Major Damage. In the event of a “major” loss or damage to the Real Property, Purchaser may terminate this Agreement by written notice to Seller, in which event the Exxxxxx Money shall be returned to Purchaser. If Purchaser fails for any reason to deliver written notice of termination to Seller within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon the Real Property, Seller shall use reasonable efforts to complete such repairs promptly and the Outside Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy and Seller shall assign all of its rights to proceeds under the applicable policy with respect to any claim for the applicable loss (other than business interruption proceeds attributable to the period prior to Closing). Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Ashford Hospitality Trust Inc)
Major Damage. In the event of a “"major” " loss or damage to the Real Propertydamage, Purchaser may terminate this Agreement by written notice to Sellernotice, in which event the Exxxxxx Money plus an amount equal to the Initial Payment shall be returned to Purchaser. If Purchaser fails for any reason does not elect to deliver written notice of termination to Seller terminate this Agreement within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s 's option, either (a) perform any necessary repairs, or (bb)(i) assign to Purchaser all of Seller’s 's right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in questionquestion and (ii) in the case of a casualty, pays Purchaser an amount equal to the deductible on Seller's applicable casualty insurance policies. In the event that Seller elects to perform repairs upon the Real Property, Seller shall use reasonable efforts to complete such repairs promptly and the Outside date of Closing Date shall be extended a reasonable time (not to exceed one hundred twenty (120) days) in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s 's insurance policy and Seller shall assign all of its rights to proceeds under the applicable policy with respect to any claim for the applicable loss (other than business interruption proceeds attributable to the period prior to Closing). Upon Closing, full risk of loss with respect to the Property shall pass to Purchaserpolicy.
Appears in 1 contract
Major Damage. In the event of a “major” loss or damage to the Real Propertydamage, either Seller or Purchaser may terminate this Agreement by written notice to Sellerthe other party, in which event the Exxxxxx Money shall be returned to Purchaser. If neither Seller nor Purchaser fails for any reason elects to deliver written notice of termination to Seller terminate this Agreement within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon the Real Property, Seller shall use reasonable efforts to complete such repairs promptly and the Outside date of Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy and Seller shall assign all of its rights to proceeds under the applicable policy with respect to any claim for the applicable loss (other than business interruption proceeds attributable to the period prior to Closing)policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Procaccianti Hotel Reit, Inc.)
Major Damage. In the event of a “major” loss or damage to the Real Propertydamage, either Seller or Purchaser may terminate this Agreement by written notice to Sellerthe other party, in which event the Exxxxxx Xxxxxxx Money shall be returned to Purchaser. If neither Seller nor Purchaser fails for any reason elects to deliver written notice of termination to Seller terminate this Agreement within ten fifteen (1015) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that If Seller elects to perform repairs upon the Real Property, Seller shall use reasonable efforts to complete such repairs promptly and the Outside date of Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy and Seller shall assign all of its rights to proceeds under the applicable policy with respect to any claim for the applicable loss (other than business interruption proceeds attributable to the period prior to Closing)policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund Viii Lp)
Major Damage. In the event of a “major” loss or damage to the Real Propertydamage, either Seller or Purchaser may terminate this Agreement by written notice to Sellerthe other party, in which event the Exxxxxx Xxxxxxx Money shall be returned to Purchaser. If neither Seller nor Purchaser fails for any reason elects to deliver written notice of termination to Seller terminate this Agreement within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairsrepairs (with such repairs (i) being done in a good and workmanlike manner and (ii) restoring the Property to substantially the condition in which it existed prior to such loss or damage), or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that If Seller elects to perform repairs upon the Real Property, Seller shall use reasonable efforts to complete such repairs promptly and the Outside date of Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy and Seller shall assign all of its rights to proceeds under the applicable policy with respect to any claim for the applicable loss (other than business interruption proceeds attributable to the period prior to Closing)policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund Iii L P)
Major Damage. In the event of a “major” loss or damage to the Real Propertydamage, Purchaser may terminate this Agreement by written notice to SellerSeller and Escrow Agent, in which event the Exxxxxx Xxxxxxx Money shall be returned to PurchaserPurchaser in accordance with Section 1.6. If Purchaser fails for any reason does not elect to deliver written notice of termination to Seller terminate this Agreement within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon the Real PropertyProject(s), Seller shall use reasonable efforts to complete such repairs promptly and the Outside Closing Date shall be extended a reasonable time in order to allow for the completion of such repairspromptly. If Seller elects does not complete such repairs prior to Closing, Seller shall assign a its casualty claim to Purchaser. If Seller assigns its casualty claim to Purchaser, Purchaser shall receive a credit against the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy and Seller shall assign all of its rights to proceeds under the applicable policy with respect to any claim for the applicable loss (other than business interruption proceeds attributable to the period prior to Closing)policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Inland Western Retail Real Estate Trust Inc)
Major Damage. In the event of a “major” loss or damage to the Real Propertydamage, either Seller or Purchaser may terminate this Agreement by written notice to Sellerthe other Party, in which event the Exxxxxx Money Deposit shall be returned to Purchaser. If neither Seller nor Purchaser fails for any reason elects to deliver written notice of termination to Seller terminate this Agreement within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon the Real Property, Seller shall use best reasonable commercial efforts to complete such repairs promptly and the Outside date of Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy and Seller shall assign all of its rights to proceeds under the applicable policy with respect to any claim for the applicable loss (other than business interruption proceeds attributable to the period prior to Closing). Upon Closing, full risk of loss with respect to the Property shall pass to Purchaserpolicy.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Ascent Solar Technologies, Inc.)
Major Damage. In the event of a “major” loss Major Loss, either Seller or damage to the Real Property, Purchaser may terminate this Agreement by written notice to Sellerthe other party, in which event the Exxxxxx Xxxxxxx Money shall be returned to Purchaser. If neither Seller nor Purchaser fails for any reason elects to deliver written notice of termination to Seller terminate this Agreement within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damagethe Major Loss, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (ai) perform any necessary repairs, or (bii) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon the Real Property, Seller shall use reasonable efforts to complete such repairs promptly and the Outside date of Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy and Seller shall assign all of its rights to proceeds under the applicable policy with respect to any claim for the applicable loss (other than business interruption proceeds attributable to the period prior to Closing)policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Bioanalytical Systems Inc)
Major Damage. In the event of a “major” loss or damage to the Real Propertydamage, either Seller or Purchaser may terminate this Agreement by written notice to Sellerthe other party, in which event the Exxxxxx Xxxxxxx Money shall be returned to Purchaser. If neither Seller nor Purchaser fails for any reason elects to deliver written notice of termination to Seller terminate this Agreement within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that If Seller elects to perform repairs upon the Real Property, Seller shall use reasonable efforts to complete such repairs promptly and the Outside date of Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy and Seller shall assign all of its rights to proceeds under the applicable policy with respect to any claim for the applicable loss (other than business interruption proceeds attributable to the period prior to Closing)policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund Viii Lp)
Major Damage. In the event of a “major” loss or damage to the Real Propertydamage, either Seller or Purchaser may terminate this Agreement by written notice to Sellerthe other party, in which event the Exxxxxx Xxxxxxx Money shall be returned to Purchaser. If neither Seller nor Purchaser fails for any reason elects to deliver written notice of termination to Seller terminate this Agreement within ten (10) days Business Days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that If Seller elects to perform repairs upon the Real Property, Seller shall use reasonable efforts to complete such repairs promptly and the Outside date of Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy and Seller shall assign all of its rights to proceeds under the applicable policy with respect to any claim for the applicable loss (other than business interruption proceeds attributable to the period prior to Closing)policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Real Estate Fund Ix Lp)
Major Damage. In the event of a “major” loss or damage to the Real Property, Purchaser may terminate this Agreement by written notice to Seller, in which event the Exxxxxx Xxxxxxx Money shall be returned to Purchaser. If Purchaser fails for any reason to deliver written notice of termination to Seller within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon the Real Property, Seller shall use reasonable efforts to complete such repairs promptly and the Outside Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s insurance policy and Seller shall assign all of its rights to proceeds under the applicable policy with respect to any claim for the applicable loss (other than business interruption proceeds attributable to the period prior to Closing). Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Pebblebrook Hotel Trust)
Major Damage. In the event of a “"major” " loss or damage to the Real Propertydamage, either Seller or Purchaser may terminate this Agreement by written notice to Sellerthe other party, in which event the Exxxxxx Xxxxxxx Money shall be returned to Purchaser. If neither Seller nor Purchaser fails for any reason elects to deliver written notice of termination to Seller terminate this Agreement within ten (10) days after Seller sends Purchaser written notice of the occurrence of major loss or damage, then Seller and Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall, at Seller’s 's option, either (a) perform any necessary repairs, or (b) assign to Purchaser all of Seller’s 's right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon the Real Property, Seller shall use reasonable efforts to complete such repairs promptly and the Outside date of Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller’s 's insurance policy and Seller shall assign all of its rights to proceeds under the applicable policy with respect to any claim for the applicable loss (other than business interruption proceeds attributable to the period prior to Closing)policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Behringer Harvard Reit I Inc)