Common use of Risk of Physical Loss Clause in Contracts

Risk of Physical Loss. Risk of physical loss to the Property shall be borne by Seller prior to the Close of Escrow and by Xxxxx thereafter. In the event that the Property shall be damaged by fire, flood, earthquake or other casualty Buyer shall have the option to terminate this Agreement, provided notice of such termination is delivered to Seller within fifteen (15) business days following the date Buyer learns of the occurrence of such casualty. If Buyer fails to terminate this Agreement pursuant to the foregoing sentence within said fifteen (15) business day period, Buyer shall complete the acquisition of the Property, in which case Seller shall assign to Buyer the interest of Seller in all insurance proceeds relating to such damage. Seller shall consult with Buyer regarding any proposed settlement with the insurer and Buyer shall have the reasonable right of approval thereof. Seller shall hold such proceeds until the Close of Escrow. In the event this Agreement is terminated for any reason, Buyer shall have no right to any insurance proceeds.

Risk of Physical Loss. Risk of physical loss to the Property shall be borne by Seller prior to the Close of Escrow and by Xxxxx Buyer thereafter. In the event that the Property shall be damaged by fire, flood, earthquake or other casualty casualty, Buyer shall have the option to terminate this Agreement, provided notice of such termination is delivered to Seller within fifteen thirty (1530) business days Calendar Days following the date Buyer learns of the occurrence of such casualtycasualty or Close of Escrow, whichever occurs sooner. If Buyer fails to terminate this Agreement pursuant to the foregoing sentence within said fifteen (15) business day period, Buyer shall complete the acquisition of the Property, in which case Seller shall assign to Buyer the interest of Seller in all insurance proceeds relating to such damage. Seller shall consult with Buyer regarding any proposed settlement with the insurer and Buyer shall have the reasonable right of approval thereof. Seller shall hold such proceeds until the Close of Escrow. In the event this Agreement is terminated for any reason, Buyer shall have no right to any insurance proceeds.

Risk of Physical Loss. Risk of physical loss to the Property shall be borne by Seller Sellers prior to the Close of Escrow and by Xxxxx Buyer thereafter. In the event that the Property shall be damaged by fire, flood, earthquake or other casualty Buyer shall have the option to terminate this Agreement, provided notice of such termination is delivered to Seller Sellers within fifteen five (155) business days following the date Buyer learns of the occurrence of such casualty. If Buyer fails to terminate this Agreement pursuant to the foregoing sentence within said fifteen five (155) business day period, Buyer shall complete the acquisition of the Propertyproperty, in which case Seller Sellers shall assign to Buyer the interest of Seller Sellers in all insurance proceeds relating to such damage. Seller Sellers shall consult with Buyer regarding any proposed settlement with wit h the insurer insurer, and Buyer shall have the reasonable right of approval thereof. Seller Sellers shall hold such proceeds until the Close of Escrow. In the event this Agreement is terminated for any reason, Buyer shall have no right to any insurance proceeds.

Risk of Physical Loss. Risk of physical loss to the Property shall be borne by Seller prior to the Close of Escrow and by Xxxxx thereafter. In the event that the Property shall be damaged by fire, flood, earthquake or other casualty casualty, Buyer shall have the option to terminate this Agreement, provided notice of such termination is delivered to Seller within fifteen thirty (1530) business days Calendar Days following the date Buyer learns of the occurrence of such casualtycasualty or Close of Escrow, whichever occurs sooner. If Buyer fails to terminate this Agreement pursuant to the foregoing sentence within said fifteen (15) business day period, Buyer shall complete the acquisition of the Property, in which case Seller shall assign to Buyer the interest of Seller in all insurance proceeds relating to such damage. Seller shall consult with Buyer regarding any proposed settlement with the insurer and Buyer shall have the reasonable right of approval thereof. Seller shall hold such proceeds until the Close of Escrow. In the event this Agreement is terminated for any reason, Buyer shall have no right to any insurance proceeds.