LAST DAY OF THE PERIOD IS SO COMPUTED IS TO BE INCLUDED, UNLESS SUCH LAST DAY IS
A SATURDAY, SUNDAY OR HOLIDAY IN WHICH EVENT THE PERIOD SHALL RUN UNTIL THE END
OF THE NEXT DAY WHICH IS NEITHER A SATURDAY, SUNDAY OR HOLIDAY.
AS USED IN THIS
AGREEMENT, THE PHRASE "BUSINESS DAY" MEANS ANY DAY THAT IS NOT A SATURDAY,
SUNDAY OR HOLIDAY.
16.
FIRE OR OTHER
CASUALTY.
(A)
CASUALTY INSURANCE.
SELLER AGREES TO MAINTAIN IN EFFECT UNTIL THE CLOSING
DATE THE FIRE AND OTHER CASUALTY INSURANCE POLICIES NOW IN EFFECT ON THE
PREMISES (OR SUBSTITUTE POLICIES IN EQUAL OR GREATER AMOUNTS).
(B)
CASUALTY DAMAGE.
IF ANY PORTION OF THE PREMISES SHALL BE DAMAGED OR
DESTROYED BY FIRE OR OTHER CASUALTY BETWEEN THE DATE OF THIS AGREEMENT AND THE
CLOSING DATE, SELLER SHALL GIVE WRITTEN NOTICE THEREOF TO BUYER.
SUBJECT TO THE
PROVISIONS OF SUBPARAGRAPH (C) BELOW, THE OBLIGATION OF BUYER TO COMPLETE
CLOSING UNDER THIS AGREEMENT SHALL IN NO WAY BE VOIDED OR IMPAIRED BY REASON
THEREOF, AND BUYER SHALL BE REQUIRED TO ACCEPT THE PREMISES AND THE PERSONAL
PROPERTY IN THEIR THEN DAMAGED CONDITION WITHOUT ABATEMENT OF THE PURCHASE PRICE
OR ANY CLAIM AGAINST SELLER.
IN SUCH CASE, THE PROCEEDS OF ALL FIRE AND
EXTENDED COVERAGE INSURANCE POLICIES ATTRIBUTABLE TO SUCH DAMAGE OR DESTRUCTION
AT THE PREMISES OR THE PERSONAL PROPERTY RECEIVED BY SELLER PRIOR TO THE CLOSING
DATE (AND NOT USED BY SELLER FOR THE PROTECTION OR REPAIRS TO THE PREMISES AND
THE PERSONAL PROPERTY) SHALL BE DISBURSED BY SELLER TO BUYER AT CLOSING; AND ALL
UNPAID CLAIMS UNDER SUCH INSURANCE POLICIES ATTRIBUTABLE TO SUCH DAMAGE OR
DESTRUCTION AT THE PREMISES AND PERSONAL PROPERTY SHALL BE ASSIGNED BY SELLER TO
BUYER ON THE DATE OF CLOSING.
IN ANY EVENT, IF SUCH PROCEEDS RELATE TO A FIRE
OR CASUALTY THAT OCCURS BETWEEN THE EXPIRATION OF THE INSPECTION PERIOD AND THE
CLOSING DATE (AND PROVIDED THAT BUYER IS NOT IN DEFAULT HEREUNDER AND THIS
AGREEMENT HAS NOT YET BEEN TERMINATED), THEN SELLER SHALL NOT USE SUCH PROCEEDS
WITHOUT THE PRIOR CONSENT OF BUYER (WHICH CONSENT SHALL NOT BE UNREASONABLY
WITHHELD OR DELAYED).
THERE SHALL BE NO REDUCTION IN THE PURCHASE PRICE BY
REASON OF ANY SUCH UNPAID CLAIM EXCEPT THAT AT THE CLOSING, BUYER SHALL RECEIVE
A CREDIT EQUAL TO ANY DEDUCTIBLES UNDER SUCH INSURANCE POLICIES TO THE EXTENT
SUCH DEDUCTIBLES HAVE NOT YET BEEN PAID OR OTHERWISE INCURRED BY SELLER.
(C)
RIGHT OF TERMINATION.
NOTWITHSTANDING ANY
OF THE PRECEDING PROVISIONS OF THIS PARAGRAPH 16, IF "SUBSTANTIAL DAMAGE" (AS
DEFINED BELOW) SHALL OCCUR TO THE BUILDINGS ON THE PREMISES BY FIRE OR OTHER
CASUALTY PRIOR TO THE CLOSING DATE, BUYER SHALL HAVE THE RIGHT TO TERMINATE THIS
AGREEMENT BY WRITTEN NOTICE TO THE SELLER.
IF BUYER DESIRES TO TERMINATE THIS
AGREEMENT PURSUANT TO THIS SUBPARAGRAPH (C), BUYER MUST GIVE A WRITTEN NOTICE OF
TERMINATION TO SELLER WITHIN FIFTEEN (15) BUSINESS DAYS AFTER SELLER'S NOTICE TO
BUYER OF THE OCCURRENCE OF THE CASUALTY.
UPON SUCH TERMINATION OF THIS