Common use of Material Casualty/Condemnation Clause in Contracts

Material Casualty/Condemnation. In the event of a Material Casualty or a Material Condemnation, Buyer may, at its option to be exercised within 15 Business Days after receipt of notice of the occurrence of the damage or the actual or threatened commencement of condemnation proceedings, either terminate this Agreement with respect to the affected Property or, subject to Seller’s rights pursuant to Section 7.4 above, consummate the purchase for the full Purchase Price allocated to such Property as required by the terms hereof.

Material Casualty/Condemnation. In the event of a Material Casualty or a Material Condemnation, Buyer may, at its option to be exercised within 15 Business Days after receipt of notice of the occurrence of the damage or the actual or threatened commencement of condemnation proceedings, either terminate this Agreement with respect to the affected Property or, subject to Seller’s rights pursuant to Section 7.4 above, or consummate the purchase for the full Purchase Price allocated to such Property as required by the terms hereof.