Common use of Material Casualty Clause in Contracts

Material Casualty. The absence of any material damage by casualty to the Improvements which has not been repaired by the Closing Date. For the purposes hereof, a "material damage by casualty" shall be deemed any damage by fire or other casualty which has not been repaired and paid for by Seller by the Closing Date and for which the estimated cost of the remaining repairs equals or exceeds Two Million Dollars ($2,000,000). If the Improvements suffer any material damage by casualty, Purchaser shall have the right and option, as its sole remedy, to terminate this Agreement within ten (10) days after the date of the casualty or by the Closing, whichever first occurs (unless Seller restores the Property to its prior condition before the Closing Date). If the estimated cost to repair any damage by casualty as of the Closing Date is less than Two Million Dollars ($2,000,000), Purchaser shall not have the right to terminate this Agreement. If Purchaser does not elect timely to terminate this Agreement or does not have the right to terminate this Agreement, this transaction shall close without increase or decrease in the Purchase Price. Seller shall proceed to effect such repairs as are reasonably possible prior to Closing unless otherwise agreed to in writing by Purchaser, and Purchaser shall be entitled at Closing to an assignment of all insurance proceeds which are not used to pay the costs of such repairs or to pay Seller's reasonable out-of-pocket expenses in connection therewith (insurance proceeds received by Purchaser shall be remitted to Seller, as tenant under the New Lease (hereafter defined), for repair and reconstruction of the Property). No termination of this Agreement under this Section shall affect any Post Termination Obligations.

Material Casualty. The absence of any material damage by casualty to ----------------- the Improvements which has not been repaired by Seller by the Closing Date. For the purposes hereof, a "material damage by casualtyMATERIAL DAMAGE BY CASUALTY" shall be deemed any damage by fire or other casualty which has not been repaired and paid for by Seller by the Closing Date and for which the estimated cost of the remaining repairs equals or exceeds Two Million Ten Thousand Dollars ($2,000,00010,000). If the Improvements suffer any material damage by casualty, casualty Purchaser shall have the right and option, as its sole remedy, option to terminate this Agreement within ten fifteen (1015) days after the date Purchaser is notified of the casualty in writing or by the ClosingClosing Date, whichever first occurs (occurs. Seller shall also have the right to cancel this Agreement if such material damage by casualty is not covered by Seller's insurance policy unless Purchaser is willing to reduce the purchase price by the amount estimated to be necessary to pay the labor and material costs to restore the damage. If Purchaser does not elect to terminate this Agreement by such date, this transaction shall close without increase or decrease in the purchase price, Seller restores shall proceed to effect such repairs to return the damaged portions of the Property to its the condition existing immediately prior condition before to the casualty and shall complete the same as soon as reasonably possible prior to or after the Closing Date)Date and shall be entitled to all insurance proceeds which are paid because of the casualty. If the estimated cost to repair any damage by casualty as of the Closing Date is less than Two Million Dollars Ten Thousand dollars ($2,000,00010,000), Purchaser shall not have the right to terminate this Agreement. If Purchaser does not elect timely to terminate this Agreement or does not have the right to terminate this Agreement, this transaction shall close without increase or decrease in the Purchase Price. because of such casualty and Seller shall promptly proceed to effect such the repairs as are stated above. All repair cost estimates referred to in this paragraph shall be made by reference to a fixed price construction contract which Seller shall obtain as promptly as is reasonably possible prior to Closing unless otherwise agreed to in writing by Purchaser, and Purchaser shall be entitled at Closing to an assignment of all insurance proceeds which are not used to pay after the costs of such repairs or to pay Seller's reasonable out-of-pocket expenses in connection therewith (insurance proceeds received by Purchaser shall be remitted to Seller, as tenant under the New Lease (hereafter defined), for repair and reconstruction date of the Property). No termination of this Agreement under this Section shall affect any Post Termination Obligationscasualty.

Material Casualty. The absence of any material damage by casualty to the Improvements which has not been repaired by the Closing Date. For the purposes hereof, a "material damage by casualty" shall be deemed any damage by fire or other casualty which has not been repaired and paid for by Seller by the Closing Date and for which the estimated cost of the remaining repairs equals or exceeds Two Million Fifty Thousand Dollars ($2,000,00050,000). If the Improvements suffer any material damage by casualty, Purchaser shall have the right and option, as its sole remedy, to terminate this Agreement within ten (10) days after the date of the casualty or by the ClosingClosing Date, whichever first occurs (unless Seller restores the Property to its prior condition before the Closing Date). If the estimated cost to repair any damage by casualty as of the Closing Date is less than Two Million Fifty Thousand Dollars ($2,000,00050,000), Purchaser shall not have the right to terminate this Agreement. If Purchaser does not elect timely to terminate this Agreement or does not have the right to terminate this Agreement, this transaction shall close without increase or decrease in the Purchase Price. Seller shall proceed to effect such repairs as are reasonably possible prior to Closing unless otherwise agreed to in writing by Purchaser, and Purchaser shall be entitled at Closing to an assignment of all insurance proceeds which are not used to pay the costs of such repairs or to pay Seller's reasonable out-of-pocket expenses in connection therewith therewith. Seller shall also credit against the Purchase Price the amount of any deductible or self-insurance applicable to such casualty (insurance proceeds received by Purchaser shall be remitted unless Seller has completed and paid for such repairs prior to Seller, as tenant under the New Lease (hereafter defined), for repair and reconstruction of the PropertyClosing). No termination of this Agreement under this Section shall affect any Post Termination Obligations.