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...
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...
Risk of Casualty. LOSS 9 SECTION 10. REPRESENTATIONS OF SELLER 9 SECTION 11. REPRESENTATIONS OF PURCHASER 10 SECTION 12. NOTICES 11 SECTION 13. ASSIGNMENT 12 SECTION 14. EXXXXXX MONEY; REMEDIES 12 SECTION 15. BROKERAGE COMMISSION 12 SECTION 16. TRANSACTION COSTS 13 SECTION 17. MISCELLANEOUS 13 SECTION 18. AS IS 15 SECTION 19. CONFIDENTIALITY 15 SECTION 20. 1031 EXCHANGE 16
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:
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.
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.
Risk of Casualty
