Common use of Notice; Credit to Buyer Clause in Contracts

Notice; Credit to Buyer. Buyer shall have the right to terminate this Agreement if all or a material part of the Property is destroyed without fault of Buyer or a material part of the Property is taken by eminent domain during the escrow period. Buyer shall give written notice of Buyer’s election to terminate this Agreement under the Act within five (5) business days after Buyer is given notice by Seller of any damage to or condemnation of the Property which entitles Buyer to terminate this Agreement. If Buyer does not give such notice, then this Agreement shall remain in full force and effect and there shall be no reduction in the Purchase Price, but whether or not the loss or damage is of a material part Seller shall, at Close of Escrow, assign to Buyer (a) any insurance proceeds payable with respect to such damage; or (b) the entire award payable with respect to such condemnation proceeding, whichever is applicable.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Craig Jenny Inc /De)

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Notice; Credit to Buyer. Buyer shall have the right to terminate this Agreement if all or a material part of the Property is destroyed without fault of Buyer, Balanced Care, the Management Companies, Licensee, any other affiliate of Buyer or Balanced Care, or a material part of the Property is taken becomes the subject of a condemnation proceeding by a public or quasi-public authority having the power of eminent domain during the escrow perioddomain. Buyer shall give written notice of Buyer’s 's election to terminate this Agreement under the Act within five (5) business days after Buyer is given notice by Seller first learns of any damage to or condemnation taking of the Property which that entitles Buyer to terminate this Agreement. If Buyer does not give such notice, then this Agreement shall remain in full force and effect effect, and there shall be no reduction in the Purchase Price, but whether or not the loss or damage is of a material part Seller shall, at Close of EscrowClosing, assign to Buyer (a) any insurance proceeds payable with respect to such damage; or (b) the entire award payable with respect to such condemnation proceeding, whichever is applicable.

Appears in 1 contract

Samples: Agreement of Purchase and Sale (Balanced Care Corp)

Notice; Credit to Buyer. Buyer shall have the right to terminate this Agreement if all or a material part of the Property is destroyed without fault of Buyer or a material part of the Property is taken by eminent domain during the escrow perioddomain. Buyer shall give written notice of Buyer’s election to terminate this Agreement under the Act within five (5) business days after Buyer is given notice by Seller first learns of any damage to or condemnation of the Property which entitles Buyer to terminate this Agreement. If Buyer does not give such noticenotice or if the portion destroyed or taken is not a material part of the Property, then this Agreement shall remain in full force and effect and there shall be no reduction in the Purchase Price, but whether or not the loss or damage is of a material part Seller shall, at Close of Escrow, assign to Buyer (a) any insurance proceeds payable with respect to such damage; or (b) the entire award payable with respect to such condemnation proceeding, whichever is applicable.

Appears in 1 contract

Samples: Agreement of Purchase and Sale and Joint Escrow Instructions (Indymac Bancorp Inc)

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Notice; Credit to Buyer. Buyer shall have the right to terminate this Agreement if all or a material part of the Property is destroyed without fault of Buyer or a material part of the Property is taken by eminent domain during the escrow perioddomain. Buyer shall give written notice of Buyer’s 's election to terminate this Agreement under the Act within five ten (510) business days after Buyer is given notice by first learns, or after Seller has notified Buyer in writing, whichever comes first, of any damage to or condemnation of the Property which entitles Buyer to terminate this Agreement. If Buyer does not give such notice, then this Agreement shall remain in full force and effect and there shall be no reduction in the Purchase Price, but whether or not the loss or damage is of a material part Seller shall, at Close of EscrowClosing, assign to Buyer (ai) any insurance proceeds payable with respect to such damage; or (bii) the entire award payable with respect to such condemnation proceeding, whichever is applicable.

Appears in 1 contract

Samples: Agreement of Purchase and Sale (Northstar Realty)

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