Common use of Major Damage Clause in Contracts

Major Damage. In the event of a “major” loss or damage, Purchaser may terminate this Agreement by written notice to Seller and Escrow Agent, in which event the Xxxxxxx Money shall be returned to Purchaser in accordance with Section 1.6. If Purchaser does not elect to 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 Project(s), Seller shall use reasonable efforts to complete such repairs promptly. If Seller does not complete such repairs prior to Closing, Seller shall assign its casualty claim to Purchaser. If Seller assigns its casualty claim to Purchaser, Purchaser shall receive a credit against the Purchase Price equal to the deductible amount under Seller’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this Agreement by written notice to Seller and Escrow Agentthe other party, in which event the Xxxxxxx Money shall be returned to Purchaser in accordance with Section 1.6Purchaser. If neither Seller nor Purchaser does not elect elects to 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 Project(s)Property, Seller shall use reasonable efforts to complete such repairs promptlypromptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller does not complete such repairs prior elects to Closing, Seller shall assign its casualty claim to Purchaser. If Seller assigns its a 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. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this Agreement by written notice to Seller and Escrow Agentthe other party, in which event the Xxxxxxx Money shall be returned to Purchaser in accordance with Section 1.6Purchaser. If neither Seller nor Purchaser does not elect elects to 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 Project(s)Property, Seller shall use reasonable efforts to complete such repairs promptlypromptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller does not complete such repairs prior elects to Closing, Seller shall assign its casualty claim to Purchaser. If Seller assigns its a 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. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “major” loss or damagedamage to the Real Property, Purchaser may terminate this Agreement by written notice to Seller and Escrow AgentSeller, in which event the Xxxxxxx Exxxxxx Money shall be returned to Purchaser in accordance with Section 1.6Purchaser. If Purchaser does not elect fails for any reason to terminate this Agreement 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 Project(s)Real Property, Seller shall use reasonable efforts to complete such repairs promptlypromptly and the Outside Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller does not complete such repairs prior elects to Closing, Seller shall assign its casualty claim to Purchaser. If Seller assigns its a 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 policypolicy 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.

Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this Agreement by written notice to Seller and Escrow Agentthe other party, in which event the Xxxxxxx Money shall be returned to Purchaser in accordance with Section 1.6Purchaser. If neither Seller nor Purchaser does not elect elects to 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 Project(s)Property, Seller shall use reasonable efforts to complete such repairs promptlypromptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller does not complete such repairs prior elects to Closing, Seller shall assign its casualty claim to Purchaser. If Seller assigns its a 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. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this Agreement by written notice to Seller and Escrow Agentthe other party, in which event the Xxxxxxx Money shall be returned to Purchaser in accordance with Section 1.6Purchaser. If neither Seller nor Purchaser does not elect elects to 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 Project(s)Property, Seller shall use reasonable efforts to complete such repairs promptlypromptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller does not complete such repairs prior elects to Closing, Seller shall assign its casualty claim to Purchaser. If Seller assigns its a 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. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “majorMajor” loss or damage, either Seller or Purchaser may terminate this Agreement by written notice to Seller and Escrow Agentthe other party, in which event the Xxxxxxx Money all deposits shall be returned to Purchaser in accordance with Section 1.6Purchaser. If neither Seller nor Purchaser does not elect elects to 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 Project(s)Properties, Seller shall use reasonable efforts to complete such repairs promptlypromptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller does not complete such repairs prior elects to Closing, Seller shall assign its casualty claim to Purchaser. If Seller assigns its a 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 's insurance policy. Upon Closing, full risk of loss with respect to the Property Properties shall pass to Purchaser.

Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this Agreement by written notice to Seller and Escrow Agentthe other Party, in which event the Xxxxxxx Money Deposit shall be returned to Purchaser in accordance with Section 1.6Purchaser. If neither Seller nor Purchaser does not elect elects to 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 Project(s)Property, Seller shall use best reasonable commercial efforts to complete such repairs promptlypromptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller does not complete such repairs prior elects to Closing, Seller shall assign its casualty claim to Purchaser. If Seller assigns its a 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. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “major” loss or damagedamage to the Real Property, Purchaser may terminate this Agreement by written notice to Seller and Escrow AgentSeller, in which event the Xxxxxxx Money shall be returned to Purchaser in accordance with Section 1.6Purchaser. If Purchaser does not elect fails for any reason to terminate this Agreement 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 Project(s)Real Property, Seller shall use reasonable efforts to complete such repairs promptlypromptly and the Outside Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller does not complete such repairs prior elects to Closing, Seller shall assign its casualty claim to Purchaser. If Seller assigns its a 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 policypolicy 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.

Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this Agreement by written notice to Seller and Escrow Agentthe other party, in which event the Xxxxxxx Exxxxxx Money shall be returned to Purchaser in accordance with Section 1.6Purchaser. If neither Seller nor Purchaser does not elect elects to 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 Project(s)Property, Seller shall use reasonable efforts to complete such repairs promptlypromptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller does not complete such repairs prior elects to Closing, Seller shall assign its casualty claim to Purchaser. If Seller assigns its a 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. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Major Damage. In the event of a “major” loss or damage, either Seller or Purchaser may terminate this Agreement by written notice to Seller and Escrow Agentthe other party, in which event the Xxxxxxx Money shall be returned to Purchaser in accordance with Section 1.6Purchaser. If neither Seller nor Purchaser does not elect elects to 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 Project(s)Property, Seller shall use reasonable efforts to complete such repairs promptlypromptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller does not complete such repairs prior elects to Closing, Seller shall assign its casualty claim to Purchaser. If Seller assigns its a 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. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.