Same Condition. If the Property is damaged by a casualty prior to Closing causing it not to be in substantially the same condition at Closing as of the date of the offer, reasonable wear and tear excepted, then the Buyer may (i) terminate this Agreement and receive a return of the ▇▇▇▇▇▇▇ Money or (ii) proceed to Closing whereupon Buyer shall be entitled to receive, in addition to the Property, any of the Seller’s insurance proceeds payable on account of the damage or destruction applicable to the Property. Buyer’s election shall be made within ten (10) business days of notice of the casualty by Seller to Buyer (which shall include information regarding insurance payments due). If Buyer elects not to terminate within said ten (10) day period, Buyer will deemed to have elected ii above. The Closing Date shall be extended by ten (10) days in the event of such casualty.
Appears in 2 contracts
Sources: Assignment of Purchase and Sale Agreement (Manufactured Housing Properties Inc.), Purchase and Sale Agreement (Manufactured Housing Properties Inc.)