Common use of If No Termination Clause in Contracts

If No Termination. If a Casualty occurs and neither Party has and elects to exercise the right under Section 9.3.1 to terminate this Agreement or there is a Casualty and it is not deemed to effect a material part of the Hotel Premises, this Agreement shall continue in force and, upon Closing, Buyer shall be entitled to all insurance proceeds, condemnation awards or other amounts which have been paid or may thereafter be payable to or for the account of Seller by any person in connection with such Casualty (“Proceeds”), except that Seller shall retain the right to Proceeds payable under business interruption or rent loss insurance to the extent applicable to periods before the Closing, and the Proceeds of property hazard insurance to the extent Seller has incurred costs to repair or replace property damaged as a result of such Casualty. At Closing, Seller shall, except to the extent entitled to retain Proceeds under the preceding sentence, pay over to Buyer the amount of any Proceeds already received by Seller, shall assign Buyer all of Seller’s rights to Proceeds which may then be or thereafter become payable and shall credit Buyer with the least of (A) the amount of any applicable insurance deductible, (B) the reasonably estimated cost of repairing, restoring or replacing the portion of the Hotel damaged by such Casualty or (C) the amount specified to be a “material part” of the Hotel Premises in Section 9.3.3.

If No Termination. If a Casualty occurs and neither Party has and elects Buyer either does not have, or does not elect to exercise exercise, the right under Section 9.3.1 to terminate this Agreement or there is a Casualty and it is not deemed to effect a material part of the Hotel PremisesAgreement, this Agreement shall continue in force and, upon Closing, Buyer shall be entitled to all insurance proceeds, condemnation awards or other amounts which have been paid or may thereafter be payable to or for the account of Seller by any person Person in connection with such Casualty (“"Proceeds”"), except that Seller shall retain the right to Proceeds payable under business interruption or rent loss insurance to the extent applicable to periods before the Closing, and the Proceeds of property hazard insurance to the extent Seller has incurred reasonable third party costs to repair or replace property damaged as a result of such Casualty). At Closing, Seller shall, except to the extent entitled to retain Proceeds under the preceding sentence, pay over to Buyer the amount of any Proceeds already received by Seller, shall assign Buyer all of Seller’s 's rights to Proceeds which may then be or thereafter become payable and shall credit Buyer with the least of (A) the amount of any applicable insurance deductible, (B) the reasonably estimated cost of repairing, restoring or replacing the portion of the Hotel damaged by such Casualty or (C) the amount specified to be a “"material part” " of the Hotel Premises in Section 9.3.3.

If No Termination. If a Casualty occurs and neither Party has and or elects to exercise the right under Section 9.3.1 to terminate this Agreement or there is a Casualty and it is not deemed to effect a material part of the Hotel PremisesAgreement, this Agreement shall continue in force and, upon Closing, Buyer shall be entitled to all insurance proceeds, condemnation awards or other amounts which have been paid or may thereafter be payable to or for the account of Seller by any person in connection with such Casualty (“Proceeds”), except that Seller shall retain the right to Proceeds payable under business interruption or rent loss insurance to the extent applicable to periods before the Closing, and the Proceeds of property hazard insurance to the extent Seller has incurred costs to repair or replace property damaged as a result of such Casualty). At Closing, Seller shall, except to the extent entitled to retain Proceeds under the preceding sentence, pay over to Buyer the amount of any Proceeds already received by Seller, shall assign Buyer all of Seller’s rights to Proceeds which may then be or thereafter become payable and shall credit Buyer with the least lesser of (A) the amount of any applicable insurance deductible, deductible or (B) the reasonably estimated cost of repairing, restoring or replacing the portion of the Hotel damaged by such Casualty or (C) the amount specified to be a “material part” of the Hotel Premises in Section 9.3.3its condition as existed immediately prior to such Casualty.

If No Termination. If a Casualty occurs and neither Party has and elects Buyer does not have the right or does not elect to exercise the right under Section 9.3.1 to terminate this Agreement or there is a Casualty and it is not deemed to effect a material part of the Hotel PremisesAgreement, this Agreement shall continue in force andforce. In such case and if the Casualty affects a material part of the Hotel, upon Closing, at Closing Seller shall pay over to Buyer shall be entitled to all the amount of any insurance proceeds, condemnation awards or other amounts which have been paid or may thereafter be payable to or for the account of Seller by any person in connection with such Casualty (“Proceeds”)) which have already been received by Seller, shall assign to Buyer all of Seller’s rights to Proceeds which may then be or thereafter become payable and shall credit Buyer with the amount of any applicable insurance deductible, except that Seller shall retain the right to Proceeds payable under business interruption or rent loss insurance to the extent applicable to periods before the ClosingClosing Date, and the Proceeds of property hazard insurance to the extent Seller has incurred costs to repair or replace property damaged as a result of such Casualty). At ClosingIf the Casualty does not affect a material part of the Hotel, at Closing Seller shall, except to shall give Buyer a credit for the extent entitled to retain Proceeds under the preceding sentence, pay over to Buyer the amount of any Proceeds already received by Seller, shall assign Buyer all of Seller’s rights to Proceeds which may then be or thereafter become payable and shall credit Buyer with the least lesser of (A) reasonably estimated cost to repair the amount of any applicable insurance deductible, Casualty or (B) the reasonably estimated cost of repairing, restoring or replacing deductible under the portion of property hazard insurance covering the Hotel damaged by such Casualty or (C) less in each case the amount specified expended by Seller to be a “material part” of restore the Hotel Premises Hotel) and Seller shall retain the right to Proceeds payable in Section 9.3.3connection with such Casualty.