Casualty Contract Clauses (60)

Casualty. Until the day of Closing and actual exchange of legal title for the consideration to be paid hereunder, all risk of loss with respect to the Subject Premises shall be borne by Seller. In the event of destruction or damage to the Subject Premises prior to the Closing Date in excess of$100,000.00, Purchaser shall, at its option, have the right to (i) cause Seller to repair all damage, once all insurance proceeds have been allocated, all work has been approved, Tenant has agreed to continue to occu...py the Premises after the repairs are complete, and all other matters in which the Lease govern have been satisfied, to the condition existing prior -7- to the destruction or damage and, in such event, the Closing Date shall be extended until the destruction or damage is repaired to the satisfaction of Purchaser and the Tenant; (ii) take the proceeds of the Tenant's insurance and proceed and go forward with the transaction, or (iii) declare the transaction to be void and of no further force and effect and Purchaser shall thereupon receive a refund of the Deposit and be relieved of any and all liability hereunder except as arising from any obligations hereunder that expressly survive termination. View More