Common use of Destruction of Property Clause in Contracts

Destruction of Property. If any of the Assets shall be substantially damaged or destroyed by fire or other cause prior to Closing, Seller shall immediately notify Buyer and furnish Buyer a written statement of the amount of insurance, if any, payable on account thereof. In the event of such damage or destruction, Buyer may elect (i) to require that Seller restore the Intellectual Property to the condition on the date of this Agreement or (ii) to declare this Agreement null and void.

Destruction of Property. If any of the Assets property being sold hereunder shall be substantially damaged or destroyed by fire or other cause prior to the time of Closing, Seller shall immediately notify Buyer and furnish to Buyer a written statement of the amount of insurance, if any, payable on account thereof. In the event of such damage or destruction, Buyer may elect (i) to require that Seller restore the Intellectual Property property to the its condition on the date of this Agreement or (ii) to declare this Agreement null and void.

Destruction of Property. If any of the Assets shall be substantially ----------------------- damaged or destroyed by fire or other cause prior to Closing, Seller shall immediately notify Buyer and furnish Buyer a written statement of the amount of insurance, if any, payable on account thereof. In the event of such damage or destruction, Buyer may elect (i) to require that Seller restore the Intellectual Property to the condition on the date of this Agreement or (ii) to declare this Agreement null and void.

Destruction of Property. If any of the Assets property being sold hereunder shall be substantially damaged or destroyed by fire or other cause prior to the time of Closing, Seller Shareholders shall immediately notify Buyer Company and furnish Buyer to Company a written statement of the amount of insurance, if any, payable on account thereof. In the event of such damage or destruction, Buyer Company may elect (i) to require that Seller Shareholders restore the Intellectual Property property to the its condition on the date of this Agreement or (ii) to declare this Agreement null and void.