Common use of Minor Damage or Condemnation Clause in Contracts

Minor Damage or Condemnation. In the event of loss or damage to, or condemnation of, the Property or any portion thereof which is not "Major" (as hereinafter defined), this Agreement shall remain in full force and effect provided that Seller shall, at Seller's option, either (a) perform any necessary repairs, or (b) assign to Purchaser, without representation, warranty or recourse to Seller, all of Seller's right, title and interest in and to any claims and proceeds Seller may have with respect to any casualty insurance policies and rent insurance proceeds or condemnation awards relating to the premises in question, after deduction of Seller's expenses of collection and amounts expended by Seller in Seller's reasonable discretion to prevent further damage to the Property or to alleviate unsafe conditions at the Property caused by casualty or condemnation. In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the lesser of the deductible amount under Seller's insurance policy or the cost of such repairs as determined in accordance with Section 7.3 hereof and, with respect to rent insurance proceeds, Seller shall obtain written confirmation from the applicable insurance carrier that it shall recognize the assignment of proceeds by Seller to Purchaser for the period after the Closing, and shall continue to make payments of such proceeds to Purchaser after the Closing as if the Closing had not occurred. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage or Condemnation. In the event of loss or damage to, or condemnation of, the Property or any portion thereof which is not "“Major" (as hereinafter defined)” , this Agreement shall remain in full force and effect provided effect. In the case of a casualty that is not “Major,” (i) Seller shallmay elect, at Seller's optionby giving notice to Buyer within five (5) business days after becoming aware of the casualty, either to make any necessary repairs prior to Closing, in which case Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time (anot to exceed thirty (30) perform days) in order to allow for the completion of such repairs, and (ii) if Seller does not elect to make any necessary repairs prior to Closing pursuant to clause (i) and if Seller and Buyer agree on the aggregate cost of effecting any necessary repairs, or the Purchase Price shall be reduced by the agreed cost of effecting such repairs. In all other cases following a casualty that is not “Major,” and in the event of any condemnation that is not “Major,” (ba) Seller shall assign to Purchaser, without representation, warranty or recourse to SellerBuyer, all of Seller's ’s right, title and interest in and to any claims and proceeds Seller may have with respect to any casualty insurance policies and rent insurance proceeds or condemnation awards relating to the premises in question, after deduction of Seller's expenses of collection and amounts expended by Seller in Seller's reasonable discretion (b) Buyer will be entitled to prevent further damage to the Property or to alleviate unsafe conditions at the Property caused by casualty or condemnation. In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, credit against the Purchase Price shall be reduced by an amount equal to the lesser of the deductible amount under Seller's ’s insurance policy or the cost of such repairs as determined in accordance with Section 7.3 hereof and, with respect to rent insurance proceeds, Seller shall obtain written confirmation from the applicable insurance carrier that it shall recognize the assignment of proceeds by Seller to Purchaser for the period after the Closing, and shall continue to make payments of such proceeds to Purchaser after the Closing as if the Closing had not occurred9.4. Upon Closing, full risk of loss with respect to the Property shall pass to PurchaserBuyer.

Minor Damage or Condemnation. In the event of loss or damage to, or condemnation of, the Parcels, the Property or any portion thereof which is not "“Major" ” (as hereinafter defined), this Agreement shall remain in full force and effect provided that Seller shall, at Seller's ’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser, without representation, warranty or recourse to Seller, all of Seller's ’s right, title and interest in and to any claims and proceeds Seller may have or receive with respect to any casualty insurance policies and rent insurance proceeds or condemnation awards relating to the premises in question, after deduction of from any proceeds actually received by Seller's , its reasonable expenses of collection and amounts expended by Seller in Seller's ’s reasonable discretion to prevent further damage to the Property or to alleviate unsafe conditions at the Property caused by casualty or condemnationcondemnation (“Net Proceeds”). In no event shall Seller adjust any claim or settle any award without Purchaser’s consent, which shall not be unreasonably withheld, conditioned or delayed. In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended to a reasonable time date on or before the Outside Closing Date in order to allow for the completion of such repairs; provided, that Seller shall use all commercially reasonable efforts to complete such repairs no later than sixty (60) days following the occurrence of the underlying loss or damage. If Seller elects or is required to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the lesser of the deductible amount under Seller's ’s insurance policy or the cost of such repairs as determined in accordance with Section 7.3 hereof and, with respect to rent insurance proceeds, policy. At Closing Seller shall obtain written confirmation assign Seller’s interest in any insurance claims, insurance proceeds and/or condemnation awards resulting from casualty or condemnation pursuant to an assignment instrument in form and substance satisfactory to the applicable insurance carrier that it parties but consistent nevertheless with this Section 5.1 and shall recognize the assignment of proceeds by Seller also turn over to Purchaser for the period after the Closing, and shall continue to make payments of such proceeds to Purchaser after the Closing as if the Closing had not occurredany Net Proceeds received by Seller. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser. The provisions of this Section 5.1 constitute an express provision superseding the provisions of the uniform vendor and Purchaser act a/k/a general obligations law §5-1311, or any and all laws, orders, rules, regulations or requirements amending or modifying the same.

Minor Damage or Condemnation. In the event of loss or damage to, or condemnation of, legal proceeding under power of eminent domain ("Condemnation") is commenced with respect to the Property or any portion thereof which is not "Major" (as hereinafter defined), this Agreement shall remain in full force and effect provided that Seller shall, at Seller's option, either (a) perform any necessary repairs, or (b) assign to Purchaser, without representation, warranty or recourse to Seller, all of Seller's right, title and interest in and to any claims and proceeds Seller may have with respect to any casualty insurance policies and rent insurance proceeds or condemnation Condemnation awards relating to the premises in question, after deduction of Seller's expenses of collection and amounts expended by Seller in Seller's reasonable discretion to prevent further damage to the Property or to alleviate unsafe conditions at the Property caused by casualty or condemnationCondemnation. In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the lesser of the deductible amount under Seller's insurance policy or the cost of such repairs as determined in accordance with Section 7.3 hereof and, with respect to rent insurance proceeds, Seller shall obtain written confirmation from the applicable insurance carrier that it shall recognize the assignment of proceeds by Seller to Purchaser for the period after the Closing, and shall continue to make payments of such proceeds to Purchaser after the Closing as if the Closing had not occurredhereof. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.