Common use of Major Event Clause in Contracts

Major Event. If such damage or destruction occurring after the Effective Date and prior to the Closing Date results in a casualty loss in excess of Ten Million and no/100 Dollars ($10,000,000.00), as reasonably determined by Existing Members, or if such Condemnation Proceeding would result in the taking of a portion of the Property worth in excess of Ten Million and no/100 Dollars ($10,000,000.00), as reasonably determined by Existing Members, then Investor and Existing Members shall each have the right to Terminate this Agreement by written notice given to Existing Members or Investor, as applicable, given no later than ten (10) Business Days after the giving of Existing Members’ notice of such event, in which event, upon the effective date of such Termination, any Deposit shall be returned to Investor, and the Closing Date shall be extended, if necessary, to provide sufficient time for Investor to make such election within the aforementioned ten (10) Business Day period. The failure by Investor or Existing Members to so elect in writing to Terminate this Agreement within such period shall be deemed an election not to Terminate this Agreement.