Common use of If No Termination Clause in Contracts

If No Termination. If a Casualty occurs and Buyer either does not have or elects not to exercise the right under Section 9.3.1 to terminate this Agreement, this Agreement shall continue in force and, upon Closing, Buyer shall receive: (i) a credit against the Purchase Price equal to (A) the amount, if any, of Proceeds received by Seller prior to Closing in connection with such Casualty, plus (B) the lesser of the “deductible” or self retained limit under the property hazard insurance covering the Property or the reasonably estimated cost of repairing, restoring or replacing the portion of the Property damaged or destroyed by such Casualty, minus (C) the amount (if any) actually expended by Seller to repair, restore or replace the damaged portions of the Property; and (ii) an assignment of Seller’s rights to all Proceeds which may then be or thereafter become payable. If the credit formula specified in clause (A) above results in a negative number, then Seller (rather than Buyer) shall be entitled to a credit, in the amount by which (i) the amount actually expended by Seller to repair, restore or replace the damaged portions of the Property exceeds (ii) the Proceeds received by Seller; but if such credit to Seller would exceed the amount of Proceeds assigned to Buyer at Closing (or if there are no Proceeds to assign), then Seller shall instead retain the right to receive such Proceeds (if any) and receive no credit.

If No Termination. If a Casualty occurs and Buyer either does not have or elects not to exercise the right under Section 9.3.1 to terminate this Agreement, this Agreement shall continue in force and, upon Closing, Buyer shall receive: : (i) a credit against the Purchase Price equal to (A) the amount, if any, of Proceeds received by Seller prior to Closing in connection with such Casualty, plus (B) the lesser of the “deductible” or self retained limit under the property hazard insurance covering the Property or the reasonably estimated cost of repairing, restoring or replacing the portion of the Property damaged or destroyed by such Casualty, minus (C) the amount (if any) actually expended by Seller to repair, restore or replace the damaged portions of the Property; and and (ii) an assignment of Seller’s rights to all Proceeds which may then be or thereafter become payable. If the credit formula specified in clause (A) above results in a negative number, then Seller (rather than Buyer) shall be entitled to a credit, in the amount by which (i) the amount actually expended by Seller to repair, restore or replace the damaged portions of the Property exceeds (ii) the Proceeds received by Seller; but if such credit to Seller would exceed the amount of Proceeds assigned to Buyer at Closing (or if there are no Proceeds to assign), then Seller shall instead retain the right to receive such Proceeds (if any) and receive no credit.

If No Termination. If a Casualty occurs and Buyer either does not have or elects not to exercise the right under Section 9.3.1 9.4.1 to terminate this Agreement, this Agreement shall continue in force and, upon at Closing, Buyer shall receive: (iA) a credit against the Purchase Price equal to (Ai) the amount, if any, of Proceeds actually received by Seller prior to Closing in connection with such Casualty, plus (Bii) the lesser of the “deductible” or self retained limit under the property hazard insurance covering the Property Hotel or the reasonably estimated cost of repairing, restoring or replacing the portion of the Property Hotel damaged or destroyed by such Casualty, minus (Ciii) the amount (if any) actually expended by Seller to repair, restore or replace the damaged portions of the PropertyHotel; and (iiB) an assignment of Seller’s rights to all Proceeds which may then be payable on the Closing Date or may thereafter become payable. If the credit formula specified in clause (A) above results in a negative number, then Seller (rather than Buyer) shall be entitled to a credit, in the amount by which (i) the amount actually expended by Seller to repair, restore or replace the damaged portions of the Property Hotel exceeds (ii) the Proceeds received by Seller; but if such credit to Seller would exceed the amount of Proceeds assigned to Buyer at Closing (or if there are no Proceeds to assign), then Seller shall instead retain the right to receive such Proceeds (if any) and receive no credit.