STATUS QUO MAINTAINED Sample Clauses
STATUS QUO MAINTAINED. Except as otherwise authorized by City, the Property shall be preserved in its present condition and Seller shall deliver it intact at the time of closing. In the event salvage is authorized, the replacement value of the salvaged items will be deducted from the Purchase Price stated in paragraph 1. All risk of loss or damage to the Property is on Seller until closing. Prior to closing, Seller shall promptly give written notice to the City of any salvage, loss or damage to the Property. In the event of salvage, loss, damage or destruction of all or part of the Property, City shall have the option to terminate this Purchase Agreement effective immediately. However, in the case of salvage, loss, damage or destruction of all or part of the Property, City shall have the option to: (1) take possession of the Property upon completion of the terms and obligations of this Purchase Agreement; (2) terminate this agreement effective immediately; or (3) renegotiate the Purchase Price.
STATUS QUO MAINTAINED. The buyer will insist that the seller continue to operate the property after the contract execution (prior to the closing) in the same manner as before the contract execution. For example, the seller should keep the property fully insured, should continue to make required repairs and should pay all trade accounts. With regard to insurable casualties occurring prior to the closing, the purchaser should insist that the seller either repair the damage or assign the insurance proceeds to the purchaser (if they are assignable); moreover, in the latter case, the purchaser will request the seller to make up any deficiency in insurance or any portion of the proceeds which the mortgagee applies to the mortgage.