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.
Appears in 4 contracts
Samples: Contract of Sale/Contribution (Education Realty Trust, Inc.), Contract of Sale/Contribution (Education Realty Trust, Inc.), Contract of Sale (Education Realty Trust, Inc.)
