Common use of Minor Loss Clause in Contracts

Minor Loss. Buyer shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to the Property or destruction of any improvements thereon or condemnation of any portion of the Property, provided that: (a) the cost to repair any such damage or destruction, or the diminution in the value of the remaining Property as a result of a partial condemnation, equals $500,000 or less, and (b) upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds (other than business interruption or rental loss insurance applicable to the period prior to Closing) or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible, less any sums expended by Seller directly toward the restoration or repair of the Property. If the proceeds or awards have not been collected as of the Closing, then such proceeds (including business interruption or rental loss insurance of Seller which would be applicable to any period subsequent to Closing) or awards shall be assigned to Buyer, except to the extent needed to reimburse Seller for sums expended prior to the Closing to repair or restore the Property, without a reduction of the Purchase Price.

Minor Loss. Buyer shall be bound to purchase the Real Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to the Real Property or destruction of any improvements thereon or condemnation of any portion of the Real Property, provided that: (a) the cost to repair any such damage or destruction, or the diminution in the value of the remaining Real Property as a result of a partial condemnation, equals One Million Five Hundred Thousand and 00/100 Dollars ($500,000 1,500,000.00) or less, and (b) upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds (other than business interruption or rental loss insurance applicable to the period prior to Closing) or condemnation awards collected by Seller as a 27 result of any such damage or destruction or condemnation, plus the amount of any insurance deductible, less any sums expended by Seller directly toward the restoration or repair of the PropertyReal Property or in collecting such insurance proceeds or condemnation awards. If the proceeds or awards have not been collected as of the Closing, then such proceeds (including business interruption or rental loss insurance of Seller which would be applicable to any period subsequent to Closing) or awards shall be assigned to Buyer, except to the extent needed to reimburse Seller for sums expended prior to the Closing to repair or restore the Property, without a reduction of the Purchase PriceReal Property or to collect any such proceeds or awards.

Minor Loss. Buyer shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to the Property or destruction of any improvements thereon or condemnation of any portion of the Property, provided that: (ai) the cost to repair any such damage or destruction, or the diminution in the value of the remaining Property as a result of a partial condemnation, equals $500,000 ten percent (10%) of the Purchase Price or less, (ii) no Major Tenant exercises any right it may have pursuant to its Lease, if any, to terminate the Lease on account of such damage or destruction, and (biii) upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds (other than business interruption or rental loss insurance applicable to the period prior to Closing) or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation, plus the any amount of any insurance deductibledeductible and any uninsured loss, less any sums expended by Seller directly toward the restoration or repair of the PropertyProperty or in collecting such insurance proceeds or condemnation awards. If the proceeds or awards have not been collected as of the Closing, then such proceeds (including business interruption or rental loss insurance of Seller which would be applicable to any period subsequent to Closing) or awards shall be assigned to Buyer, except to the extent needed to reimburse Seller for sums expended prior to the Closing to repair or restore the Property, without a reduction of the Purchase PriceProperty or to collect any such proceeds or awards.

Minor Loss. Buyer shall be bound to purchase In the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence event of loss or effect of any damage to the Property or destruction of any improvements thereon or condemnation of any portion of the Propertythereof which is not “major” (as hereinafter defined), provided that: (a) the cost to repair any such damage or destruction, or the diminution this Agreement shall remain in the value of the remaining Property as a result of a partial condemnation, equals $500,000 or lessfull force and effect, and (b) upon the both Seller and Purchaser shall be obligated to proceed to Closing, there provided, however, that Purchaser shall be a credit against the Purchase Price due hereunder credited at Closing with an amount equal to the amount of any insurance proceeds (other than business interruption or rental loss insurance applicable to the period prior to Closing) or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible, plus any uninsured amount in respect of such loss or damage, less any sums expended by Seller directly toward the restoration or repair of the PropertyProperty or in collecting such insurance proceeds or condemnation awards. If the proceeds or awards have not been collected as of the Closing, then such proceeds (including business interruption or rental loss insurance of Seller which would be applicable to any period subsequent to Closing) or awards shall be assigned to BuyerPurchaser, and Purchaser shall additionally be entitled to a credit at Closing for the amount of any insurance deductible and any uninsured amount in respect of such loss or damage, except to the extent needed to reimburse Seller for sums expended prior to the Closing to repair or restore the PropertyProperty or to collect any such proceeds or awards. From and after the Closing Date, without a reduction full risk of loss with respect to the Purchase PriceProperty shall pass to Purchaser.

Minor Loss. Buyer shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to the Property or destruction of any improvements thereon or condemnation of any portion of the Property, provided that: (a) the cost to repair any such damage or destruction, or the diminution in the value of the remaining Property as a result of a partial condemnation, equals does not exceed Three Hundred Fifty Thousand Dollars ($500,000 or less, 350,000.00) and (b) such damage or destruction is fully insured. In such instance, upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of (x) any insurance proceeds (other than business interruption or rental loss insurance applicable to the period prior to Closing) or condemnation awards collected by and paid to Seller as a result of any such damage or destruction or condemnation, plus condemnation and (y) the amount of the deductible applicable to such damage or destruction under any such insurance deductiblepolicies, less (z) any sums expended by Seller directly toward the restoration or repair of the Property. If the proceeds or awards have not been collected as of the Closing, or the restoration or repairs have not been completed by Seller as of the Closing, then such proceeds (including business interruption or rental loss insurance of Seller which would be applicable to any period subsequent to Closing) or awards shall be assigned to BuyerBuyer at Closing, except to the extent needed to reimburse Seller for sums expended prior to the Closing to repair or restore the Property, without a reduction of the Purchase Price.

Minor Loss. Buyer Purchaser shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to the Property or destruction of any improvements thereon or condemnation of any portion of the Property, provided that: (a) the cost to repair any such damage or destruction, or the diminution in of the value of the remaining Property as a result of a partial condemnation, equals does not exceed $500,000 250,000.00, as reasonably determined by Seller, or less, allow any Major Tenant to terminate its Tenant Lease or withhold or reduce its rent in excess of rent insurance proceeds; and (b) upon at the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds (other than business interruption or rental loss insurance applicable to the period prior to Closing) or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation, together with any rent insurance proceeds to the extent allocable to the period following the Closing, plus the amount of any insurance deductible, less any sums expended by Seller directly toward the restoration or repair of the Property. If the proceeds or awards have not been collected as of the ClosingClosing in whole or in part, then such uncollected proceeds (including business interruption or rental loss insurance of Seller which would be applicable to any period subsequent to Closing) or awards shall be assigned to BuyerPurchaser, except to the extent needed to reimburse Seller for sums expended prior to the Closing to repair or restore the Property, without Property as a reduction result of the Purchase Pricesuch casualty or condemnation.