Common use of Material Event Clause in Contracts

Material Event. Notwithstanding anything to the contrary set forth in this Agreement, if, prior to Closing: either (a) ten percent (10%) or more of the net rentable area of the Building is rendered untenantable as a result of a casualty or is permanently taken under the power of eminent domain, or (b) material access to the Property is destroyed as a result of a casualty or is permanently taken under the power of eminent domain, then, in any such event, Purchaser may elect to terminate this Agreement by given written notice to Seller of its election to terminate this Agreement (a “Material Event Termination Notice”) within thirty (30) days after receiving written notice of such destruction or permanent taking. If Purchaser does not give a Material Event Termination Notice within such thirty (30)-day period, this transaction shall close on the Date of Closing and Purchaser shall pay the full Purchase Price provided for in Section 2, and Seller shall assign to Purchaser the physical damage proceeds of any insurance policies payable to Seller, or Seller’s portion of any condemnation award, and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.

Material Event. Notwithstanding anything to the contrary set forth in this Agreement, ifIf, prior to Closing: either (a) ten , the number of parking spaces on the Property are reduced by fifteen percent (1015%) or more more, the Improvements are damaged and the cost of the net rentable area of the Building is rendered untenantable repair exceeds $500,000.00 (as a result of a casualty determined by Seller and its contractors in consultation with Purchaser) or is permanently taken under the power of eminent domain, or (b) material all access to the Property is destroyed as a result of a casualty rendered completely unusable, or is permanently destroyed or taken under the power of eminent domain, then, domain and the cost or repair exceeds $500,000.00 (as determined by Seller and its contractors in any such eventconsultation with Purchaser) (a “Material Event”), Purchaser may elect to terminate this Agreement by given giving written notice to Seller of its election to terminate this Agreement Seller within seven (a “Material Event Termination Notice”) within thirty (307) days after receiving written notice of such destruction or permanent takingtaking from Seller of such Material Event, in which case, that Purchaser timely terminates this Agreement, the Title Company shall promptly return the Deposit to Purchaser and the parties shall have no further liability hereunder except for any Surviving Obligations. If Purchaser does not give a Material Event Termination Notice such written termination notice within such thirty seven (30)-day 7) day period, this transaction shall close be consummated on the Closing Date of Closing and Purchaser shall pay at the full Purchase Price provided for in Section 2, and Seller shall will assign to Purchaser the physical damage proceeds of any insurance policies policy(ies) payable to Seller, or Seller’s portion of any condemnation award, in both cases, up to the amount of the Purchase Price, and, if an insured casualty, pay to Purchaser as a credit to the Purchase Price at Closing the amount of any deductible but not to exceed the amount of the loss.

Material Event. Notwithstanding anything to the contrary set forth in this Agreement, ifIf, prior to Closing: either , the Property is damaged and the cost of repair exceeds $500,000.00 (a) ten percent (10%as mutually determined by Purchaser and Seller and their consultants) or more of the net rentable area of the Building is rendered untenantable as a result of a casualty or is permanently taken under the power of eminent domain, or (b) material access to the Property is materially and adversely affected, or is destroyed or taken under power of eminent domain and the cost or repair exceeds $500,000 (as a result of mutually determined by Purchaser and Seller and their consultants), or a casualty or is permanently taken taking occurs that could, with the passage of time, grant the Tenant a right to terminate under the power of eminent domain, then, in any such eventits Lease (a “Material Event”), Purchaser may elect to terminate this Agreement by given giving written notice to Seller of its election to terminate this Agreement Seller within fifteen (a “Material Event Termination Notice”) within thirty (3015) days after receiving written notice of such destruction or permanent taking. If Purchaser does not give a Material Event Termination Notice such written notice within such thirty fifteen (30)-day 15) day period, this transaction shall close be consummated on the Date of Closing date and Purchaser shall pay at the full Purchase Price provided for in Section 2, and Seller shall will assign to Purchaser the physical damage proceeds of any insurance policies policy(ies) payable to Seller, or Seller’s portion of any condemnation award, in both cases, up to the amount of the Purchase Price, and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.

Material Event. Notwithstanding anything to the contrary set forth in this Agreement, ifIf, prior to Closing: either (a) ten , fifteen percent (1015%) or more of the net rentable area of the Building building(s) or of the parking spaces on the Real Property or all access to the Real Property is rendered untenantable as a result of a casualty completely untenantable, or is permanently destroyed or taken under the power of eminent domain, or then (bi) material access to the Property is destroyed as a result of a casualty or is permanently taken under the power of eminent domain, then, in any such event, Purchaser may elect to terminate this Agreement by given giving written notice to Seller of its election to terminate this Agreement Seller within ten (a “Material Event Termination Notice”) within thirty (3010) days after receiving written Seller’s notice of such destruction or permanent takingtaking (“Seller’s Notice”) or (ii) Seller may elect to terminate this Agreement by including such election in the Seller’s Notice. If Seller does not elect to terminate in the Seller’s Notice or Purchaser does not give a Material Event Termination written notice in response to the Seller’s Notice within such thirty the ten (30)-day 10) day response period, then this transaction shall close be consummated on the Date of Closing date and Purchaser shall pay at the full Purchase Price provided for in Section 2, and Seller shall will assign to Purchaser the physical damage proceeds of any insurance policies policy(ies) payable to Seller, or Seller’s 's portion of any condemnation award, in both cases, up to the amount of the Purchase Price, and, if an insured casualty, pay to Purchaser the amount of any deductible but not to exceed the amount of the loss.