Loss Due to Casualty. In the event of a Substantial Loss or damage (defined below) to any of the Acquired Properties or the Improvements by fire or other casualty prior to the Closing Date, Purchaser may, upon written notice to Seller within 10 days of receipt of written notice of such event, terminate this Agreement pursuant to ARTICLE X of this Agreement. In the event that Purchaser does not elect to terminate, then this Agreement shall remain in full force and effect, and the transaction hereby contemplated shall close in accordance with the terms and conditions of this Agreement except that Seller may elect, with the consent of Purchaser, such consent not to be unreasonably withheld, to repair the damaged property or improvement prior to Closing. In the event Seller elects not to repair the property, Seller shall assign to Purchaser at Closing all of Seller's rights and interests in and to any insurance proceeds which have been or are or become payable to Seller as a result of such damage or loss, less reasonable costs and attorneys fees of Seller in connection therewith plus the amount of the deductible delivered to Purchaser in cash. "SUBSTANTIAL LOSS OR DAMAGE" shall mean a loss or damage of 10% or more of the square footage of the Improvements or material damage to a particular Acquired Property or Improvement which results in the loss of the use thereof for a period exceeding six months. In the event of a loss or damage arising prior to the Closing Date that constitutes less than a Substantial Loss or damage by fire or other casualty, Purchaser shall not have the right to terminate this Agreement pursuant to this SECTION 7.12; HOWEVER, Seller shall assign to Purchaser at Closing all of Seller's rights and interests in and to any insurance proceeds which have been or are or become payable to Seller as a result of such damage or loss.
Loss Due to Casualty. If any part of the Project is damaged, destroyed or rendered inoperable, whether by an event of Force Majeure or otherwise (“Casualty Loss”), Owner shall be required to repair, restore or reconstruct the Project, as applicable. Any failure to do so shall constitute an Event of Default.
Loss Due to Casualty. 29 SECTION 7.13 NOTICE OF ENVIRONMENTAL CLAIMS. ...................30 SECTION 7.14 PROJECT. ..........................................30 SECTION 7.15 SCHEDULES...........................................30 ARTICLE VIII COVENANTS.....................................................31 SECTION 8.1 SELLER'S COVENANTS. ......................................31 SECTION 8.2 PURCHASER'S COVENANTS. ...................................32
Loss Due to Casualty. If any part of the Project is damaged, destroyed or rendered inoperable, whether by an event of Force Majeure or otherwise (“Casualty Loss”), Owner shall be required to repair, restore or reconstruct the Project, as applicable, within three (3) months of receipt of O&R’s notice (subject to any extension of such period permitted by O&R), and failure to do so shall constitute an Event of Default under Section 10.01(b).
Loss Due to Casualty. (a) The risk of loss or damage to the Property by fire or other casualty shall be borne by Seller. If damage, loss or destruction of the Property or any part thereof, by fire or other casualty, occurs prior to Closing, Seller shall promptly notify Purchaser of such damage, loss or destruction.
Loss Due to Casualty. In the event of Substantial Loss or Damage to the Real Property by fire or other casualty (not resulting from acts of Purchaser), either party may, upon written notice to the other party given within 10 days of receipt of notice of such event, cancel this Agreement in which event Seller shall instruct the Title Company to return the Deposit to Purchaser and this Agreement shall terminate and neither party shall have any rights or obligations hereunder except for the Surviving Covenants. In the event that neither party elects to terminate, or if the casualty results in less than Substantial Loss or Damage, then this Agreement shall remain in full force and effect and Seller shall be entitled to all insurance proceeds received or collected by reason of such damage or loss, whereupon the transaction hereby contemplated shall close in accordance with the terms and conditions of this Agreement except that there will be abatement of the Purchase Price equal to the amount of the net proceeds, less costs and attorney's fees, which are received by Seller as a result of such damage or loss, provided that such abatement will be reduced by the amount expended by Seller in accordance with Article VIII hereof for restoration or preservation of the Property following the casualty. Alternatively, Purchaser may, in its discretion, have Seller repair or replace the damaged Property, and there shall be no abatement of the Purchase Price in such case. However, Purchaser shall not be entitled to require Seller to effect repair or replacement unless the loss is entirely covered by insurance (except for any applicable deductible) and the repair or replacement will take no more than three (3)
Loss Due to Casualty. In the event of Substantial Loss or Damage to the Improvements by fire or other casualty (not resulting from negligent act of Purchaser) which fire or casualty shall have occurred after the date of this Agreement, either party may, upon written notice to the other party given within ten (10) days of receipt of notice of such event, cancel this Agreement in which event Seller shall instruct the Escrow Agent to return the Deposit to Purchaser and this Agreement shall terminate and neither party shall have any rights or obligations hereunder except for the Surviving Obligations. In the event that neither party elects to terminate, or if the casualty results in less than Substantial Loss or Damage, then this Agreement shall remain in full force and effect and Seller shall be entitled to all insurance proceeds received or collected by reason of such damage or loss, whereupon the transaction hereby contemplated shall close in accordance with the terms and conditions of this Agreement except
Loss Due to Casualty. If any part of the Project is damaged, destroyed or rendered inoperable, whether by an event of Force Majeure or otherwise (“Casualty Loss”), Owner shall be required to repair, restore or reconstruct the Project, as applicable, within three (3) months of receipt of CECONY’s notice (subject to any extension of such period permitted by CECONY), and failure to do so shall constitute an Event of Default under Section 10.01(b).
