Common use of Risk of Casualty Clause in Contracts

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 have no obligation to repair such damage. Seller shall cooperate with Purchaser in connection with the recovery of such proceeds from the insurance company.

Risk of Casualty. If, If prior to the Closing Datetime of Closing, all or any part of the Property 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 by any other cause whatsoever, Seller shall promptly give Purchaser written notice of such damage. If casualty (b) the cost of repairing such damage restoration is not in excess of Seven Hundred Fifty Thousand less than One Million Dollars New England Portfolio ($1,000,000) per Property or Three Million Dollars ($750,000.003,000,000) in the aggregate and (as determined by Seller’s independent insurer), and provided that the nature of the destruction or damage does not give c) any Tenant the rights to terminate its Lease (unless such right Property which has been waived in writing by the Tenant following such damage or destruction)damaged is not restored prior to Closing, then 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 right at option, exercisable by giving written notice to Seller on or before the Closing to receive, (a) take title to the extent such sums have not been expended on repair work, the amount all of the deductible plus all Properties, in their condition after such casualty together with an assignment (without recourse to Sellers) of Sellers' rights in any insurance proceeds payable as a result of such casualty loss; (iiless any amounts expended or committed by Sellers for any restoration) this Agreement shall continue in full force and effect with no without any reduction in the Purchase Price and (iii) Seller shall have no obligation to repair such damage. If other than the cost of repairing damage from such casualty is greater than Seven Hundred Fifty Thousand Dollars ($750,000.00) (Deductible Amount as determined by Seller’s independent insurer)described above, 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 lenderb) 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, whereupon the Deposit shall be returned refunded to Purchaser and all obligations of the parties hereto (other than those which expressly survive termination) shall cease and this Agreement shall be released of any further liability hereunder except as otherwise provided hereinvoid and without recourse to the parties. 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 expend or commit any insurance proceeds received by Seller as on account of a result casualty which occurs after the date of such casualty loss plus the amount of the deductible this Agreement for restoration without Purchaser's prior approval, which approval shall not 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 have no obligation to repair such damage. Seller shall cooperate with Purchaser in connection with the recovery of such proceeds from the insurance companyunreasonably withheld or delayed.

Risk of Casualty. If, prior (a) In the event of a Material Casualty with respect to the Closing Date, all or part of the a 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 insurera “Damaged Property”), and provided that the nature of the destruction or damage does not give any Tenant the rights Purchaser may, at Purchaser’s sole option, elect to terminate its Lease (unless such right has been waived in writing by the Tenant following such damage or destruction), then either: (i) Purchaser intentionally omitted; or (ii) remove the Damaged Property from the Properties and treat the Damaged Property as an Excluded Property, whereupon the provisions of Section 6.1(a)(xii) shall have the right at the Closing to receivegovern; provided, however, to the extent such sums have not been expended on repair workthat prior to the Second Closing Date, the amount of applicable Seller either restores such Damaged Property substantially to its condition prior to the deductible plus all insurance proceeds payable Material Casualty, as a result determined by Purchaser in its reasonable discretion or obtains from the Tenant of such casualty lossDamaged Property a written waiver of such Tenant’s right to (a) terminate the Lease, or (b) xxxxx any post-Closing Rent for the Damaged Property, (1) the Damaged Property shall be included in the Properties to be sold to Purchaser; (ii2) the Purchaser shall pay the Purchase Price as if the Material Casualty had never occurred and (3) at Closing, Sellers and Purchaser shall make adjustments as provided for in Section 6.5; or (iii) close the transaction contemplated by this Agreement and not treat the Damaged Property as an Excluded Property pursuant to Section 6.3(a)(ii), whereupon the Damaged Property shall continue be included in full force the Properties to be sold to Purchaser, Purchaser shall pay the Purchase Price as if the Material Casualty had never occurred and, at Closing, Sellers and effect Purchaser shall make adjustments as provided for in Section 6.5. (b) In the event of a fire or other casualty that is not a Material Casualty, or if there is a Material Casualty and Purchaser elects to proceed pursuant to Section 6.3(a)(iii), (1) Purchaser shall purchase the Properties in accordance with no the terms hereof (without reduction in the Purchase Price Price) and (iii2) Seller the parties shall have no obligation make adjustments as provided for in Section 6.5. With respect 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)any Material Casualty, 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 be deemed to have the rightelected to proceed under Section 6.3(a)(iii) unless, for a period within five (5) Business Days after written notice to Purchaser from Sellers of ten (10) days from the date of such Material Casualty, Purchaser provides Sellers with written notice of the amount of damage caused by the casualty, that Purchaser elects to terminate this Agreement by giving with respect to such Damaged Property pursuant to Section 6.3(a)(ii). If applicable, the Closing Date shall be extended to the date which is seven (7) Business Days after the date on which Purchaser receives written notice of termination any Material Casualty. (c) If Purchaser does not elect to treat a Damaged Property as an Excluded Property, then, with respect to the other applicable Damaged Property, Sellers shall not settle any insurance claim without Purchaser’s prior written consent, not to be unreasonably withheld, conditioned or delayed and the Escrow Agent within such period. Upon such termination, the Deposit shall be returned Sellers agree 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 have no obligation to repair such damage. Seller shall cooperate with Purchaser in good faith in connection with the recovery settlement of any insurance claim, including, without limitation, executing documents and instruments necessary to allow Purchaser, following the Closing, to settle and collect all such proceeds from the insurance companysums in connection therewith.

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 CoStar or any other Tenant the rights right to terminate its Lease or xxxxx rental thereunder (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 xxxxx rent or terminate its Lease and the Tenant such right shall not have waived it right to terminatebeen waived, 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 Seller and the Escrow Agent within such period. Upon The foregoing provisions of this Section 12 notwithstanding, Purchaser may not terminate this Agreement solely by reason of a Tenant’s right to xxxxx rent if Seller makes provision for Purchaser’s reimbursement for any abatement of rent from and after Closing, whether by rent loss insurance of Seller that will inure to Purchaser’s benefit or other funds provided by Seller. In the event of such terminationtermination hereunder, 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 not expended by Seller on repair work 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 have no obligation to repair such damage. Seller shall cooperate with Purchaser in connection with the recovery of such proceeds from the insurance company.