Common use of Loss or Destruction Clause in Contracts

Loss or Destruction. Sellers shall continue to own and operate the Offices until the Closing Date. Sellers shall assume all risk of loss, destruction, or damage due to fire or other casualty until such date. Purchaser shall have the right to cancel this Agreement if the Offices are interrupted prior to said date by loss, destruction, or damage due to fire or other casualty. If Purchaser does not exercise its right to cancel, as stated herein, Purchaser shall take the Assets in the existing condition, together with any insurance proceeds payable by virtue of such loss or damage.