Common use of Not Material Clause in Contracts

Not Material. If the Real Property is not Materially Damaged, then neither Buyer nor Seller shall have the right to terminate this Agreement, and Seller shall, at its option, either (i) repair the damage before the Closing in a manner reasonably satisfactory to Buyer, or (ii) as of Closing assign to Buyer, without representation or warranty by or recourse against Seller, all of Seller’s rights in and to any resulting insurance proceeds (excluding any rent loss insurance applicable to any period before the Closing Date) (net of collection costs and less repair and/or restoration costs incurred by Seller before the Closing) and Buyer shall assume full responsibility for all needed repairs.

Not Material. If the Real Property is not Materially Damaged, then neither Buyer nor Seller Sellers shall have the right to terminate this Agreement, and Seller Sellers shall, at its their option, either (i) repair the damage before the Closing in a manner reasonably satisfactory to Buyer, or (ii) as of Closing assign to Buyer, without representation or warranty by or recourse against SellerSellers, all of Seller’s Sellers’ assignable rights in and to any resulting insurance proceeds (excluding including any rent loss insurance applicable to any period before on and after the Closing Date) (net due to Sellers as a result of collection costs and less repair and/or restoration costs incurred by Seller before the Closing) such damage or destruction and Buyer shall assume full responsibility for all needed repairs, and Buyer shall receive a credit at Closing for any uninsured amount and any deductible amount under such insurance policies to the extent not previously paid by Sellers.

Not Material. If the Real Property is not Materially Damaged, then neither Buyer nor Seller shall have the right to terminate this Agreement, and Seller shall, at its option, either (i) repair the damage before the Closing in a manner reasonably satisfactory to Buyer, or (ii) as of Closing assign to Buyer, without representation or warranty by or recourse against Seller, all of Seller’s rights in and to any resulting insurance proceeds (excluding including any rent loss insurance applicable to any period before on and after the Closing Date) (net due Seller as a result of collection costs and less repair and/or restoration costs incurred by Seller before the Closing) and such damage or destruction, Buyer shall assume full responsibility for all needed repairs, and Buyer shall receive a credit at Closing for any deductible amount under such insurance policies (provided the amount of the deductible plus insurance proceeds shall not exceed the cost of repair).