Common use of Minor Damage Clause in Contracts

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not "major" (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs or, at Seller's option, assigns to Purchaser 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 premises in question. In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, 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, then the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller's insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Real Property or any portion thereof which is not "“major" ” (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs or, at Seller's ’s option, assigns to Purchaser all of Seller's ’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 premises in questionquestion (other than business interruption proceeds attributable to the period prior to Closing). In the event that Seller elects to perform repairs upon the Real Property, Seller shall use reasonable efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, promptly and the date of Outside Closing Date 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, then the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller's ’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof (the “premises in question”) which is not "“major" ” (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller Seller, at Seller’s option, (i) performs any necessary repairs or, at Seller's option, repairs; (ii) assigns to Purchaser all of Seller's ’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 premises in question; or (iii) reduces the cash portion of the Purchase Price in an amount equal to the cost of such repairs, Seller thereby retaining 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 premises in question. In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, 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, then the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller's insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not "major" (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs or, at Seller's option, assigns to Purchaser 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 premises in question. In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairsrepairs not to exceed sixty (60) days, provided said extension does not cause Purchaser's financing to lapse or the rate of said financing to increase. If Seller elects to assign a casualty claim to Purchaser, then the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller's insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Real Property or any portion thereof which is not "majorMajor" (as hereinafter defined), this Agreement shall remain in full force and effect provided that Seller performs any necessary repairs orshall, at Seller's option, assigns either (a) perform any necessary repairs or (b) assign to Purchaser all of Seller's right, title and interest in and to any claims and proceeds Seller may have with respect to any casualty property insurance policies or condemnation awards as the result of such loss or damage relating to the premises in question. In the event that Seller elects to perform repairs upon the Property, Seller shall use commercially reasonable efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, promptly and the date of Closing Date shall be extended a reasonable time (not to exceed a total of sixty (60) days) in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to Purchaser, then the Purchase Price shall be reduced by an amount equal to the lesser of the deductible amount under Seller's insurance policypolicy or the cost of such repairs as determined in accordance with Section 7.3. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not "major" (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs or, at Seller's option, assigns to Purchaser all of Seller's right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies (including without limitation business interruption or rent insurance proceeds for the period from and after Closing) or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, promptly and the date of Closing shall be extended a reasonable time not to exceed ninety (90) days in order to allow for the completion of such repairs. If Seller elects to assign a the casualty claim to Purchaser, then the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller's insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not "“major" ” (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs so that the Property is restored to the same standard of quality that existed immediately prior to the event of loss or damage or, at Seller's Purchaser’s option, assigns to Purchaser all of Seller's ’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 premises in question. In the event that Seller Purchaser elects to have Seller perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, promptly and the date of Closing shall be extended a reasonable time in order to allow for the completion of such repairs. If Seller Purchaser elects to have Seller assign a casualty claim to Purchaser, then the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller's ’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not "“major" ” (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs or, at Seller's ’s option, assigns to Purchaser all of Seller's ’s right, title and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies (excluding any business interruption insurance proceeds attributable to the period prior to Closing) or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, 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, then the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller's ’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not "majorMajor" (as hereinafter defined), this Agreement shall remain in full force and effect provided that Seller performs any necessary repairs orshall, at Seller's option, assigns either (a) perform any necessary repairs, or (b) assign to Purchaser Buyer 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 or condemnation awards relating to the premises in question. In the event that If Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, and the date of Closing shall be extended for a reasonable time in order to allow for the completion of such repairs. If Seller elects to assign a casualty claim to PurchaserBuyer, then the Purchase Price shall be reduced by an amount equal to the lesser of the deductible amount under Seller's insurance policypolicy or the cost of such repairs as determined in accordance with Section 7.3 hereof. Upon Closing, full risk of loss with respect to the Property shall pass to PurchaserBuyer.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not "“major" ” (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs (with such repairs (i) being done in a good and workmanlike manner and (ii) restoring the Property to substantially the condition in which it existed prior to such loss or damage) or, at Seller's ’s option, assigns to Purchaser all of Seller's ’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 premises in question. In the event that If Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, 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, then the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller's ’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not "“major" ” (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs or, at Seller's ’s option, assigns to Purchaser all of Seller's ’s right, title and interest to any claims and the proceeds Seller may have actually receives with respect to any casualty insurance policies or condemnation awards relating to the premises in question. In the event that Seller elects to perform repairs upon the Property, Seller shall use all reasonable and diligent efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, 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 its insurance proceeds to Purchaser, then such right to assign being subject to Seller actually receiving proceeds from its insurance claim, the date of Closing shall be extended to allow for Seller to obtain such proceeds and the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller's ’s insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property Property, or any portion thereof of the Property, which is not "major" (as hereinafter defineddefined in Section 9.2), this Agreement shall remain in full force and effect effect, provided that Seller either performs any necessary repairs to restore the Property to the condition it was in at the time of this Agreement, or, at Seller's option, assigns the cash portion of the Purchase Price shall be reduced by an amount sufficient to cover the cost of such repairs, as determined by such architect and contractor as Purchaser may hire to review and estimate the cost of the repairs, with any excess left over after the completion of the repairs to be returned to Seller; and as of Closing, all of Seller's right, title title, and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies or condemnation awards relating to the premises in questionProperty shall be the property of Purchaser. In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, and the date of the 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, then the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller's insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.

Minor Damage. In the event of loss or damage to the Property or any portion thereof which is not "major" (as hereinafter defined), this Agreement shall remain in full force and effect provided Seller performs any necessary repairs or, at Seller's option, assigns to Purchaser 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 premises in questionquestion (including, without limitation, business interruption or rent insurance proceeds). In the event that Seller elects to perform repairs upon the Property, Seller shall use reasonable efforts to complete such repairs promptly, subject to Purchaser's reasonable supervision, 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, then the Purchase Price shall be reduced by an amount equal to the deductible amount under Seller's insurance policy. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.