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 or destruction of any of the Improvements or condemnation of any portion of the Real Property, provided that: (a) such damage or destruction or such partial condemnation would not give rise to a termination right on behalf of Tenant pursuant to the applicable Lease, and (b) upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds or condemnation awards collected by the applicable Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible, less any sums expended by such Seller toward the restoration or repair of the applicable 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 or awards shall be assigned to Buyer, except to the extent needed to reimburse the applicable Seller for sums expended prior to the Closing to repair or restore the affected 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 of the Improvements improvements thereon or condemnation of any portion of the Real Property, provided that: (a) the cost to repair any such damage or destruction destruction, or such the diminution in the value of the remaining Property as a result of a partial condemnation would not give rise to a termination right on behalf of Tenant pursuant to the applicable Leasecondemnation, is $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 or condemnation awards collected by the applicable Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible, less any sums expended by such Seller toward the restoration or repair of the applicable 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 or awards shall be assigned to Buyer, except to the extent needed to reimburse the applicable Seller for sums expended prior to the Closing to repair or restore the affected 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 of the Improvements improvements thereon or condemnation of any portion of the Real Property, provided that: (a) the cost to repair any such damage or destruction destruction, or such the diminution in the value of the remaining Property as a result of a partial condemnation would not give rise to a termination right on behalf of Tenant pursuant to the applicable Leasecondemnation, equals $4,650,000 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 or condemnation awards collected by the applicable Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible, less any sums expended by such Seller toward the restoration or repair of the applicable 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 or awards shall be assigned to Buyer, except to the extent needed to reimburse the applicable Seller for sums expended prior to the Closing to repair or restore the affected Property or to collect any such proceeds or awards.