Common use of Risk of Loss and Insurance Clause in Contracts

Risk of Loss and Insurance. Seller shall bear the risk of loss or damage to the improvements on the Property prior to delivery of possession, and thereafter such risk of loss shall be borne by Buyer. In the event of substantial damage or destruction to the improvements which is not repaired before delivery of possession Buyer may either rescind this Agreement, in which event the xxxxxxx deposit shall be returned to it, or elect to complete the closing and receive an assignment of all insurance proceeds to which Seller is entitled.

Risk of Loss and Insurance. The Seller shall bear the risk of loss or damage to the improvements on Property prior to its transfer to the Purchaser, except for any damage that may occur due to any investigation of the Property performed by Purchaser, if any. The Seller shall maintain existing insurance over the Property up to and including the date of Closing. The Purchaser may purchase additional insurance to cover the Property prior to delivery the date of possession, Closing and thereafter such risk of will be responsible for insuring the Property against loss shall be borne by Buyer. In following the event of substantial damage or destruction to the improvements which is not repaired before delivery of possession Buyer may either rescind this Agreement, in which event the xxxxxxx deposit shall be returned to it, or elect to complete the closing and receive an assignment of all insurance proceeds to which Seller is entitledClosing.