Loss or Damage Prior to Closing. Risk of loss arising from fire, windstorm, explosion, condemnation, or other casualty (“Loss”) to the Property shall be borne by Seller until the Closing Date. In the event any material Property in excess of $100,000.00 is subject to a Loss prior to the Closing Date, Buyer may elect either to accept the proceeds of any insurance or any condemnation award as full settlement for the Loss or, alternatively, may elect to terminate this Agreement, in which case the Deposit shall be immediately refunded to Buyer and the parties shall be discharged from all further obligation or liability under this Agreement. In the event any such Loss occurs prior to the Closing Date, Seller shall notify Buyer within 5 business days after it receives notice of such Loss, and Buyer shall then have 10 days after receipt of such notice to review the Property as to which the Loss occurred and advise Seller of Buyer’s election under this Section 10. Seller agrees to maintain until the Closing Date and delivery of the deeds, assignments, and other documents of title, fire and extended insurance coverage, together with such other insurance in such amounts as is customarily maintained by prudent businessmen conducting comparable business operations and insuring against such other insurable hazards which are customarily insured against in the case of property similarly situated with respect to the Property.
Loss or Damage Prior to Closing. 12.1 Loss or Damage Prior to Closing If, prior to the Closing Date, there ------------------------------- shall have been any loss or damage to any Assets, the Vendor shall forthwith thereafter deliver to the Purchaser a detailed list showing the insurance coverage with respect thereto, particulars of any claims made by the Vendor under its insurance coverage, and the standing of such claims and if, notwithstanding such loss or damage, the Purchaser elects by notice in writing to the Vendor to complete the transactions contemplated herein, the sale and the purchase provided for herein shall be completed, and the Vendor shall on Closing:
(a) pay to the Purchaser all monies received by the Vendor before the Closing Date as proceeds of insurance with respect thereto; and
(b) deliver to the Purchaser a duly executed assignment in form and substance satisfactory to the Purchaser's Solicitors, of all of the Vendor's interest in and to any proceeds of insurance with respect to any such items and the Vendor's written undertaking to co-operate with the Purchaser in the satisfactory settlement of all claims.
Loss or Damage Prior to Closing. 13.1 From the Effective Date to the Closing Date, the Management Vendors shall cause the Corporation and the Corporation shall continue to satisfy and comply with its obligations and shall not make or initiate any actions that could result in the default in or breach of any term, condition, provision or obligation to be performed under the Xxxxxx Technologies, which would impair or result in the loss of the Corporation's interest in the Assets or adversely affect the business of the Corporation or the purchase and sale herein contemplated.
13.2 From the Closing Date, the Management Vendors shall consult with and follow the recommendations of the Purchaser with respect to the cancellation of contracts, agreements, commitments or other understandings or arrangements to which the Corporation is a party, including, without limitation, commitments for capital expenditures.
Loss or Damage Prior to Closing. Risk of loss arising from fire, windstorm, explosion, condemnation, or other casualty (“Loss”) to any Real Property shall be borne by Seller until the Closing Date. In the event any Real Property is subject to a Loss prior to the Closing Date in an amount of more than $1,000,000, Buyer may elect either to accept the proceeds of any insurance or any condemnation award, not to exceed the Purchase Price that is allocated to such Real Property under this Agreement, as full settlement for the Loss or, alternatively, may elect to delay the Closing for the affected Real Property until the Loss is repaired by the applicable Seller. In the event of any such Loss occurs prior to the Closing Date, Seller shall notify Buyer within 5 business days after it receives notice of such Loss and Buyer shall then have 10 days after receipt of such notice to review the Real Property as to which the Loss occurred and advise Seller of Buyer’s election under this Section 13. Each Seller agrees to maintain until the Closing Date such insurance coverages and in amounts for the Real Properties as are in effect for the Real Properties on the date of this Agreement.
Loss or Damage Prior to Closing. From the Effective Date (June 30, 2005 being the date of the audited financial statement of the Company) to the Closing Date, the Sellers shall cause the Company and the Company shall continue to satisfy and comply with its obligations and shall not make or initiate any actions that could result in the default of any of Company's obligations or adversely affect the business of the Company or the purchase and sale herein contemplated.
Loss or Damage Prior to Closing. From the date of this Agreement through Closing, the Sellers shall cause the Company to continue to operate in the ordinary course, and to satisfy and comply with its obligations and shall not make or initiate any actions that could result in the default of any of Company's obligations or adversely affect the business of the Company or the purchase and sale herein contemplated.
Loss or Damage Prior to Closing. 18.1 Terminate agreement.
Loss or Damage Prior to Closing. From the date of this Agreement through Closing, the Seller shall cause Europlay to continue to operate in the ordinary course, and to satisfy and comply with its obligations and shall not make or initiate any actions that could result in the default of any of Europlay's obligations or adversely affect the business of Europlay or the purchase and sale herein contemplated.
Loss or Damage Prior to Closing. Upon any loss, damage or casualty to the Premises, Lessee shall be responsible for repairing all such damage, at Lessee’s sole cost and expense.
Loss or Damage Prior to Closing. Risk of loss arising from fire, windstorm, explosion, condemnation, or other casualty ("Loss") to the Property shall be borne by Seller until the Closing Date. In the event any material Property is subject to a Loss prior to the Closing Date, Buyer may elect either to accept the proceeds of any insurance or any condemnation award as full settlement for the Loss or, alternatively, may elect to terminate this Agreement. In the event of any such Loss occurs prior to the Closing Date, Seller shall notify Buyer within 5 business days after it receives notice of such Loss and Buyer shall then have 10 days after receipt of such notice to review the Property as to which the Loss occurred and advise Seller of Buyer's election under this Section 9.
