LOSS BY FIRE, OTHER CASUALTY OR CONDEMNATION. (a) In the event that prior to the Closing, the Improvements, or any part thereof, are destroyed or materially damaged (as defined in Section 15(e)), Purchaser shall have the right, exercisable by giving notice to Seller within fifteen (15) business days after receiving written notice of such damage or destruction, either (i) to terminate this Agreement, in which case neither party shall have any further rights or obligations hereunder except any indemnification obligations of Purchaser, any documents shall be returned to the party depositing the same and the Xxxxxxx Money Note shall be returned to Purchaser, or (ii) to accept the Improvements in their then condition and to proceed with the Closing with an abatement or reduction in the Purchase Price in the amount of the deductible for the applicable insurance coverage, and to receive an assignment of all of Seller’s rights to any insurance proceeds payable by reason of such damage or destruction. If Purchaser elects to proceed under clause (ii) above, Seller shall not compromise, settle or adjust any claims to such proceeds without Purchaser’s prior written consent.
LOSS BY FIRE, OTHER CASUALTY OR CONDEMNATION. In the event that prior to the Closing Date, the Property, or any part thereof, is destroyed or damaged by fire or other casualty, which, according to Seller’s good faith estimate as reasonably agreed to by Xxxxx (the “Estimate”), would cost, with respect to the Property, more than Five Hundred Thousand and No/100 Dollars ($500,000.00) (the “Threshold Amount”) to repair, or any condemnation proceedings are commenced or overtly threatened which would involve the taking of any portion of the Property valued at more than the Threshold Amount, then Buyer shall have the right, exercisable by giving notice to Seller within fifteen (15) days after receiving written notice of such damage or destruction or taking either (a) to terminate this Agreement, in which case neither party shall have any further rights or obligations hereunder and any money (including, without limitation, the Deposit but exclusive of the Independent Consideration) or documents in Escrow shall be returned to the party depositing the same, except that Buyer and Seller shall each be responsible for one-half of any title or Escrow cancellation fee, or (b) to accept the Property in its then condition and proceed to close this transaction with an abatement or reduction in the Purchase Price in the amount of the deductible for the applicable insurance coverage, if any, and to receive an assignment of all of Seller’s rights to any insurance proceeds payable by reason of such damage or destruction or condemnation awards payable by reason of such taking. If Buyer elects to proceed under clause (b) above, Seller shall continue to maintain all insurance policies and not compromise, settle or adjust any claims to such proceeds or awards without Xxxxx’s prior written consent. Xxxxxx agrees to give Xxxxx prompt notice of any taking, damage or destruction of the Property. Buyer’s failure to deliver notice within the time period specified shall be deemed to constitute Buyer’s election to proceed under clause (b). In the event the Estimate of the cost of repair or the amount of the taking, with respect to the Property, is less than or equal to the Threshold Amount, then Buyer (w) shall not have the option to terminate this Agreement, (x) shall accept the Property in its then condition (y) shall proceed to close this transaction with an abatement or reduction in the Purchase Price in the amount of the deductible for the applicable insurance coverage, if any, and (z) shall receive an assignment of all of Seller...
LOSS BY FIRE, OTHER CASUALTY OR CONDEMNATION. (a) If prior to the Closing, any material portion of the Property (as defined in Section 12(d)) is destroyed or materially damaged or is subject to a taking or threatened taking by any public authority, then Buyer shall have the right, exercisable by giving notice to Seller within fifteen (15) days after receiving written notice of such damage, destruction, or taking either (i) to terminate this Agreement, in which case neither party shall have any further rights or obligations hereunder except that (x) any money (including, without limitation, the Deposit and all interest accrued thereon) or documents in escrow shall be returned to the party depositing the same, and (y) Buyer and Seller each shall be responsible for one-half of any title or escrow cancellation fee, or (ii) to accept the Property in its then condition and to proceed with the Closing without abatement or reduction in the Purchase Price.
LOSS BY FIRE, OTHER CASUALTY OR CONDEMNATION. (a) If prior to the Closing Date the Property, or any material part thereof, is destroyed or materially damaged (as defined in Section 17(e), Purchaser shall have the right, exercisable on or before the earlier of (i) fifteen (15) days after receiving written notice of such destruction or material damage, or (ii) one (1) Business Day prior to Closing Date, either (A) to terminate this Agreement by delivering a Termination Notice, or (B) to accept the Property in its then condition and to proceed with the Closing with a reduction in the Purchase Price in the amount of the deductible for the applicable insurance coverage. To permit such election, if the Closing Date would otherwise have been fifteen (15) days or fewer following the notice of destruction or material damage, the Closing Date shall be automatically extended to the sixteenth (16th) day following such notice. Purchaser’s failure to deliver a Termination Notice on or before the earlier of (x) said fifteen (15) day period, or (y) one (1) Business Day prior to the Closing Date shall be deemed Purchaser’s election to proceed under clause (B) above. If Purchaser elects (or is deemed to elect) to proceed under clause (B) above, (1) Seller shall not compromise, settle or adjust any claims to such insurance proceeds without Purchaser’s prior written consent (which consent shall not be unreasonably withheld or delayed), (2) Purchaser shall receive at the Closing an assignment of all of Seller’s rights to any insurance proceeds payable by reason of such destruction or material damage, and (3) Seller shall have no duty or obligation to repair or restore such destruction or material damage.
LOSS BY FIRE, OTHER CASUALTY OR CONDEMNATION. In the event that prior to the Close of Escrow, the Property, or any part thereof, is destroyed or damaged by fire or other casualty, or is subject to a taking by a public authority, then Buyer shall have the right, exercisable by giving notice to Seller within fifteen (15) business days after receiving written notice of such damage or destruction or taking either (a) to terminate this Agreement, in which case neither party shall have any further rights or obligations hereunder and any money (including, without limitation, the Deposit) or documents in Escrow or released to Seller shall be returned to the party depositing the same, except that Buyer and Seller shall each be responsible for one-half of any title or Escrow cancellation fee, or (b) to accept the Property in its then condition and proceed to close this transaction with an abatement or reduction in the Purchase Price in the amount of any uninsured loss plus the deductible for the applicable insurance coverage, if any, and to receive an assignment of all of Seller's and/or RVA's rights to any insurance proceeds payable by reason of such damage or destruction or condemnation awards payable by reason of such taking and the Close of Escrow shall be extended for a reasonable period of time to accommodate Buyer's election to close. If Buyer elects to proceed under clause (b) above, Seller shall not compromise, settle or adjust any claims to such proceeds or awards without Buyer's prior written consent. Seller agrees to give Buyer prompt notice of any taking, damage or destruction of the Property.
LOSS BY FIRE, OTHER CASUALTY OR CONDEMNATION. (a) In the event that prior to the Power/Promotional Center Closing, the Property, or any part thereof, is destroyed or materially damaged, Purchaser shall have the right, exercisable by giving notice to Seller within fifteen (15) days after receiving written notice of such material damage or destruction, either (i) to terminate this Agreement, in which case neither party shall have any further rights or obligations hereunder and any money or documents in escrow shall be returned to the party depositing the same or (ii) to accept the Property in its then condition and to proceed with the Power/Promotional Center Closing and Community Center/Triangle Closing in accordance with the terms of this Agreement, and to receive an assignment of all of Seller's rights to any insurance proceeds payable by reason of such damage or destruction and the Purchase Price shall be reduced by the amount of Seller's insurance deductible applicable to the Property. If Purchaser elects to proceed under clause (ii) above, Seller shall not compromise, settle or adjust any claims to such proceeds without Purchaser's prior written consent, which shall not be unreasonably withheld, conditioned or delayed.
LOSS BY FIRE, OTHER CASUALTY OR CONDEMNATION
