Damage or Destruction of the Property Sample Clauses

Damage or Destruction of the Property. (a) If, between the Effective Date and the Closing Date, the Property is Materially Damaged or Destroyed (as hereinafter defined), Purchaser may elect in writing, within ten (10) Business Days after receipt of notice by Purchaser from Seller of such damage or destruction (the “Casualty Notice Date”), accompanied by information regarding the amount and payment of insurance, to terminate this Agreement or to purchase all of the Property without regard to such damage or destruction. If Purchaser fails to notify Seller of Purchaser’s election, Purchaser will be deemed to have elected not to proceed with the purchase of all of the Property. If Purchaser elects not to proceed, this Agreement shall terminate in which event the Deposit and all documents and funds deposited by Purchaser shall be immediately returned to Purchaser, all documents deposited by Seller shall be immediately returned to Seller, and neither party shall have any further rights or obligations hereunder (except as set forth in Sections 3.5(a) and (e), 3.6(b), 9.1, 11.2 and 11.12). In the event that Purchaser purchases the Property, Seller shall have no obligation to repair any such damage or destruction, nor shall the Purchase Price be adjusted except as provided in 8.1(b) below. “Materially Damaged or Destroyed” shall mean damage or destruction the repair or replacement of which either would not be permitted due to the then effective requirements of any applicable law, ordinance, rule or regulation of any governmental or quasi-governmental agency having jurisdiction, or, as determined by a licensed general contractor having at least five (5) years experience in the construction of commercial office buildings, selected by Seller and reasonably approved by Purchaser, would exceed Seven Hundred Fifty Thousand Dollars ($750,000) as to any casualty of a type against which insurance is maintained (a “Major Insured Casualty”) or would exceed Three Hundred Fifty Thousand Dollars ($350,000) as to any casualty against which insurance is not maintained (a “Major Uninsured Casualty”). As used herein, repair or replacement means such repair or replacement to the Improvements as may be required to restore the Improvements to a condition having substantially the same design, specifications and equipment of the Improvements immediately prior to the casualty. If, between the Effective Date and the Closing Date, the Property sustains damage which is not within the definition of Materially Damaged or Destroyed ...

Damage or Destruction of the Property. (i) If, between the Effective Date and the Closing Date, the Property is "materially damaged or destroyed," Buyer may elect in writing, within fifteen (15) days after receipt of notice from Seller of such damage or destruction, accompanied by information regarding the amount and payment of insurance, to terminate this Agreement or to purchase the Property without regard to such damage or destruction. If Buyer fails to notify Seller of Buyer's election, Buyer will be deemed to have elected to proceed with the purchase of the Property. If Buyer purchases the Property, Seller shall have no obligation to repair any such damage or destruction, nor shall the Purchase Price be adjusted. "Materially damaged or destroyed" shall mean damage or destruction the repair or replacement of which would exceed $100,000, as determined by a licensed general contractor approved by Buyer and Seller. If prior to the Closing Date, the Property sustains nonmaterial damage, Seller shall assign its rights to insurance proceeds as provided for in Paragraph 15(a)(iii) hereof. In addition, Seller shall deliver to Buyer an amount equal to the deductible attributable to such casualty.

Damage or Destruction of the Property. (a) If, between the Effective Date and the Closing Date, the Property is Materially Damaged or Destroyed (as hereinafter defined), Purchaser may elect in writing, within five (5) days after receipt of notice by Purchaser from Seller of such damage or destruction, accompanied by information regarding the amount and payment of insurance (the "Casualty Notice Date"), to terminate this Agreement or to purchase all of the Property without regard to such damage or destruction. If Purchaser fails to notify Seller of Purchaser's election, Purchaser will be deemed to have elected to proceed with the purchase of all of the Property. In the event that Purchaser purchases all of the Property, Seller shall have no obligation to repair any such damage or destruction, nor shall the Purchase Price be adjusted except as provided in 8.1(b) below. "Materially Damaged or Destroyed" shall mean damage or destruction the repair or replacement of which, as determined by a licensed general contractor reasonably approved by Purchaser and Seller, would exceed $750,000 as to any casualty of a type against which insurance is maintained (a "Major Insured Casualty") or would exceed $100,000 as to any casualty against which insurance is not maintained (a "Major Uninsured Casualty"). If, between the Effective Date and the Closing Date, the Property sustains nonmaterial damage, the parties shall proceed to closing. If between the Effective Date and the Closing Date, the Property is Materially Damaged or Destroyed due to a Major Uninsured Casualty, Seller may elect in writing, within five (5) days after the Casualty Notice Date, to terminate this Agreement. If Seller fails to notify Purchaser of Seller's election, Seller will be deemed to have elected to proceed with the sale of all of the Property.

Damage or Destruction of the Property. In the event of any damage to or destruction of any of the Borrowers' business properties or any part thereof, the Borrowers will either (i) promptly cause the same to be restored, replaced or rebuilt as nearly as possible to their value, condition and character immediately prior to such damage or destruction; or (ii) pay to Bank all insurance proceeds received by any Borrower on account of such damage or destruction, to be applied to the balance due on the Obligations. The Borrowers shall immediately notify Bank of the occurrence of any such damage or destruction, and shall, within thirty (30) days thereafter, notify Bank whether or not it intends to rebuild.

Damage or Destruction of the Property. (a) If, between the Effective Date and the Closing Date, the Property is Materially Damaged or Destroyed (as hereinafter defined), Purchaser may elect in writing, within ten (10) Business Days after receipt of notice by Purchaser from Seller of such damage or destruction (the “Casualty Notice Date”), accompanied by information regarding the amount and payment of insurance, to terminate this Agreement or to purchase all of the Property without regard to such damage or destruction. If Purchaser fails to notify Seller of Purchaser’s election, Purchaser will be deemed to have elected not to proceed with the purchase of all of the Property. If Purchaser elects not to proceed, this Agreement shall terminate in which event the Deposit and all documents and funds deposited by Purchaser shall be immediately returned to Purchaser, all documents deposited by Seller shall be immediately returned to Seller, and neither party shall have any further rights or obligations hereunder (except as set forth in Sections 3.6(b), 9.1, 11.2 and 11.12).

Damage or Destruction of the Property. (i) Seller shall give Buyer prompt notice of any fire or other casualty occurring prior to the Closing that affects the Property of which Seller becomes aware, together with Seller’s reasonable estimate of the cost of: (a) the amount of insurance proceeds that will be available under Seller’s policies of insurance with respect thereto; and (b) the cost to repair or restore such damage or destruction. If, between the Effective Date and the Closing Date, the Property is Substantially Damaged or Destroyed, either party may elect in writing, within five (5)

Damage or Destruction of the Property. If a casualty partially destroys the Property, but it can be restored to a tenantable condition within 30 days, Landlord shall repair the Property as soon as possible; however, Landlord’s obligation to repair the Property shall be limited to the amount of insurance proceeds actually received by Landlord to repair its property. Tenant’s obligation to pay rent shall be suspended while the Property is untenantable. If a casualty damages the Property to the extent that it cannot be restored to a habitable condition within 30 days, either party may terminate this Agreement by giving the other party written notice within fifteen (15) days after the casualty. Landlord shall not be liable for any reasonable delay in repairing the Property, or for providing housing for Tenant during repairs.

Damage or Destruction of the Property. (a) If, between the Effective Date and the Closing Date, the Property is Materially Damaged or Destroyed (as hereinafter defined), Buyer may elect in writing, within five (5) days after receipt of notice from Seller of such damage or destruction, accompanied by information regarding the amount and payment of insurance, to terminate this Agreement or to purchase all of the Property without regard to such damage or destruction. If Buyer fails to notify Seller of Buyer's election, Buyer will be deemed to have elected to proceed with the purchase of all

Damage or Destruction of the Property. (a) If, between the Effective Date and the Closing Date, the Property is Materially Damaged or Destroyed (as hereinafter defined), Purchaser may elect in writing, within ten (10) Business Days after receipt of notice by Purchaser from Seller of such damage or destruction (the “Casualty Notice Date”), accompanied by information regarding the amount and payment of insurance, to terminate this Agreement or to purchase all of the Property without regard to such damage or destruction. If Purchaser fails to notify Seller of Purchaser’s election, Purchaser will be deemed to have elected not to proceed with the purchase of all of the Property. If Purchaser elects not to proceed, this Agreement shall