Minor Casualty. Whether or not the notice required by SECTION 8.1 is given, if Improvements are destroyed by fire or other casualty and the estimated cost of repairs, as reasonably determined by Sellers based on a report by an independent construction or architectural firm, is $500,000 or less for any individual Property (a MINOR CASUALTY), Closing will occur with no reduction in the Purchase Price and at Closing:
Minor Casualty. 47 Section 8.3 Major Casualty and Condemnation ............................................... 48 ARTICLE 9 MISCELLANEOUS ............................................................................ 49 Section 9.1 Notices ....................................................................... 49 Section 9.2 Performance ................................................................... 51 Section 9.3 Binding Effect ................................................................ 51 Section 9.4 Entire Agreement .............................................................. 51 Section 9.5 Assignment .................................................................... 51 Section 9.6 Commissions ................................................................... 52 Section 9.7 Headings ...................................................................... 52 Section 9.8 Holidays, Etc. ................................................................. 52
Minor Casualty. Notwithstanding anything to the contrary contained in this paragraph, if the Net Proceeds allocable to any individual Property shall be less than $10,000 and if the costs of completing the Restoration shall be less than $10,000, such Net Proceeds shall be disbursed by Agent to Tenant upon receipt, provided that no default or event of default under the Lease shall have occurred and be continuing, and provided further, that Tenant delivers to Agent a written undertaking expeditiously to commence the Restoration and to complete the same with due diligence, in a manner reasonably satisfactory to Agent and otherwise in accordance with the provisions of this paragraph. Upon completion of the Restoration, Tenant shall deliver to Agent evidence reasonably satisfactory to Agent, including, upon request of Agent, lien waivers, that such proceeds have been expended for the Restoration and the Restoration has been completed in good and workmanlike manner, free of liens (other than those held by Agent) and in compliance with law.
Minor Casualty. 27 Section 8.3 Major Casualty and Condemnation.....................................................27 ARTICLE 9 MISCELLANEOUS..................................................................................28 Section 9.1 Notices.............................................................................28 Section 9.2 Performance.........................................................................30 Section 9.3 Binding Effect......................................................................30 Section 9.4 Entire Agreement....................................................................30 Section 9.5 Assignment..........................................................................30 Section 9.6 Commissions.........................................................................31 Section 9.7 Headings............................................................................31 Section 9.8 Holidays, Etc.......................................................................31 Section 9.9 Legal Fees..........................................................................31 Section 9.10 Governing Law.......................................................................31 Section 9.11 Severability........................................................................31 Section 9.12 Disclaimers, Waivers, and Releases..................................................32 Section 9.13 Rule of Construction................................................................35 Section 9.14 Effective Date......................................................................35 Section 9.15 Independent Contract Consideration..................................................35 Section 9.16 Counterparts and Facsimile Signatures...............................................35
Minor Casualty. If any of the Improvements are destroyed by fire or other casualty prior to Closing and the estimated cost of repairs as reasonably and mutually determined by Buyer and the Seller Representative is less than or equal to One Million Dollars ($1,000,000.00) (a “Minor Casualty”), Closing will occur and at Closing:
Minor Casualty. If the cost of repair is less than $500,000.00, then the transaction contemplated by this Agreement shall be closed in accordance with the terms of this Agreement, notwithstanding the Casualty; provided, however, that Contributor shall make such repairs to the extent of any recovery from insurance carried on the Property if they can be reasonably effected before Closing. If Contributor is unable to effect such repairs, then at Closing, Contributee shall be paid (i) any deductibles and the net proceeds of any insurance with respect to the Property paid to Contributor between the date of this Agreement and the Closing Date and not used by Contributor for repairs to the Property in connection with such Casualty shall be paid to Contributee at the time of Closing, and (ii) all unpaid claims and rights in connection with losses to the Property shall be assigned to Contributee at Closing without in any manner affecting the Consideration.
Minor Casualty. The term "Minor Casualty" shall mean any casualty or accident other than a Major Casualty.
Minor Casualty. In the event of any Minor Casualty at any time during the Term, and regardless of whether such Minor Casualty is insured or uninsured, Tenant shall be obligated to repair, rebuild or restore the damaged improvements.
Minor Casualty. If any such damage or destruction does not constitute a Major Casualty, neither Buyer nor Seller shall have any right to terminate this Agreement, Buyer shall be obligated to close the purchase and sale contemplated by this Agreement as scheduled without adjustment of the Purchase Price, and Seller shall pay to Buyer at Closing an amount equal to the sum of (i) the unexpended insurance proceeds received by Seller prior to Closing on account of such damage or destruction, plus (ii) an amount equal to the deductible under its insurance policy/ies in respect of such damage or destruction. Notwithstanding the provisions of the preceding sentence, Seller shall not be obligated to repair or restore the Property except as otherwise provided in this Agreement.
Minor Casualty. If there is any loss or damage to the Land and Improvements which is not a Major Casualty (as defined in Section 7.3) and that has not been fully restored as of the Closing Date, this Agreement shall remain in full force and effect provided Seller assigns 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 Land and Improvements, plus the amount of any deductibles.
