Common use of Destruction of Property, Risk of Loss Clause in Contracts

Destruction of Property, Risk of Loss. The Property is to be held at the risk of ET until Closing. In the event of any substantial destruction or damage to the Property, Genesis may terminate this Agreement within thirty (30) days of the event to the extent that Genesis, as tenant, may terminate the Lease Agreement as a result of such destruction or damage, and upon such termination, neither party shall have any liability to the other. If no such election is made, or if Genesis is not entitled to terminate this Agreement, then the purchase contemplated herein shall be effected with no adjustment except that the insurance award shall be assigned to Genesis and Genesis shall receive a credit in the amount of any deductible.