DIY Legal Forms

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Risk of Loss or Destruction

Seller assumes all risk of loss or damage caused by fire, wind, or other casualty up to the closing. If the business is terminated or interrupted before the closing by loss or damage caused by fire, wind, or other casualty, Buyer may terminate this Agreement and demand the return of any sums Buyer may have paid to Seller or Seller's agent on account of the purchase price. Upon return of those sums, this Agreement shall terminate and be of no effect, and neither Buyer nor Seller shall have any further rights against each other. If the loss or damage is not sufficiently severe to terminate or interrupt the business, the purchase price shall be adjusted to reflect the loss or damage in accordance with Paragraph [--].