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 12.01 to terminate this Agreement, this Agreement shall continue in force and, upon Closing, Buyer shall receive: (a) 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 “deductible” or self retained limit under the property hazard insurance covering the Real Property, minus (C) the amount (if any) actually expended by Seller to repair, restore or replace the damaged portions of the Real Property; and (b) an assignment of Seller’s rights to all Proceeds which may then be or thereafter become payable. Except for emergency repairs required to prevent an imminent peril to human health or safety or to avoid further material damage to the Real Property, Seller shall not begin any repair, restoration or replacement without Purchaser’s written approval, which Real Property shall not unreasonably withhold or delay.

If No Termination. If a Casualty occurs and Buyer either does not have or elects not to exercise the right under Section 12.01 to terminate this Agreement, this Agreement shall continue in force and, upon Closing, Buyer shall receive: : (a) 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 “deductible” or self retained limit under the property hazard insurance covering the Real Property, minus (C) the amount (if any) actually expended by Seller to repair, restore or replace the damaged portions of the Real Property; and and (b) an assignment of Seller’s rights to all Proceeds which may then be or thereafter become payable. Except for emergency repairs required to prevent an imminent peril to human health or safety or to avoid further material damage to the Real Property, Seller shall not begin any repair, restoration or replacement without Purchaser’s written approval, which Real Property shall not unreasonably withhold or delay.