Common use of Destruction of the Property Clause in Contracts

Destruction of the Property. If, prior to the Closing, there shall be catastrophic damage to or destruction of all or a major portion of the Property, Buyer shall have the right to terminate this Agreement, in which event the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder. If Buyer does not elect to terminate the contract pursuant to this Section 4.4.1 at Closing, Buyer and Seller shall proceed with the Closing (with no change in the amount of the Purchase Price) and Seller shall assign all insurance proceeds to Buyer received from its insurance carriers and others as a consequence of such destruction. The provisions of California Civil Code Section 1662(a) are hereby waived by the parties, and this Section 4.4.1 shall govern any damage or of such destruction of the Property.

Destruction of the Property. If, prior to the Closing, there shall be catastrophic damage to or destruction of all or a major portion of the Property, Buyer Recipient shall have the right to terminate this Agreement, in which event the Deposit shall be returned to Buyer Recipient and neither party shall have any further rights or obligations hereunder. If Buyer Recipient does not elect to terminate the contract pursuant to this Section 4.4.1 at Closing, Buyer Recipient and Seller Contributor shall proceed with the Closing (with no change in the amount of the Purchase Agreed Price) and Seller Contributor shall assign all insurance proceeds to Buyer Recipient received from its insurance carriers and others as a consequence of such destruction. The provisions of California Civil Code Section 1662(a) are hereby waived by the parties, and this Section 4.4.1 shall govern any damage or of such destruction of the Property.