Common use of Postponement of Closing Clause in Contracts

Postponement of Closing. If any of the Improvements located upon the Real Property are destroyed or substantially damaged during the period following the exercise the Option and this Agreement is not terminated as a result thereof, the scheduled Closing shall be postponed to the extent reasonably necessary to determine whether a Casualty is or is not an Insured Casualty, to agree upon or determine Restoration Costs or the amount of insurance proceeds which will be available, or to determine whether this Agreement will be terminated. Once it has been determined that this Agreement will not be terminated, and such other matters as may be relevant have also been determined, either party may give notice to the other requiring that the Closing occur not more than ten (10) business days following the date such notice is given.