Common use of Damage Before Closing Clause in Contracts

Damage Before Closing. If applicable, all buildings on the property and all other things being purchased shall be and remain until completion at the risk of Vendor. Pending completion, Vendor shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage. Purchaser may either terminate this Agreement and have all monies paid returned, less any deduction for the Vendor's legal costs or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion.

Damage Before Closing. If applicable, all buildings on the property and all other things being purchased shall be and remain until completion at the risk of Vendor. Pending completion, Vendor shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage. Purchaser may either terminate this Agreement and have all monies paid returned, less any deduction for the Vendor's legal costs costs, or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion.