Common use of Material Damage or Condemnation Clause in Contracts

Material Damage or Condemnation. The risk of loss upon the Property shall be upon the Seller until the Closing. If the Property is materially damaged prior to the Closing or any part thereof is materially taken by condemnation prior to the Closing, Buyer shall have the right to, at Buyer's sole option, to either pro-rate the Purchase Price of the Property, or to reject the Property and, on written notice of Buyer, this Agreement shall be terminated and neither Seller nor Buyer shall thereafter have any obligation to each other with respect thereto and any ▇▇▇▇▇▇▇ Money shall be returned to Buyer with any interest accrued thereon. In the alternative, at Buyer's sole option, Buyer may elect to pro-rate the Purchase Price of the Property and complete the transaction on the terms set forth in this Agreement; in such event, Buyer shall receive an assignment of any such insurance proceeds or condemnation proceeds, as the case may be, as are allocable to the damaged Property or to the portion of the Property taken.