Risk of Loss and Insurance Proceeds. Buyer shall be bound to purchase the Properties for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to the related Real Properties or destruction of any improvements thereon or condemnation of any portion of any Property, provided that upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible or any uninsured amount or retention, less any sums reasonably expended by Seller prior to the Closing for the restoration or repair of any Property. Seller has provided Buyer with a certificate of insurance for Seller's casualty insurance policy so that Buyer can confirm its satisfaction with such policy. Seller agree that it will maintain such policy in full force and effect until the Closing. If the proceeds or awards have not been collected as of the Closing, then such proceeds or awards shall be assigned to Buyer, except to the extent needed to reimburse Seller for sums it reasonably expended prior to the Closing for the restoration or repair of such Property. Notwithstanding the foregoing, (i) Seller shall not settle, compromise or otherwise stipulate any award or recovery in connection with any damage, destruction or condemnation, in each case if such damage, destruction or condemnation impairs the value of a Property by at least $250,000 without the prior written approval of Buyer, which approval shall not be unreasonably withheld, (ii) Buyer shall have the right to participate in any such settlement or other proceedings, and (iii) if the amount of the damage or destruction as described in this Section 7.7 exceeds ten percent (10%) of the Purchase Price, then Buyer may, at its option to be exercised within five (5) Business Days of Seller's written notice of the occurrence of the damage or destruction, either terminate this Agreement or consummate the purchase for the full Purchase Price as required by the terms hereof. If Buyer elects to terminate this Agreement, then the Deposit shall be immediately returned to Buyer and neither party shall have any further rights or obligations hereunder except to the extent set forth in Sections 4.6(a), 6.1, 9.4 and 9.10(a). If Buyer elects to proceed with the purchase, then upon the Closing, Buyer shall be entitled to a credit against the P...
Risk of Loss and Insurance Proceeds. Seller shall notify Buyer within one (1) business day of any damage or destruction of the Property or any portion thereof occurring after the date hereof, and any notice of condemnation or similar taking received, after the date hereof.
Risk of Loss and Insurance Proceeds. Seller shall bear the risk of loss with respect to the Property in the manner provided herein. If (a) the Property is contaminated or damaged or destroyed by fire or other casualty prior to the Closing, and Buyer’s estimated cost of repair exceeds $250,000, or
Risk of Loss and Insurance Proceeds. (A) Seller shall bear the risk of loss with respect to the Property in the manner provided herein. If, on or after the Effective date, (a) the Property is contaminated or damaged or destroyed by fire or other casualty, and Buyer’s estimated cost of repair exceeds one percent (1%) of the Purchase Price, or (b) the Property is condemned, then Buyer shall have the right to terminate this Agreement upon notice to Seller. If Buyer elects to terminate this Agreement, the Deposit shall be refunded to Buyer promptly. If Buyer does not elect to terminate this Agreement, at the Closing, there shall be credited against the Purchase Price an amount equal to the gross amount of any insurance proceeds collected by Seller as a result of such damage or destruction, plus the gross amount of any insurance policy deductible, or as applicable, the gross amount of the condemnation award collected by Seller. To the extent any such proceeds or awards have not been collected as of the Closing, then such proceeds or awards shall be unconditionally and absolutely assigned to Buyer at Closing, in form reasonably satisfactory to Buyer. Notwithstanding anything herein to the contrary, no proceeds from a casualty or condemnation shall be payable to Buyer hereunder unless the Deposit has become non-refundable in accordance with the provisions of Section 2.4 hereof and Buyer has agreed to proceed to Closing.
Risk of Loss and Insurance Proceeds. If, after the execution of this Agreement and prior to Closing, all or any material portion of the Property is taken by exercise of the power of eminent domain or any proceedings are instituted to effect such a taking, Seller shall promptly give Buyer notice of such occurrence, but in any such event Seller and Buyer shall proceed with the Closing as provided in this Agreement and Seller shall assign and/or pay to Buyer at Closing all condemnation awards or other damages collected or claimed with respect to such taking.
Risk of Loss and Insurance Proceeds. Buyer shall be bound to purchase the Properties for the full Purchase Price as required by the terms hereof, without
Risk of Loss and Insurance Proceeds. Section 5.1 Minor Loss.
Risk of Loss and Insurance Proceeds. Buyer shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to the related Real Property or destruction of any improvements thereon or condemnation of any portion of the Property, provided that upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of
Risk of Loss and Insurance Proceeds. Buyer shall be bound to purchase the Properties for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to the related Real Properties or destruction of any improvements thereon or condemnation of any portion of any Property, provided that upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible or any uninsured amount or retention, less any sums reasonably expended by Seller prior to the Closing for the restoration or repair of any Property. Seller has provided Buyer with a certificate of insurance for Seller's casualty insurance policy so that Buyer can confirm its satisfaction with such policy. Seller agree that it will maintain such policy in full force and effect until the Closing. If the proceeds or awards have not been collected as of the Closing, then such proceeds or awards shall be assigned to Buyer, except to the extent needed to reimburse Seller for sums it reasonably expended prior to the Closing for the restoration or repair of such Property. Notwithstanding the foregoing, (i) Seller shall not settle, compromise or otherwise stipulate any award or recovery in
Risk of Loss and Insurance Proceeds. (A) The risk of loss or damage to the Property by fire or other casualty shall be borne by Seller. However, Buyer shall be bound to purchase the Membership Interests for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to the Property or destruction of any improvements thereon due to fire or other casualty, if: i) the repair is completed prior to Closing or if such damage is not repaired but the cost to repair the Property is less than or equal to $1,000,000 as determined by the insurance carrier’s estimate of the cost to repair such loss or damage, and ii) none of the Tenants shall have terminated their Lease, or be entitled to terminate its Lease as a result of such loss or damage. At Closing the proceeds of the insurance maintained by Seller covering the casualty (and not theretofore applied to costs of repair or restoration) shall be paid, credited or assigned to Buyer and Seller shall also pay or credit Buyer with the amount of any deductible with respect to such policies and any uninsured loss based solely on the insurance carrier’s estimate described in clause (i) of the preceding sentence, less any amount paid by Seller for repair or restoration.
