Common use of Damage or Destruction Condemnation Clause in Contracts

Damage or Destruction Condemnation. Until close of escrow, the risk of loss shall be retained by the Seller. The Seller shall keep the Property fully insured until close of escrow. In the event all or any material portion of the Property is damaged, destroyed, or condemned or threatened with condemnation before the close of escrow, the Buyer may terminate this Agreement. In such event, escrow will be terminated, the xxxxxxx money deposit and accrued interest thereon will be promptly returned to the Buyer, and this Agreement shall have no further force or effect whatsoever. If a nonmaterial portion of the Property is destroyed or condemned, this Agreement shall remain in full force and effect, including, without limitation, the Buyer’s obligation to close this transaction as provided for here and to pay the full purchase price to the Seller. In such event, the Buyer shall be assigned all insurance proceeds or condemnation proceeds payable to or for the account of the Seller.

Damage or Destruction Condemnation. Until close of escrow, the risk of loss shall be retained by the Seller. The Seller shall keep the Property fully insured until close of escrow. In the event all or any material portion of the Property is damaged, destroyed, or condemned or threatened with condemnation before the close of escrow, the Buyer Purchaser may terminate this Agreement. In such event, escrow will be terminated, the xxxxxxx money Xxxxxxx Money deposit and accrued interest thereon will be promptly returned to the BuyerPurchaser, and this Agreement shall have no further force or effect whatsoever. If a nonmaterial portion of the Property is destroyed or condemned, this Agreement shall remain in full force and effect, including, without limitation, the Buyer’s Purchaser's obligation to close this transaction as provided for here herein and to pay the full purchase price Purchase Price to the Seller. In such event, the Buyer Purchaser shall be assigned all insurance proceeds or condemnation proceeds payable to or for the account of the Seller.