Risk of Loss and Damage. 8.1 Pending acceptance of this offer by Purchaser and thereafter through and including the Closing Date, the risk of loss of the Property will remain with the Seller. 8.2 In the event the Property, or a material portion thereof, is destroyed or damaged by fire or other casualty after acceptance of this offer but prior to Closing, then Purchaser, at his option, may cancel this Agreement, whereupon Seller shall return the Xxxxxxx Money to Purchaser and thereafter the parties shall have no further duty, obligation, financial or otherwise, or liability hereunder to each other; or close the transaction with the Purchase Price reduced by an amount equivalent to the difference between the fair market value of the Property immediately prior to such damage or destruction less the fair market value of the Property immediately after such damage or destruction, as mutually determined.
Appears in 4 contracts
Samples: Agreement to Sell and Purchase Improved Real Property, Agreement to Sell and Purchase Real Property, Agreement to Sell and Purchase Improved Real Property
