If the Property suffers damage as a result of any casualty prior to the Closing Date, ​ shall give prompt written notice thereof to ​. If such damage can be repaired or restored for Two Hundred Fifty Thousand Dollars ($250,000) or less within than sixty (60) days after the date of such casualty, then ​ shall either (i) commence the repair or restoration in an expeditious manner, in which event the Closing Date will be extended until such date as may reasonably be required to complete the repair or restoration, but in no event later than sixty (60) days after the date of such casualty, and ​ shall retain all insurance proceeds, or (ii) assign to ​ all assignable insurance proceeds not previously expended by ​ in connection with such repairs or restoration and give ​ a credit in the amount of the deductible plus such other amounts as are necessary to complete the restoration, provided that the combined total amount of any assigned proceeds, any credit for ​’s deductible and any credit for restoration costs shall not exceed $250,000. If the cost of repair or restoration exceeds Two Hundred Fifty Thousand Dollars ($250,000) or will take more than sixty (60) days to repair and restore, then ​ or ​ may elect to terminate this Agreement upon notice to the other served within twenty (20) business days of such casualty (“​’s Termination Notice”). If ​ elects to terminate this Agreement pursuant to this Section, then, provided ​ notifies ​ by written notice served within five (5) business days after receipt of ​’s Termination Notice, ​ will have the option to purchase the Property on the Closing Date in its damaged condition, whereupon (i) the Closing shall occur on the Closing Date and otherwise in accordance with the terms of this Agreement, (ii) ​ shall assign to ​ at Closing, to the extent assignable, any casualty insurance proceeds in connection with such damage (but not any rent loss proceeds), less the amount incurred by ​ in the restoration and repair of such damage prior to Closing, and (iii) if such proceeds are assigned, ​ shall receive a credit at Closing in the amount of the deductible under ​’s casualty insurance policy.

Damage. If prior to Closing any of the Properties are damaged by fire or other casualty, ​ shall promptly estimate the cost to repair and the time required to complete repairs and will provide ​ written notice of ​’s estimation (the “Casualty Notice”) as soon as reasonably possible after the occurrence of the casualty, but in no event more than ten (10) days after the occurrence thereof.

10.1Casualty. In the event the Property, or any portion thereof, suffers damage between the date hereof and the Closing Date, and the cost to repair or restore the damage is less than $100,000 as reasonably estimated by Seller, the parties shall proceed to closing and Seller shall, at its cost and expense, repair the damage, unless Seller and Purchaser enter into a written agreement allowing a credit against the Purchase Price in an amount mutually agreed upon by Seller and Purchaser. In the event Seller’s reasonable estimate of the cost to repair such damage exceeds $100,000, then either party shall have the right to terminate this Agreement. If Seller elects to terminate this Agreement, Purchaser shall have the right to reinstate this Agreement within a period of five (5) days from its receipt of Seller’s notice of termination, by closing title, paying the Purchase Price and receiving an assignment of any and all proceeds available or potentially available to Seller under any insurance policy or policies maintained by Seller, in which event Purchaser shall repair the damage at Purchaser’s sole cost and expense. If Purchaser does not reinstate this Agreement as aforesaid, then this Agreement shall be deemed terminated by virtue of Seller’s election, in which event the parties shall have no further obligation to each other, except as expressly provided herein.