibles less any monies actually expended by Seller to repair any damage (or, if not previously collected, such proceeds shall be assigned to Buyer) or (B) in the event of damage or destruction not fully covered by Seller’s insurance policies, the cost to repair the damaged Improvements, as reasonably determined by a firm bid by a third party contractor designated by Seller and acceptable to Buyer, in both parties’ reasonable discretion (or, if a firm bid cannot be obtained prior to the Closing Date, as determined by a preliminary bid or estimate, with a post-Closing reconciliation between Buyer and Seller of the credit received by Bxxxx at such time as a firm bid is obtained from such contractor), or (C) in the event of condemnation, the amount of any condemnation awards collected by or payable to Seller. If either threshold described in clause (a) or (b) above is met or exceeded, then Buyer (or either Buyer or Seller, if such loss is not insured) may at its option terminate this Agreement, whereupon the Deposit and interest accrued thereon shall be returned to Buyer. If neither Buyer nor Seller exercises such option to terminate within fifteen (15) days after Seller notifies Buyer in writing of Seller’s estimate of the cost to repair or diminution in value, then this Agreement shall continue in full force ...
Loss by Fire or Other Casualty. CONDEMNATION --------------------------------------------
Loss by Fire or Other Casualty. CONDEMNATION
Loss by Fire or Other Casualty. If prior to the Closing, the Real Property is destroyed or materially damaged, Buyer shall have the right, exercisable by giving written notice of such decision to Seller within five (5) business days after receiving written notice from Seller of such damages or destruction to terminate this Agreement, in which case, this Agreement shall terminate and neither party hereto shall have any further rights or obligations under this Agreement. If Buyer elects to accept the Real Property in its then condition, all proceeds of insurance payable to Seller by reason of such damage or destruction shall be paid or assigned to Buyer.
Loss by Fire or Other Casualty. If the Campsite is damaged by fire, wind, or other cause so as to render it unfit for the purposes of RV camping, this Agreement shall expire and Camper shall vacate the Campsite and surrender the same to Lessor, in Xxxxxx's sole discretion. No compensation shall be payable by Lessor to Camper by reason of inconvenience, annoyance, or loss of use of the Campsite resulting from such termination or from repair, rebuilding, or reconstruction of the Campsite or any addition thereto.
Loss by Fire or Other Casualty. In the case that the premises shall become untenantable by fire or other casualty, Landlord may at his option terminate this lease, or repair the premises within 30 days, and failing so to do, or upon the destruction of premises by fire, this agreement shall terminate. Xxxxxxxx further agrees to provide Tenant with an estimated date of repair within 14 days of the time of the casualty.
Loss by Fire or Other Casualty. CONDEMNATION
13.1 DAMAGE OR DESTRUCTION.
Loss by Fire or Other Casualty. Condemnation. In the event that, prior to Closing, the Properties, or any part thereof, are destroyed or damaged, or if condemnation proceedings are threatened or commenced against the Property, MRG shall have the right, exercisable by giving notice of such decision to Seller within three (3) days after receiving written notice from Seller or such damage, destruction or condemnation proceedings, to terminate this Agreement, in which case, neither party shall have any further rights or obligations hereunder and the full amount of the Deposit shall be returned to MRG. If MRG elects to accept the Property in its then condition, all proceeds of insurance or condemnation awards payable to Seller by reason of such damage, destruction or condemnation shall be paid or assigned to MRG. If MRG fails to give notice MRG shall be deemed to have elected to terminate this Agreement.
Loss by Fire or Other Casualty. If prior to the Closing, the Premises, or any part thereof, shall be damaged by fire or other casualty not arising from the acts or omissions of Buyer, its agents or employees, such that the cost of repair does not exceed twenty (20%) percent of the Purchase Price, Seller and Buyer shall consummate this transaction without any abatement of the Purchase Price whatsoever and, at the Closing, all of the insurance proceeds payable as a result of such damage shall belong (and, to the extent received by Seller, shall be paid) to Buyer or, if such proceeds have not then been received by Seller, such proceeds and all of Seller's rights thereto shall be assigned by Seller to Buyer. If the cost of repair is more than twenty (20%) percent of the Purchase Price and the casualty did not arise as a result of the acts or omissions of Buyer, its agents or employees, then Buyer shall have the option to cancel this Agreement upon notice to Seller within twenty (20) days after the date of the casualty. Failure of Buyer to cancel shall be deemed an election to proceed to Closing as in the first sentence of this Paragraph 8.
Loss by Fire or Other Casualty. If prior to the Closing, the Real Property is destroyed or materially damaged, all proceeds of insurance payable to Seller by reason of such damage or destruction shall be paid or assigned to Buyer.
