Common use of Loss by Fire or Other Casualty Condemnation Clause in Contracts

Loss by Fire or Other Casualty Condemnation. (a) Risk of loss up to and including the Closing Date shall be borne by Sellers. In the event of any material damage to or destruction of the Properties or the Improvements or any portion thereof, Buyer may, at its option, by notice to Sellers given within fifteen (15) days after Sellers notify Buyer of such damage or destruction (and if necessary the Closing Date shall be extended to give Buyer the full fifteen (15) day period to make such election): (i) terminate this Agreement and the Deposit shall be immediately returned to Buyer and thereafter neither party shall incur any further liability or obligations under this Agreement, provided, however, that Buyer and Sellers agree that they shall continue to be bound by those provisions of this Agreement which expressly provide that they shall survive any termination of this Agreement, or (ii) proceed under this Agreement, receive any insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due Sellers as a result of such damage or destruction and assume responsibility for such repair, and Buyer shall receive a credit at Closing for any deductible, uninsured or coinsured amount under said insurance policies. If Buyer elects (ii) above, Buyer may extend the Closing Date for up to an additional thirty (30) day period in which to obtain insurance settlement agreements with Sellers' insurers, and Sellers will cooperate with Buyer in obtaining the insurance proceeds and such agreements from Sellers' insurers (whether prior to or following Closing). If the Properties are not materially damaged, then Buyer shall not have the right to terminate this Agreement, but Sellers shall, at their cost, repair the damage before the Closing in a manner reasonably satisfactory to Buyer or if repairs cannot be completed before the Closing, credit Buyer at Closing for the reasonable cost to complete the repair. "

Loss by Fire or Other Casualty Condemnation. (a) Risk of loss up to and including the Closing Date shall be borne by SellersSeller. In the event of any material damage to or destruction of the Properties or the Improvements Property or any portion thereof, Buyer may, at its option, by notice to Sellers Seller given within fifteen (15) 10 days after Sellers notify Seller notifies Buyer of such damage or destruction (and if necessary the Closing Date shall be extended to give Buyer the full fifteen (15) 10-day period to make such election): (i) terminate this Agreement and the Deposit shall be immediately returned to Buyer and thereafter neither party shall incur any further liability or obligations under this Agreement, provided, however, that Buyer and Sellers agree that they shall continue to be bound by those provisions of this Agreement which expressly provide that they shall survive any termination of this AgreementBuyer, or (ii) proceed under this Agreement, receive any insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due Sellers Seller as a result of such damage or destruction and assume responsibility for such repair, and Buyer shall receive a credit at Closing for any deductible, uninsured or coinsured amount under said insurance policies. If Buyer elects (ii) above, Buyer may extend the Closing Date for up to an additional thirty (30) 10 day period in which to obtain insurance settlement agreements with Sellers' Seller's insurers, and Sellers Seller will assign all insurance awards at Closing and cooperate with Buyer in obtaining the insurance proceeds and such agreements from Sellers' insurers (whether prior to or following Closing)Seller's insurers. If the Properties are Property is not materially damaged, then Buyer shall not have the right to terminate this Agreement, but Sellers Seller shall, at their its cost, repair the damage before the Closing in a manner reasonably satisfactory to Buyer or if repairs cannot be completed before the Closing, credit Buyer at Closing for the reasonable cost to complete the repair. "

Loss by Fire or Other Casualty Condemnation. (a) Risk of loss up to and including the Closing Date shall be borne by SellersSeller. In the event of any material damage to or destruction of the Properties or the Improvements Property or any portion thereof, Buyer may, at its option, by notice to Sellers Seller given within fifteen ten (1510) business days after Sellers notify Seller notifies Buyer of such damage or destruction (and if necessary the Review Period or Closing Date shall be extended to give Buyer the full fifteen (15) ten day period to make such election): (i) terminate this Agreement and the Deposit shall be immediately returned to Buyer and thereafter neither party shall incur any further liability or obligations under this Agreement, provided, however, that Buyer and Sellers agree that they shall continue to be bound by those provisions of this Agreement which expressly provide that they shall survive any termination of this AgreementBuyer, or (ii) proceed under this Agreement, receive any insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due Sellers Seller as a result of such damage or destruction and assume responsibility for such repair, and Buyer shall receive a credit at Closing for any deductible, uninsured or coinsured amount under said insurance policies. If Buyer elects (ii) above, Buyer may extend the Closing Date for up to an additional thirty ten (3010) business day period in which to obtain insurance settlement agreements with Sellers' Seller's insurers, and Sellers Seller will cooperate with Buyer in obtaining the insurance proceeds and such agreements from Sellers' insurers (whether prior to or following Closing)Seller's insurers. If the Properties are Property is not materially damaged, then Buyer shall not have the right to terminate this Agreement, but Sellers Seller shall, at their its cost, repair the damage before the Closing in a manner reasonably satisfactory to Buyer or if repairs cannot be completed before the Closing, credit Buyer at Closing for the reasonable cost to complete the repair. "

Loss by Fire or Other Casualty Condemnation. (a) Risk of loss up to and including the Closing Date shall be borne by Sellers. In the event of any material damage to or destruction of the Properties or the Improvements or any portion thereof, Buyer may, at its option, by notice to Sellers given within fifteen (15) days after Sellers notify Buyer of such damage or destruction (and if necessary the Closing Date shall be extended to give Buyer the full fifteen (15) day period to make such election): (i) terminate this Agreement and the Deposit shall be immediately returned to Buyer and thereafter neither party shall incur any further liability or obligations under this Agreement, provided, however, that Buyer and Sellers agree that they shall continue to be bound by those provisions of this Agreement which expressly provide that they shall survive any termination of this Agreement, or (ii) proceed under this Agreement, receive any insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due Sellers as a result of such damage or destruction and assume responsibility for such repair, and Buyer shall receive a credit at Closing for any deductible, uninsured or coinsured amount under said insurance policies. If Buyer elects (ii) above, Buyer may extend the Closing Date for up to an additional thirty (30) day period in which to obtain insurance settlement agreements with Sellers' ’ insurers, and Sellers will cooperate with Buyer in obtaining the insurance proceeds and such agreements from Sellers' ’ insurers (whether prior to or following Closing). If the Properties are not materially damaged, then Buyer shall not have the right to terminate this Agreement, but Sellers shall, at their cost, repair the damage before the Closing in a manner reasonably satisfactory to Buyer or if repairs cannot be completed before the Closing, credit Buyer at Closing for the reasonable cost to complete the repair. "

Loss by Fire or Other Casualty Condemnation. (a) Risk of loss up to and including the Closing Date shall be borne by SellersSeller. In the event of any material damage to or destruction of the Properties or the Improvements Property or any portion thereof, Buyer may, at its option, by notice to Sellers Seller given within fifteen (15) 10 days after Sellers notify Seller notifies Buyer of such damage or destruction (and if necessary the Closing Date shall be extended to give Buyer the full fifteen (15) 10-day period to make such election): (i) terminate this Agreement and the Deposit shall be immediately returned to Buyer and thereafter neither party shall incur any further liability or obligations under this Agreement, provided, however, that Buyer and Sellers agree that they shall continue to be bound by those provisions of this Agreement which expressly provide that they shall survive any termination of this AgreementBuyer, or (ii) proceed under this Agreement, receive any insurance proceeds (including any rent loss insurance applicable to any period on and after the Closing Date) due Sellers Seller as a result of such damage or destruction and assume responsibility for such repair, and Buyer shall receive a credit at Closing for any deductible, uninsured or coinsured amount under said insurance policies. If Buyer elects (ii) above, Buyer may extend the Closing Date for up to an additional thirty (30) 10 day period in which to obtain insurance settlement agreements with Sellers' Seller's insurers, and Sellers Seller will cooperate with Buyer in obtaining the insurance proceeds and such agreements from Sellers' insurers (whether prior to or following Closing)Seller's insurers. If the Properties are Property is not materially damaged, then Buyer shall not have the right to terminate this Agreement, but Sellers Seller shall, at their its cost, repair the damage before the Closing in a manner reasonably satisfactory to Buyer or if repairs cannot be completed before the Closing, credit Buyer at Closing for the reasonable cost to complete the repair. "