Common use of DAMAGE TO THE PROPERTY Clause in Contracts

DAMAGE TO THE PROPERTY. (a) APPLICATION OF INSURANCE PROCEEDS. If property is damaged by fire or other casualty, the insurance proceeds paid on account of such damage shall be applied to payment of the amounts payable by Purchasers under this contract, even is such amounts are not then due to be paid, unless Purchasers make a permitted election described in the next paragraph. Such amounts shall be first applied to unpaid accrued interest and next to the installments to be paid as provided in this contract in the inverse order of their maturity. Such payment shall not postpone the due date of the installments to be paid pursuant to this contract or change the amount of such installments. The balance of insurance proceeds, if any shall be the property of the Purchasers.