Common use of Not Material Damage Clause in Contracts

Not Material Damage. If the Property is not Materially Damaged, then neither Purchaser nor Seller shall have the right to terminate this Agreement, and Seller shall, at its option, either (i) repair the damage before the Closing in a manner reasonably satisfactory to Purchaser, or (ii) credit Purchaser at Closing for the reasonable cost to complete the repair (in which case Seller shall retain all insurance proceeds and Purchaser shall assume full responsibility for all needed repairs), except that Purchaser will receive loss of rent insurance proceeds applicable to the period after Closing, if any.

Not Material Damage. If the Property is not Materially Damaged, then neither Purchaser nor Seller shall not have the right to terminate this AgreementAgreement under this Section 6.2, and Seller shall, at its option, either (i) repair the damage before the Closing in a manner reasonably satisfactory to Purchaser, or (ii) shall credit Purchaser at Closing for the reasonable cost to complete the repair (in which case repair, Seller shall retain all insurance proceeds relating to such casualty, and Purchaser shall assume full responsibility for all needed repairs), except that Purchaser will receive loss of rent insurance proceeds applicable to the period after Closing, if any.

Not Material Damage. If the Property is not Materially Damaged, then neither Purchaser Buyer nor Seller shall have the right to terminate this Agreement, and Seller shall, at its option, either (i) repair the damage before the Closing in a manner reasonably satisfactory to PurchaserBuyer, or (ii) credit Purchaser Buyer at Closing for the reasonable cost to complete the repair (in which case Seller shall retain all insurance proceeds and Purchaser Buyer shall assume full responsibility for all needed repairs), except that Purchaser will receive loss of rent insurance proceeds applicable to the period after Closing, if any.