Common use of Destruction of Property Clause in Contracts

Destruction of Property. If the Property is destroyed or materially damaged (other than by Buyer’s act or omission or the act or omission of third parties performing work at the Property on behalf of or at the request of Buyer) prior to the Close Date, and has not been restored or rebuilt prior to Close Date, then, on written demand by Seller or Buyer, all of Buyer’s deposits shall be returned to Buyer in full within fifteen (15) days after the date of such demand, and the parties shall have no further rights or obligations under this Agreement except Buyer’s obligation to return documents or to indemnify Seller as provided herein.

Destruction of Property. If the Property is destroyed or materially damaged (other than by BuyerXxxxx’s act or omission or the act or omission of third parties performing work at the Property on behalf of or at the request of Buyer) prior to the Close Date, and has not been restored or rebuilt prior to Close Date, then, on written demand by Seller or Buyer, all of Buyer’s deposits shall be returned to Buyer in full within fifteen (15) days after the date of such demand, and the parties shall have no further rights or obligations under this Agreement except BuyerXxxxx’s obligation to return documents or to indemnify Seller as provided herein.