Loss by Fire or Other Casualty Sample Clauses
Loss by Fire or Other Casualty. CONDEMNATION --------------------------------------------
Loss by Fire or Other Casualty. 1. If prior to the Closing, the Property, or any part thereof, shall be damaged by fire or other casualty, Seller shall notify Buyer promptly thereof.
2. If the fire or other casualty damages the Property so that the cost of repair shall reasonably be estimated to exceed $100,000.00, Buyer shall have the option to
a. consummate this transaction without any abatement of the Purchase Price whatsoever, in which event
(1) 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;
(2) Seller shall reimburse Buyer at Closing for the amount of the deductible under Seller's policies of insurance; and
(3) the Seller shall not settle or compromise any claim for such insurance proceeds without the Buyer's prior written consent; or
b. cancel this Agreement, in which event Seller shall cause the Deposit to be returned to Buyer, and thereupon, neither party shall have any further liability or obligation under this Agreement.
3. If the fire or other casualty damages the Property so that the estimated cost of repair and restoration is $100,000.00 or less, Buyer shall not have the option to cancel this Agreement but shall complete the Closing as provided under option (2)(a) above. If the loss is uninsured, or the insurance company denies coverage, Buyer shall receive a credit against the cash portion of the Purchase Price for the cost of restoration and repair but Buyer shall assign to Seller all rights against any surety or any other person which the Buyer may have with respect to such claim.
4. If Buyer accepts title as provided in Subsection (2)(a) or (3) above, Seller, in accordance with the direction of Buyer, shall make any temporary repairs or restorations required to preserve or protect the Property, and Buyer shall reimburse the Seller for the cost thereof at Closing.
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. Except as otherwise set forth below, if the Improvements on the Premises shall be damaged or destroyed by fire or other casualty after the Full Rent Commencement Date, Tenant, within a reasonable time from the date of such damage or destruction, shall make necessary alterations, repairs and/or replacements to such Improvements for the purpose of restoring said Improvements to the same condition such Improvements were in immediately prior to such fire or other casualty loss, but no casualty shall affect Tenant’s liability to pay the full amount of Rent as provided in this Lease. The Rent herein required to be paid by Tenant shall not xxxxx during any period of untenantability caused by such damage or destruction. If, (i) in the reasonable judgment of Tenant, the damage to such Improvements is such that same cannot be restored and repaired or replaced within a period of two hundred (200) days and (ii) either any insurance proceeds are sufficient to pay off any existing loan secured by a mortgage against the Premises or Tenant agrees to and does pay any difference between such proceeds and the outstanding amount of such loan, then Tenant may, by written notice to Landlord, terminate the Lease as of the date of the damage, with insurance proceeds allocated toward repair of the Premises being paid to Landlord, or upon request by Landlord’s mortgagee, directly to such mortgagee, in an amount applicable to covered loss. If this Lease is not so cancelled, then such insurance proceeds shall be applied to such restoration and repairs, subject to and in accordance with the disbursement procedures set forth in Section 2.06 of the first mortgage given to TD Bank, N.A. If the Premises are to be restored but, because of a Force Majeure Event, the completion of such restoration and repairs is delayed, then the time for completion of such shall be extended accordingly but the obligation to pay Rent shall continue unabated. If more than fifty percent (50%) of the Improvements or a material portion or critical area of the Premises are destroyed in the last two (2) years of any term, Tenant may terminate this Lease, whereupon all rents herein provided shall xxxxx, but insurance proceeds shall apply to the covered loss according to the terms and conditions of the applicable policy and such insurance proceeds shall be paid to Landlord or to Landlord’s lender as may be provided in any agreements between Landlord and Landlord’s lender. Tenant shall be responsible for insuring and...
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 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.