Common use of Damage to or Destruction of Property Clause in Contracts

Damage to or Destruction of Property. If prior to Closing there is any damage to, destruction or theft of any of the fixed assets of Seller or any of the plants, buildings, structures, fixtures or improvements located on Seller real property, which is not fully repaired, restored or replaced by Seller prior to Closing, then in that event (a) Table of Contents Purchaser shall be entitled to all insurance proceeds recoverable by Seller with respect to such damage, destruction or theft, which proceeds shall be endorsed by Seller to Purchaser in the form received by Seller, and (b) Seller shall pay to Purchaser the amount spent by Purchaser to repair, restore or replace such property that is in excess of the insurance proceeds recovered. In the event insurance proceeds are not received by Seller within 90 days after the Closing Date, then Seller shall pay to Purchaser at such time the full amount spent by Purchaser to repair, restore or replace such property, and in such case, Seller shall retain the insurance proceeds.

Damage to or Destruction of Property. If prior to Closing there is any damage to, destruction or theft of any of the fixed assets of Seller or any of the plants, buildings, structures, fixtures or improvements located on Seller real property, which is not fully repaired, restored or replaced by Seller prior to Closing, then in that event (a) Table of Contents 35NEXT PAGE Purchaser shall be entitled to all insurance proceeds recoverable by Seller with respect to such damage, destruction or theft, which proceeds shall be endorsed by Seller to Purchaser in the form received by Seller, and (b) Seller shall pay to Purchaser the amount spent by Purchaser to repair, restore or replace such property that is in excess of the insurance proceeds recovered. In the event insurance proceeds are not received by Seller within 90 days after the Closing Date, then Seller shall pay to Purchaser at such time the full amount spent by Purchaser to repair, restore or replace such property, and in such case, Seller shall retain the insurance proceeds.