Common use of Risk of Loss or Casualty Clause in Contracts

Risk of Loss or Casualty. 13.1 The risk of loss or damage to the Property by fire or other casualty until the deed of conveyance is recorded is assumed by the Seller, provided that the Seller's responsibility shall be only to the extent of any recovery from insurance now carried on the Property. If the proceeds of insurance are not equal to the proceeds required to repair the full extent of the damage, Seller may either (a) give notice to Purchaser that Purchaser may, within ten (10) days after receipt of such notice, terminate this Purchase Contract, or (b) agree to pay to Purchaser at the Closing the difference between the insurance proceeds and the amount required to repair the full extent of the damage (the "Deficit Amount"), and assign to Purchaser at the Closing the insurance proceeds. If Seller elects the remedy in subsection (b) above, then Purchaser shall have no right to terminate this Purchase Contract on account thereof, (but Seller shall assign to Purchaser its interest in and to any insurance policies and proceeds thereof payable as a result of such damage or destruction and pay to Purchaser at the Closing the Deficit Amount). If Seller elects the remedy set forth in subsection (a) above, and Purchaser does not elect to terminate within said ten (10) day period, then Purchaser shall have no right to terminate this Purchase Contract on account thereof, (but Seller shall assign to Purchaser its interest in and to any insurance policies and proceeds thereof payable as a result of such damage or destruction ). Seller shall not, in any event, be obligated to effect any repair, replacement, and/or restoration, but may do so at its option in which case Seller may apply the insurance proceeds to the costs of restoration. ARTICLE

Risk of Loss or Casualty. 13.1 The risk of loss or damage to the Property by fire or other casualty until the deed date of conveyance is recorded Closing is assumed by the Seller, provided that the Seller's responsibility shall be only to the extent of any recovery from insurance now carried on the Property. If any of the proceeds of insurance are not equal Improvements shall be destroyed or damaged prior to the proceeds required to Closing, and the estimated cost of repair the full extent of the damageor replacement exceeds One Hundred Thousand and No/100 Dollars ($100,000.00), Seller may either (a) give notice to Purchaser that Purchaser may, by written notice given to Seller within ten fifteen (1015) days after receipt of such notice, terminate this Purchase Contract, or (b) agree to pay to Purchaser at the Closing the difference between the insurance proceeds and the amount required to repair the full extent of the damage (the "Deficit Amount"), and assign to Purchaser at the Closing the insurance proceeds. If written notice from Seller elects the remedy in subsection (b) above, then Purchaser shall have no right to terminate this Purchase Contract on account thereof, (but Seller shall assign to Purchaser its interest in and to any insurance policies and proceeds thereof payable as a result of such damage or destruction and pay destruction, elect to terminate this Agreement, in which event the Deposit shall immediately be returned by Escrow Agent to Purchaser at and except as expressly provided herein, subject to and except for Purchaser's liability under Sections 5.3 and 5.4, the Closing the Deficit Amount)rights, duties, obligations, and liabilities of all parties hereunder shall immediately terminate and be of no further force or effect. If Seller elects the remedy set forth in subsection (a) above, and Purchaser does not elect to terminate within said ten (10) day periodthis Agreement pursuant to this Section 13.1, then Purchaser shall have or has no right to terminate this Purchase Contract on account thereofAgreement (because the damage or destruction does not exceed $100,000.00), and the sale of the Property is consummated, Purchaser shall be entitled to receive all insurance proceeds paid or payable to Seller by reason of such destruction or damage under the insurance policies carried by Seller (but less amounts of insurance theretofore received and applied by Seller to restoration). If the amount of said casualty or rent loss insurance proceeds is not settled by the date of Closing, Seller shall assign execute at Closing all proofs of loss, assignments of claim, and other similar instruments to ensure that Purchaser its shall receive all of Seller's right, title, and interest in and to any under said insurance policies and proceeds thereof payable as a result of such damage or destruction )proceeds. Seller shall not, in any event, be obligated to effect any repair, replacement, and/or restoration, but may do so at its option in which case Seller may apply the insurance proceeds to the costs of restoration. ARTICLE.

Risk of Loss or Casualty. 13.1 The risk If all of loss or damage to the Property by fire or other casualty until any substantial portion of the deed Property (where the loss is in excess of conveyance $300,000) is recorded is assumed by destroyed, or damaged, the Seller, provided that the Seller's responsibility shall be only to the extent occurrence of any recovery from insurance now carried on of which events is hereinafter called a "Loss" in this Section 13.1), Seller shall promptly notify Buyer in writing of the nature and scope of the Loss and whether the Loss is covered in whole or in part by applicable insurance. Buyer, after completing whatever inquiries and analyses Buyer may deem appropriate, but in no event later than twenty (20) days after Purchaser is notified of such Loss, shall promptly notify Seller in writing whether Buyer elects to cancel this Agreement or to close the purchase of the Property. If Buyer elects to cancel, neither party shall have any further liability or obligations to the other hereunder other than the indemnification provisions described in Section 5.3 of this Purchase Contract and the Deposit shall promptly be returned to the Purchaser. If Buyer elects to proceed to close the purchase, there shall be no reduction or abatement of the Purchase Price, but Buyer shall have the right to require Seller to assign to Buyer any available insurance proceeds or claims for insurance proceeds with respect to the Loss (subject to the rights of insurance are not Lender under the Loan) and Seller shall pay Buyer cash, or authorize a credit against the Purchase Price, equal to the proceeds required full amount of any deductible under the applicable insurance policy. If Buyer requires Seller so to repair the full extent of the damage, Seller may either (a) give notice to Purchaser that Purchaser may, within ten (10) days after receipt of such notice, terminate this Purchase Contractassign any proceeds, or claim therefor to Buyer in connection with the Loss, then subject to the rights of Lender under the Loan, (bi) agree to pay to Purchaser at the Closing the difference between the all insurance proceeds and damages payable with respect to the amount required Loss or damage shall be payable to repair the full extent of the damage (the "Deficit Amount")Buyer, and assign to Purchaser at the Closing the insurance proceeds. If Seller elects the remedy in subsection (bii) above, then Purchaser Buyer shall have no the exclusive right to terminate this Purchase Contract on account thereofdirect any negotiations, (but Seller shall assign to Purchaser its interest in and to any insurance policies and proceeds thereof payable as a result of such damage litigation or destruction and pay to Purchaser at the Closing the Deficit Amount). If Seller elects the remedy set forth in subsection (a) above, and Purchaser does not elect to terminate within said ten (10) day period, then Purchaser shall have no right to terminate this Purchase Contract on account thereof, (but Seller shall assign to Purchaser its interest in and to any insurance policies and proceeds thereof payable as a result of such damage or destruction ). Seller shall not, in any event, be obligated to effect any repair, replacement, and/or restoration, but may do so at its option in which case Seller may apply the insurance proceeds to the costs of restoration. ARTICLEsettlement related thereto.