Common use of INSURANCE ON IMPROVEMENTS Clause in Contracts

INSURANCE ON IMPROVEMENTS. The Seller(s) agrees and will maintain the present insurance on the premises in full force and effect until closing or termination of this contract. In the event there is substantial loss or damage to the premises from natural or manmade causes prior to the final closing, the Buyer(s) shall have the right and option to terminate this contract by written notice. If at the discretion of Seller(s) it is determined that it is not feasible to complete repair or rebuilding within 30 days from the date of damage, the Seller(s) shall have the option to repair the damage or rebuild the damaged structure in a reasonable time or in the alternative to terminate this contract. In the event either party terminates the contract under this paragraph, the Escrow Agent shall return all funds held in escrow to the Buyer(s), the deed to Seller(s), and the contract shall be void. Buyer(s) will obtain an insurance binder by closing to go into effect upon closing and transfer of possession.