Common use of Major Damage Clause in Contracts

Major Damage. If, prior to Closing, the Property, or any portion thereof, is damaged by fire, or any other cause of whatsoever nature, Seller will promptly give Purchaser written notice of such damage. If the cost for repairing such damage, in the reasonable judgment of Purchaser, exceeds five hundred thousand Dollars ($500,000.00), Purchaser will have the option, exercisable by written notice delivered to Seller within fifteen (15) days of Seller's notice of damage to Purchaser, either (i) to require Seller to convey the Property to Purchaser, in its damaged condition and to assign to Purchaser all of Seller's right, title and interest in and to any claims Seller may have under the property insurance policies covering the Property and pay any and all deductibles of such policies or any uninsured portion of the cost of repairing the damage to Purchaser, in which event Seller will have no further liability or obligation to repair or replace the Property, or (ii) to terminate this Contract. If Purchaser elects to terminate this Contract, the Xxxxxxx Money shall be returned to Purchaser, and thereafter neither party hereto will have any further duties or obligations hereunder except under provisions which survive termination by their terms.

Major Damage. If, prior to Closing, the Property, or any portion thereof, is damaged by fire, or any other cause of whatsoever nature, Seller will promptly give Purchaser written notice of such damage. If the cost for repairing such damage, in the reasonable judgment of Purchaser, exceeds five hundred thousand Five Hundred Thousand Dollars ($500,000.00), Purchaser will have the option, exercisable by written notice delivered to Seller within fifteen (15) days of Seller's notice of damage to Purchaser, either (i) to require Seller to convey the Property to Purchaser, in its damaged condition and to assign to Purchaser all of Seller's right, title and interest in and to any claims Seller may have under the property insurance policies covering the Property and pay any and all deductibles of such policies or any uninsured portion of the cost of repairing the damage to Purchaser, in which event Seller will have no further liability or obligation to repair or replace the Property, or (ii) to terminate this Contract. If Purchaser elects to terminate this Contract, the Xxxxxxx Money shall be returned to Purchaser, and thereafter neither party hereto will have any further duties or obligations hereunder except under provisions which survive termination by their terms.

Major Damage. If, prior to Closing, the Property, or any portion thereof, is damaged by fire, or any other cause of whatsoever nature, Seller will promptly give Purchaser written notice of such damage. If the cost for repairing such damage, in the reasonable judgment of PurchaserSeller, exceeds five hundred thousand Three Hundred Thousand and No/100 Dollars ($500,000.00300,000.00), Purchaser will have the option, exercisable by written notice delivered to Seller within fifteen ten (1510) days of Seller's notice of damage to Purchaser, either (i) to require Seller to convey the Property to Purchaser, in its damaged condition and to assign to Purchaser all of Seller's right, title and interest in and to any claims Seller may have under the property insurance policies covering the Property and pay any and all deductibles of such policies or any uninsured portion of the cost of repairing the damage to Purchaser(other than rental loss proceeds), in which event Seller will have no further liability or obligation to repair or replace the Property, or (ii) to terminate this Contract. If Purchaser elects to terminate this Contract, the Xxxxxxx Money less the Independent Contract Consideration shall be returned to Purchaser, and thereafter neither party hereto will have any further duties or obligations hereunder except under provisions which survive termination Closing by their terms.

Major Damage. If, prior to Closing, the Property, or any portion thereof, is damaged by fire, or any other cause of whatsoever nature, Seller will promptly give Purchaser written notice of such damage. If the cost for repairing such damage, in the reasonable judgment of Purchaser, exceeds five hundred thousand Dollars ($500,000.00), Purchaser will have the option, exercisable by written notice delivered to Seller within fifteen (15) days of Seller's notice of damage to Purchaser, either (i) to require Seller to convey the Property to Purchaser, in its damaged condition and to assign to Purchaser all of Seller's right, title and interest in and to any claims Seller may have under the property insurance policies covering the Property and pay any and all deductibles of such policies or any uninsured portion of the cost of repairing the damage to Purchaser, in which event Seller will have no further liability or obligation to repair or replace the Property, or (ii) to terminate this Contract. If Purchaser elects to terminate this Contract, the Xxxxxxx Earnest Money shall be returned to Purchaser, and thereafter neither party hereto xxxxx xereto will have any further duties or obligations hereunder except under provisions which survive termination by their terms.

Major Damage. If, prior to the Closing, the Property, or any portion thereof, is damaged by fire, or any other cause of whatsoever nature, Seller will promptly give Purchaser written notice of such damage. If the cost for repairing such damage, in the reasonable judgment of Purchaser, exceeds five hundred thousand Fifty Thousand and No/100 Dollars ($500,000.0050,000), Purchaser will have the option, exercisable by written notice delivered to Seller within fifteen ten (1510 ) days Business Days of Seller's ’s notice of damage to Purchaser, either (i) to require Seller to convey the Property to Purchaser, in its damaged condition and to assign to Purchaser all of Seller's ’s right, title and interest in and to any claims Seller may have under the property insurance policies covering the Property and pay any and all deductibles of such policies or any uninsured portion of the cost of repairing the damage to PurchaserProperty, in which event Seller will pay to Purchaser the amount of any deductible under applicable insurance policies but Seller will have no further liability or obligation to repair or replace the Property, or (ii) to terminate this Contract. If Purchaser elects to terminate this Contract, the Xxxxxxx Money shall be returned to Purchaser, and thereafter neither party hereto will have any further duties or obligations hereunder except under provisions which survive termination by their termshereunder.