Common use of Major Casualty and Condemnation Clause in Contracts

Major Casualty and Condemnation. If condemnation proceedings are commenced against any portion of the Real Property and Improvements, or if Improvements are destroyed by fire or other casualty and the estimated cost of repairs, as reasonably determined by Sellers based on a report by an independent construction or architectural firm, is more than $500,000 for any individual Property (a MAJOR CASUALTY), and Buyer has not waived the exercise of its remedies under SECTION 7.2(a) within 10 days after notice from any Seller of the occurrence of a Major Casualty or the initiation of condemnation proceedings, then this Contract automatically terminates and Buyer is deemed to have exercised its remedies under SECTION 7.2(a). If Buyer waives the exercise of its remedies under SECTION 7.2(a) within 10 days after notice from any Seller of the occurrence of a Major Casualty or the initiation of condemnation proceedings, then Closing will occur without reduction in the Purchase Price and at Closing: (a) Seller shall assign its interest in all proceeds of property insurance or condemnation awards to Buyer, less any amounts paid by Seller to repair, restore, or clean up the Real Property and Improvements; (b) if a Major Casualty occurs: (i) Buyer will receive a credit against the Purchase Price equal to the amount of any unused deductible under Seller's property insurance policy; (ii) Buyer will accept the Real Property and remaining Improvements in their damaged state; and (iii) as between Buyer and Sellers, Sellers have no obligation to repair or restore any damaged or destroyed portions of the Real Property and Improvements; and (c) if condemnation proceedings are begun: (i) Buyer will accept the Real Property and remaining Improvements subject to the condemnation proceedings; (ii) Sellers have no liability with respect to any portion of the Real Property and Improvements that is condemned, or with respect to any costs or expenses incurred by Buyer as a result of any condemnation proceedings; and (iii) Sellers shall reasonably cooperate with Buyer in any condemnation proceedings.

Major Casualty and Condemnation. If condemnation proceedings are commenced against any portion of the Real Property and Improvements, or if Improvements are destroyed by fire or other casualty and the estimated cost of repairs, repairs as reasonably determined by Sellers based on a report by an independent construction or architectural firm, is more than $500,000 for any individual Property (a MAJOR CASUALTY), and Buyer has not waived the exercise of its remedies under SECTION 7.2(a) within 10 days after notice from any Seller of the occurrence of a Major Casualty or the initiation of condemnation proceedings, then this Contract automatically terminates and Buyer is deemed to have exercised its remedies under SECTION 7.2(a). If Buyer waives the exercise of its remedies under SECTION 7.2(a) within 10 days after notice from any Seller of the occurrence of a Major Casualty or the initiation of condemnation proceedings, then Closing will occur without reduction in the Purchase Price and at Closing: (a) Seller shall assign its interest in all proceeds of property insurance or condemnation awards to Buyer, less any amounts paid by Seller to repair, restore, or clean up the Real Property and Improvements; (b) if a Major Casualty occurs: (i) Buyer will receive a credit against the Purchase Price equal to the amount of any unused deductible under Sellerthe Partnership's property insurance policy; (ii) Buyer will accept the Real Property and remaining Improvements in their damaged state; and (iii) as between Buyer and Sellers, Sellers have no neither the Partnership nor any Seller has any obligation to repair or restore any damaged or destroyed portions of the Real Property and Improvements; and (cb) if condemnation proceedings are begun: (i) Buyer will accept the Real Property and remaining Improvements subject to the condemnation proceedings; (ii) Sellers have no liability with respect to any portion of the Real Property and Improvements that is condemned, or with respect to any costs or expenses incurred by the Partnership or Buyer as a result of any condemnation proceedings; and (iii) Sellers shall reasonably cooperate with Buyer in any condemnation proceedings.

Major Casualty and Condemnation. If condemnation proceedings are commenced against any portion of the Real Property and Improvements, or if Improvements are destroyed by fire or other casualty and the estimated cost of repairs, repairs as reasonably determined by Sellers based on a report by an independent construction or architectural firm, Seller is more than $500,000 for any individual Property two percent (2%) of the Purchase Price (a MAJOR CASUALTY“Major Casualty”), and Buyer has not waived the exercise of its remedies under SECTION Section 7.2(a) within 10 days after notice from any Seller of the occurrence of a Major Casualty or the initiation of condemnation proceedings), then Buyer shall have the option, exercisable by written notice given to Seller at or prior to the Closing, to terminate this Contract automatically terminates Agreement, whereupon all obligations of all parties hereto shall cease, the Deposit shall be returned to Buyer and Buyer is deemed this Agreement shall be void and without recourse to have exercised its remedies under SECTION 7.2(a)the parties hereto except for provisions which are expressly stated to survive such termination. If Buyer waives the exercise of its remedies under SECTION Section 7.2(a) within 10 days after notice from any Seller of the occurrence of a Major Casualty or the initiation of condemnation proceedings), then Closing will occur without reduction in the Purchase Price and at Closing: (a) Seller shall assign its interest in all proceeds of property insurance or condemnation awards to Buyer, less any amounts paid by Seller to repair, restore, or clean up the Real Property and Improvements; (b) if a Major Casualty occurs: (i) Buyer will receive a credit against the Purchase Price equal to the amount of any unused deductible under Seller's ’s property insurance policy; (ii) Buyer will accept the Real Property and remaining Improvements in their damaged state; and (iii) as between Buyer and Sellers, Sellers have Seller has no obligation to repair or restore any damaged or destroyed portions of the Real Property and Improvements; and (c) if condemnation proceedings are begun: (i) Buyer will accept the remaining Real Property and remaining Improvements subject to the condemnation proceedings; (ii) Sellers have Seller has no liability with respect to any portion of the Real Property and Improvements that is condemned, or with respect to any costs or expenses incurred by Buyer as a result of any condemnation proceedings; and (iii) Sellers shall reasonably cooperate with Buyer Seller has no obligation to defend or otherwise appear in any condemnation proceedings.

Major Casualty and Condemnation. If condemnation proceedings are commenced against any portion of the Real Property and Improvements, or if Improvements are destroyed by fire or other casualty and the estimated cost of repairs, as reasonably determined by Sellers Seller based on a report by an independent construction or architectural firm, is more than $500,000 for any individual Property 250,000 (a "MAJOR CASUALTY"), and then this Contract shall automatically terminate unless Buyer has not waived the exercise of its remedies under SECTION 7.2(aelects by written notice to Seller within ten (10) within 10 days after notice from any Seller of the occurrence of a Major Casualty or the initiation of condemnation proceedings, then this Contract automatically terminates and Buyer is deemed to have exercised its remedies under SECTION 7.2(a). If Buyer waives proceed with the exercise of its remedies under SECTION 7.2(a) within 10 days after notice from any Seller of the occurrence of a Major Casualty or the initiation of condemnation proceedings, then Closing will occur without reduction in the Purchase Price and Price, in which event at Closing: (a) Seller shall assign its interest in all proceeds of property insurance or condemnation awards to Buyer, less any amounts paid by Seller to repair, restore, or clean up the Real Property and Improvements; (b) if a Major Casualty occurs: (i) Buyer will receive a credit against the Purchase Price equal to the amount of any unused deductible under Seller's property insurance policy; (ii) Buyer will accept the Real Property and remaining Improvements in their damaged state; (iii) Buyer shall assume all of Seller's obligations to repair the casualty damage pursuant to the Lease; and (iiiiv) as between Buyer and SellersSeller, Sellers Seller shall have no obligation to repair or restore any damaged or destroyed portions of the Real Property and Improvements; and (c) if condemnation proceedings are begun: (i) , Buyer will shall have the option either to accept the Real Property and remaining Improvements subject to the condemnation proceedings, or to terminate this Contract. If Buyer does not elect to terminate this Contract: (i) Buyer shall be entitled to any portion of the condemnation award that is not payable to the tenant, and shall assume any obligation of the landlord under the Lease to restore the Property; (ii) Sellers Seller shall have no liability with respect to any portion of the Real Property and Improvements that is condemned, or with respect to any costs or expenses incurred by Buyer as a result of any condemnation proceedings; and (iii) Sellers shall reasonably cooperate with Buyer in any condemnation proceedings.