Loss Destruction and Condemnation. The parties agree that the Uniform Vendor and Purchaser Risk Act, set forth in Civil Code Section 1662, and its provisions governing the allocation of risk of loss, shall govern this transaction.
Loss Destruction and Condemnation. The parties agree that the following provisions shall govern the risk of loss.
(a) If, before Seller transfers legal title or possession of the Property to Buyer, all or a material part of the Property is destroyed without fault of Buyer, or is taken by eminent domain by any person or entity, Buyer shall be entitled to recover any portion of the price that Buyer has paid, and Seller shall not have the right to enforce this contract.
(b) If after Seller transfers legal title or possession of the Property to Buyer, all or any part o f the Property is destroyed without fault of Seller, or is taken by eminent domain by any person or entity, Buyer is not relieved from Buyer’s obligation under this contract to pay the full price for the Property, nor is Xxxxx entitled to recover any portion of the price Buyer has paid.
Loss Destruction and Condemnation
