Common use of Procedure for Closing Clause in Contracts

Procedure for Closing. If Buyer shall not timely elect to terminate this Contract under Section 13.2 above, or if the loss, damage or condemnation is not substantial, Seller agrees to pay to Buyer at the Closing all insurance proceeds or condemnation awards which Seller has received as a result of the same, plus an amount equal to the insurance deductible, and assign to Buyer all insurance proceeds and condemnation awards payable as a result of the same, in which event the Closing shall occur without Seller replacing or repairing such damage. In the case of damage or casualty, at Buyer’s election and to the extent practical, Seller shall repair and restore the Property to its condition immediately prior to such damage or casualty and shall assign to Buyer all excess insurance proceeds. Seller shall have right to place any damaged portion of the Improvements in a safe condition and receive a credit on the deductible or insurance for the reasonable amounts so spent. The rights and remedies of Buyer under this Article XIII are subject to the rights of the holder of the Existing Loan. In the event the law of the state where the Hotel is located affords other rights and remedies for a casualty or condemnation beyond those expressly set forth herein, Buyer expressly waives any such other rights and remedies.

Procedure for Closing. If Buyer shall not timely elect to terminate this Contract under Section 13.2 above, or if the loss, damage or condemnation is not substantial, Seller agrees to pay to Buyer at the Closing all insurance proceeds or condemnation awards which Seller has received as a result of the same, plus an amount equal to the insurance deductible, and assign to Buyer all insurance proceeds and condemnation awards payable as a result of the same, in which event the Closing shall occur without Seller replacing or repairing such damage. In the case of damage or casualty, at Buyer’s election and to the extent practical, Seller shall repair and restore the Property to its condition immediately prior to such damage or casualty and shall assign to Buyer all excess insurance proceeds. Seller shall have right to place any damaged portion of the Improvements in a safe condition and receive a credit on the deductible or insurance for the reasonable amounts so spent. The rights and remedies of Buyer under this Article XIII are subject to the rights of the holder of the Existing Loan. In the event the law of the state where the Hotel is located affords other rights and remedies for a casualty or condemnation beyond those expressly set forth herein, Buyer expressly waives any such other rights and remedies.