Risk of Loss and Insurance. Seller shall bear the risk of loss or damage to the improvements on the Property prior to delivery of possession, and thereafter such risk of loss shall be borne by Buyer. In the event of substantial damage or destruction to the improvements which is not repaired before delivery of possession Buyer may either rescind this Agreement, in which event the ▇▇▇▇▇▇▇ deposit shall be returned to it, or elect to complete the closing and receive an assignment of all insurance proceeds to which Seller is entitled.
Appears in 37 contracts
Sources: Offer and Acceptance Agreement, Purchase Agreement, Purchase Agreement