Risk of Casualty Sample Clauses

Risk of Casualty. If, prior to the Closing Date, all or part of the Property is damaged by fire or by any other cause whatsoever, Seller shall promptly give Purchaser written notice of such damage. If the cost of repairing such damage is not in excess of Seven Hundred Fifty Thousand Dollars ($750,000.00) (as determined by Seller’s independent insurer), and provided that the nature of the destruction or damage does not give any Tenant the rights to terminate its Lease (unless such right has been waived in writing by the Tenant following such damage or destruction), then (i) Purchaser shall have the right at the Closing to receive, to the extent such sums have not been expended on repair work, the amount of the deductible plus all insurance proceeds payable as a result of such casualty loss; (ii) this Agreement shall continue in full force and effect with no reduction in the Purchase Price and (iii) Seller shall have no obligation to repair such damage. If the cost of repairing damage from such casualty is greater than Seven Hundred Fifty Thousand Dollars ($750,000.00) (as determined by Seller’s independent insurer), or if the nature of the damage or destruction shall give any Tenant the right to terminate its Lease and the Tenant shall not have waived it right to terminate, then, in either such event, Seller (with the consent of its lender) and the Purchaser shall each have the right, for a period of ten (10) days from the date of notice of the amount of damage caused by the casualty, to terminate this Agreement by giving notice of termination to the other and the Escrow Agent within such period. Upon such termination, the Deposit shall be returned to Purchaser and the parties hereto shall be released of any further liability hereunder except as otherwise provided herein. If either party fails to notify the other and Escrow Agent within such period of its exercise of its right to terminate this Agreement, then Purchaser shall proceed to Closing and, to the extent such sums have not been expended on repair work, all insurance proceeds received by Seller as a result of such casualty loss plus the amount of the deductible shall be paid to Purchaser at the Closing. If such proceeds have not yet been received by Seller, then Seller’s rights to such proceeds shall be assigned to Purchaser at the Closing upon payment by Purchaser of the full Purchase Price less the amount of Seller’s deductible (subject to the adjustments and prorations set forth in Section 5), and Seller shall hav...
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Risk of Casualty. If prior to the time of Closing, any part of the Buildings are damaged by fire or other casualty, Sellers shall promptly give written notice of such event to Purchaser. If (a) one or more of the Properties is damaged by fire or other casualty (b) the cost of restoration is less than One Million Dollars New England Portfolio ($1,000,000) per Property or Three Million Dollars ($3,000,000) in the aggregate and (c) any Property which has been damaged is not restored prior to Closing, so long as (i) the casualty is a fully insured loss under Sellers' insurance policy (ii) Sellers assign to Purchaser (without recourse to Sellers) all of Sellers' rights in any insurance proceeds, including, without limitation, loss of rent insurance (less any amounts expended or committed by Seller for any restoration), (iii) Sellers agree to pay Purchaser the amount of any deductible under Sellers' applicable insurance policy (the "Deductible Amount") and (iv) no Lease of all or a substantial portion of a Building is reasonably susceptible to termination by the tenant thereunder as a result of the inability of the landlord thereunder to restore the premises within the time period permitted under such Lease. Purchaser shall be required to accept conveyance of the Properties, together with such assignment of all Seller's rights in any insurance proceeds and a credit against the Purchase Price in an amount equal to the Deductible Amount. If one or more of the Properties is damaged by fire or other casualty and not restored prior to Closing and the conditions set forth above are not applicable, Purchaser shall have the option, exercisable by giving written notice to Seller on or before the Closing to (a) take title to all of the Properties, in their condition after such casualty together with an assignment (without recourse to Sellers) of Sellers' rights in any insurance proceeds (less any amounts expended or committed by Sellers for any restoration) without any reduction in the Purchase Price other than the Deductible Amount as described above, or (b) terminate this Agreement whereupon the Deposit shall be refunded to Purchaser and all obligations of the parties hereto (other than those which expressly survive termination) shall cease and this Agreement shall be void and without recourse to the parties. Purchaser shall not expend or commit any insurance proceeds received on account of a casualty which occurs after the date of this Agreement for restoration without Purchaser's prior...
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Risk of Casualty. (a) In the event of a Material Casualty with respect to a Property (a “Damaged Property”), Purchaser may, at Purchaser’s sole option, elect to either:
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Risk of Casualty. In the event of fire or other casualty to the Sublease Premises prior to the Sublease Commencement Date or otherwise during the Sublease Term, which in Master Landlord's estimation (based on the determination of a licensed architect retained by Master Landlord, as described in Paragraph 9 of the Master Lease) (the "Master Landlord's Repair Estimate") will take less than ten (10) months to repair or more than two (2) months if the restoration would begin during the last twelve (12) months of the Sublease Term, this Sublease will remain in full force and effect and Subtenant's Rent will be abated based upon the extent to which such damage and the making of such repairs interferes with Subtenant's ability to occupy and use the Sublease Premises while such repairs are being made. In the event of casualty to the Sublease Premises prior to the Sublease Commencement Date or otherwise during the Sublease Term, which in Master Landlord's Repair Estimate will take more than ten (10) months to repair, Subtenant may terminate this Sublease, by giving Sublandlord notice of such termination within seven (7) days of receipt of the Master Landlord's Repair Estimate. In any event, and without limiting Section 7.3 above, if the Master Lease is terminated by Master Landlord pursuant to Paragraph 9 of the Master Lease, this Sublease shall terminate.
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Risk of Casualty. The risk of casualty loss to the Property will remain with Seller prior to Closing. In the event that the Property is damaged by fire, flood or other casualty prior to Closing, then Purchaser may elect, at its sole option, either (i) to terminate this Agreement and recover its Deposit, in which case both Seller and Purchaser will be released from further responsibility hereunder, or (ii) to waive its right to terminate this Agreement and to consummate the transaction contemplated hereby, in which case Seller will assign to Purchaser all of Seller’s right to receive the insurance proceeds, if any, payable as a result of such casualty damage, but not exceeding the Purchase Price, and Purchaser will be entitled to an abatement of the Purchase Price in an amount equal to the applicable insurance deductibles.
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Risk of Casualty 
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Related to Risk of Casualty

  • FIRE OR CASUALTY Tenant shall give immediate notice to Landlord in case of fire or accident or other damage defects in or to the Apartment or the building and to any of the fixtures or equipment therein. If the Apartment or the building shall be partially damaged by fire, the damages shall be repaired by and at the expense of Landlord as soon as it can reasonably be done under the circumstances, due allowance to be taken into consideration for any delays which may arise by reason of labor troubles, inability to obtain labor or materials, Governmental orders, regulations and restrictions, delays in adjusting the insurance loss or other causes beyond Landlord’s reasonable control. If the Apartment or the building shall be damaged from such causes or from any of them to such extent that the same cannot be repaired with reasonable diligence within a period of sixty days, or if Landlord shall decide not to repair or rebuild the same or if Landlord shall decide to demolish the building or to convert it to other uses then and in any such event, Landlord may within sixty days after such damages occur give Tenant notice of such decision and thereupon the term of the Lease shall expire upon the third day after such notice is given , and Tenant shall thereupon vacate and surrender the Apartment to Landlord forthwith, and in such case, the rent shall be paid up to and apportioned as of the date on which Tenant shall vacate and surrender the demised premises. In the event the Apartment is damaged to such an extent that is untenantable in whole or in part, rent shall be paid up to time of such damage and shall thereafter xxxxx in proportion to the part of the Apartment which may be usable until such time as the premises shall have been put into repair. If the Apartment or the building shall be damaged or destroyed by fire or other cause resulting from any negligent act or omission or breach of any provision of this Lease by Tenant, Tenant shall nevertheless be liable to Landlord for any damage sustained by Landlord as a result thereof and the making of any necessary repairs or rebuilding by Landlord shall not constitute a waiver of the claim of Landlord, or of its insurer by subrogation, against Tenant for damages. Landlord and Tenant agree that the agreement contained in this paragraph is an agreement made in place of the provisions of Section 227 of the Real Property Law of New York.

  • Risk of Loss/Condemnation Upon an occurrence of a casualty, condemnation or taking with respect to any Property, Seller shall notify Buyer in writing of same. Until Closing, the risk of loss or damage to the Property, except as otherwise expressly provided herein, shall be borne by Seller. In the event all or any portion of any Property is damaged in any casualty or condemned or taken (or notice of any condemnation or taking is issued) so that: (a) Tenant has a right of termination or abatement of rent under the Lease for such Property, or (b) with respect to any casualty, if the cost to repair such casualty would exceed $50,000, or (c) with respect to any condemnation, any Improvements or access to the Property or more than five percent (5%) of the Property is (or will be) condemned or taken, then, Buyer may elect to terminate this Agreement with respect to each such Property by providing written notice of such termination to Seller within ten (10) business days after Buyer’s receipt of notice of such condemnation, taking or damage, upon which termination a proportionate part of the Xxxxxxx Money shall be returned to the Buyer in accordance with the Purchase Price as set forth on Exhibit A1 and neither party hereto shall have any further rights, obligations or liabilities under this Agreement with respect to such Property, except as otherwise expressly set forth herein. With respect to any condemnation or taking (of any notice thereof), if Buyer does not elect to cancel this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the awards, if any, for the condemnation or taking, and Buyer shall be entitled to receive and keep all such awards. With respect to a casualty, if Buyer does not elect to terminate this Agreement with respect to any such Property or does not have the right to terminate this Agreement as aforesaid, there shall be no abatement of the Purchase Price and Seller shall assign to Buyer at the Closing the rights of Seller to the proceeds under Seller’s insurance policies covering such Property with respect to such damage or destruction (or pay to Buyer any such proceeds received prior to Closing) and pay to Buyer the amount of any deductible with respect thereto, and Buyer shall be entitled to receive and keep any monies received from such insurance policies.

  • Damage; Strike; Casualty Any material damage to, or loss, theft or destruction of, any Property, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than 30 consecutive days beyond the coverage period of any applicable business interruption insurance, the cessation or substantial curtailment of revenue producing activities of the Borrower and its Subsidiaries, taken as a whole, and only if any such event or circumstance could reasonably be expected to have a Material Adverse Effect.

  • No Casualty No Loan Party has received any notice of, nor does any Loan Party have any knowledge of, the occurrence or pendency or contemplation of any Casualty Event affecting all or any material portion of its property.

  • Risk of Loss Matters of inspection and acceptance are addressed in section 215.422, F.S. Until acceptance, risk of loss or damage will remain with the Contractor. The Contractor will be responsible for filing, processing, and collecting all damage claims. To assist the Contractor with damage claims, the Customer will: record any evidence of visible damage on all copies of the delivering xxxxxxx’x xxxx of lading; report damages to the carrier and the Contractor; and provide the Contractor with a copy of the xxxxxxx’x xxxx of lading and damage inspection report.

  • Insurance; Risk of Loss Seller shall, and shall cause the Companies to, keep insurance policies or self-insured retentions currently maintained for the benefit of the Companies covering their business, assets and current or former employees and the Contributed Assets, as the case may be (the “Insurance Coverage”), or suitable replacements therefor, in full force and effect through the close of business on the Closing Date. From and prior to the Closing Date, Seller agrees to take such actions as may be reasonably necessary not to voluntarily relinquish or terminate policies providing Insurance Coverage if doing so would adversely affect the availability of such Insurance Coverage. The availability of Insurance Coverage with respect to any claim shall be subject in all respects to Seller’s applicable deductibles, retention and similar limits. From and after the Closing Date, the Companies shall be solely responsible for all insurance coverage and related risk of loss based on claims pending as of the Closing Date and claims made after the Closing Date, without regard to when the event giving rise to any such claim occurred, with respect to the Companies and their business, assets and current or former employees. Notwithstanding the immediately preceding sentence, Seller and Buyer agree that all claims with respect to insured events relating to the Business occurring prior to the Closing will be administered in all material respects in accordance with the terms of the Insurance Coverage. Seller will use its reasonable best efforts to provide Buyer with the benefit of the Insurance Coverage with respect to such claims to the extent Losses occurring prior to the Closing related to the Business are covered notwithstanding the consummation of the Contemplated Transactions; provided that (a) such recovery will be net of any deductibles or self-insured retention amounts, costs of any retroactive insurance premiums or other amounts paid or expenses incurred in connection with any insured claims made after the Closing under the Insurance Coverage and (b) Seller shall have no obligation to Buyer or any Company hereunder to prioritize Company claims over other claims of Seller or any of its Affiliates. In the event of any failure by any insurer to satisfy any claim, Seller and its Affiliates shall have no liability or obligation to Buyer pursuant to this Section 8.5; provided, that the foregoing shall not preclude any liability of Seller for any breach by Seller of this Section 8.5. To the extent that after the Closing any party hereto requires any information regarding claim data, payroll or other information relating to the Companies in order to make filings with insurance carriers or regulators from another party hereto, such other party shall promptly supply such information. Notwithstanding anything to the contrary in this Section 8.5, nothing in this Section 8.5 shall require Seller or any of its Affiliates to expend money (other than customary legal advisor costs), commence or participate in any Proceeding or offer or grant any accommodation or concession (financial or otherwise) to any third party.

  • Title; Risk of Loss Title to and risk of loss of the deliverables shall pass to the City only when the City actually receives and accepts the deliverables.

  • Condemnation or Casualty In the event of: a taking or threatened taking by condemnation or other exercise of eminent domain of all or a portion of the Mortgaged Property (collectively, a "Taking"); or the occurrence of a fire or other casualty resulting in damage to all or a portion of the Mortgaged Property (collec­tively, a "Casualty"), at any time or times when the Senior Security Instrument remains a lien on the Mortgaged Property the following provisions shall apply:

  • Condemnation and Casualty If, prior to the Closing Date, all or any portion of the Property is taken by condemnation or eminent domain, or is the subject of a pending taking which has not been consummated, or is destroyed or damaged by fire or other casualty, Seller shall notify Purchaser of such fact promptly after Seller obtains knowledge thereof. If such condemnation or casualty is "Material" (defined below), Purchaser shall have the option to terminate this Agreement upon notice to Seller given not later than fifteen (15) days after receipt of Seller's notice, or the date of the Closing, whichever is earlier. If this Agreement is terminated, the Deposit shall be returned to Purchaser and thereafter neither Seller nor Purchaser shall have any further rights or obligations to the other hereunder except as otherwise provided in this Agreement. If this Agreement is not terminated, Seller shall not be obligated to repair any damage or destruction but: (x) Seller shall assign, without recourse, and turn over to Purchaser all of the insurance proceeds or condemnation proceeds, as applicable, net of any costs of repairs and net of reasonable collection costs (or, if such have not been awarded, all of its right, title and interest therein) payable with respect to such fire or other casualty or condemnation including any rent abatement insurance for such casualty or condemnation; and (y) the parties shall proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price.

  • Casualty Landlord will provide prompt notice to Tenant of any casualty affecting the Property. If Tenant’s Communication Facility or improvements are substantially damaged or destroyed, Tenant may terminate this Lease by upon written notice to Landlord. Termination shall be effective immediately after such notice is given, without the payment of the Termination Fee. Upon such termination, this Lease shall become null and void, and Landlord and Tenant shall have no other further obligations to each other hereunder, other than Tenant’s obligation to remove its property as herein provided and such other provisions that are stated herein to survive said termination. Landlord agrees to permit Tenant to place temporary transmission and reception facilities on the Premises, but only until such time (which shall in no event be longer than ninety (90) days from the date of such casualty) as Tenant is able to activate a replacement transmission facility at another location; notwithstanding the termination of this Agreement, such temporary facilities will be governed by, and Tenant shall comply with, all of the terms and conditions of this Lease, including, but not limited to, Tenant’s obligation to pay Rent and carry insurance. If Tenant elects to continue this Lease, Tenant shall restore the Premises and/or Communication Facility to the condition existing immediately prior to such damage or destruction. Tenant shall not unreasonably or unnecessarily delay restoration of its Communications Facility. If Tenant undertakes to rebuild or restore the Premises and/or the Communication Facility, as applicable, Landlord agrees to permit Tenant to place temporary transmission and reception facilities on the Premises at no additional Rent until the reconstruction of the Premises and/or the Communication Facility is completed (which shall be no later than six (6) months from the date of said casualty).

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