Minor Casualty Sample Clauses

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: (a) Seller shall assign to Buyer all proceeds of property insurance payable to Seller, less any amounts paid by Seller to repair, restore, or clean up the Real Property and Improvements; (b) Buyer will receive a credit against the Purchase Price equal to the amount of any unused deductible under Seller's property insurance policy; (c) Buyer shall accept the Real Property and remaining Improvements in their damaged state; and (d) as between Buyer and Sellers, Sellers have no obligation to repair or restore any damaged or destroyed portions of the Real Property and Improvements.

Minor Casualty. 32 Section 8.3 Major Casualty and Condemnation.....................................................32 ARTICLE 9 MISCELLANEOUS..................................................................................33 Section 9.1 Notices.............................................................................33 Section 9.2 Performance.........................................................................35 Section 9.3 Binding Effect......................................................................35 Section 9.4 Entire Agreement....................................................................35 Section 9.5 Assignment..........................................................................35 Section 9.6 Commissions.........................................................................36 Section 9.7 Headings............................................................................36 Section 9.8 Holidays, Etc.......................................................................36

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. The term "Minor Casualty" shall mean any casualty or accident other than a Major Casualty.

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 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 Seller is less than or equal to Five Hundred Thousand Dollars ($500,000.00) (a “Minor Casualty”), Closing will occur and at Closing: (a) The Buyer shall receive a credit against the Purchase Price in an amount equal to the aggregate estimated cost of repair of any damage to the Property remaining unrepaired at Closing, and any unpaid costs of repairs performed prior to Closing for which Buyer will be responsible, and the future loss of rental income as a result of the Minor Casualty as reasonably mutually determined by Seller and Buyer; (b) Buyer shall accept the Property with the Property affected by such Minor Casualty in its damaged state; (c) Seller shall have no obligation to repair or restore any damaged or destroyed portions of the Property affected by such Minor Casualty; (d) Seller shall maintain all rights to the Seller’s interest in and to all proceeds of property insurance awards relating to such Minor Casualty and the full right to settle insurance claims relating thereto; and (e) Seller shall be permitted reasonable access the Property affected by the Minor Casualty after Closing in connection with the completion by the Seller of the claim process with the applicable insurance company, having insurance coverage for such Minor Casualty.

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: (a) Buyer will receive a credit against the Purchase Price equal to the amount of any unused deductible under the Partnership's property insurance policy; (b) Buyer shall accept the Real Property and remaining Improvements in their damaged state; and (c) as between Buyer and Sellers, neither the Partnership nor any Seller has any obligation to repair or restore any damaged or destroyed portions of the Real Property and Improvements.

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.

Minor Casualty. The term “Minor Casualty” means any fire or other casualty which results in damage to the Facility and/or its contents, and in the reasonable judgment of Manager the out-of-pocket expenses (to the extent not covered by insurance proceeds) of the “Repair and/or Replacement” equals or is less than One Million Dollars ($1,000,000) (excluding any required insurance deductibles). For purposes of this paragraph, “Repair and/or Replacement” shall mean the repair and/or replacement of the Facility and/or its contents to substantially the same condition as existed prior to the fire or other casualty resulting in damage to the Facility and its contents.

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.