Common use of Fire and Extended Coverage Clause in Contracts

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Notes and Deeds of Trust securing this Agreement, or any subsequently executed document which replaces the Notes and Deeds of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall be issued in the names of Contractor and the County as their interests appear. The insurance policy shall contain a lender's loss payable endorsement, providing that any proceeds shall be payable to the County as its interests appear. In the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall be paid to Contractor forthwith. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The balance shall be held to compensate the parties to this Agreement as if the premises were sold. Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall be distributed among the parties to this Agreement.

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Notes Note and Deeds Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Notes Note and Deeds Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall be issued in the names of Contractor and the County as their interests appear. The insurance policy shall contain a lender's loss payable endorsement, providing that any proceeds shall be payable to the County as its interests appearappear and shall be subject to the interest of senior lenders. In Subject to the requirements of senior lenders in the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall be paid to Contractor forthwith. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The balance shall be held to compensate the parties to this Agreement as if the premises were sold. Subject to the requirements of senior lenders, Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall be distributed among the parties to this Agreement.

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Notes Note and Deeds Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Notes Note and Deeds Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall be issued in the names of Contractor and the County as their interests appear. The insurance policy shall contain a lender's loss payable endorsement, providing that any proceeds shall be payable to the County as its interests appear. In the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall be paid to Contractor forthwith. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The balance shall be held to compensate the parties to this Agreement as if the premises were sold. Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall be distributed among the parties to this Agreement.

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the improvements associated with the Project a policy of standard fire and extended coverage during the life of the Notes Note and Deeds Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Notes Note and Deeds Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall be issued in the names of Contractor and the County as their interests appear. The insurance policy shall contain a lender's loss payable endorsement, providing that any proceeds shall be payable to the County as its interests appear. In the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall be paid to Contractor forthwith. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The balance shall be held to compensate the parties to this Agreement as if the premises were sold. Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall be distributed among the parties to this Agreement.

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Notes Note and Deeds Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Notes Note and Deeds Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall must be issued in the names of Contractor and the County as their interests appear. The insurance policy shall must contain a lender's loss payable endorsement, providing that any proceeds shall will be payable to the County as its interests appearappear and will be subject to the interest of senior lenders. In Subject to the requirements of senior lenders in the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall will be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall will be paid to Contractor forthwith, subject to the rights of senior lenders. In the event that Contractor shall fail fails to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall will be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The Subject to the rights of senior lender, the balance shall will be held to compensate the parties to this Agreement as if the premises were sold. Subject to the requirements of senior lenders, Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall will be distributed among paid to County to repay the parties loan subject to this Agreementthe rights of senior lenders.

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor Borrower at its costs shall maintain on the Project Property a policy of standard fire and extended coverage during the life term of the Notes Note and Deeds Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Notes Note and Deeds Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are or will be part of the premises. The insurance policy shall must be issued in the names of Contractor Borrower and the County as their interests appear. The insurance policy shall must contain a lender's ’s loss payable payment endorsement, providing that any proceeds shall will be payable to the County as its interests appearappear and will be subject to the interest of senior lenders. In Subject to the requirements of senior lenders in the event that Contractor Borrower shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall will be released to Contractor Borrower as payments are required for said purposespurposed, and upon completion of such restoration or reconstruction, any balance thereof remaining shall will be paid to Contractor Borrower forthwith, subject to the rights of senior lenders. In the event that Contractor shall fail Borrower fails to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall will be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor Borrower does not at its own expense clear the premises within said period. The Subject to the rights of senior lender, the balance shall will be held to compensate the parties to this Agreement as if the premises were sold. Contractor Subject to the requirements of senior lenders, Borrower shall also sell the vacant land on the open market and the proceeds of the said land sale shall will be distributed among paid to County to repay the parties to this Agreementloan.

Fire and Extended Coverage. Upon completion of construction of the ProjectContractor, Contractor at its costs cost, shall maintain on the Project improvements that are the subject of this Agreement a policy of standard fire and extended coverage during the life of the Notes and Deeds of Trust Note securing this Agreement, or any subsequently executed document which replaces the Notes and Deeds of TrustNote, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premisesProject. Failure to maintain such insurance shall be deemed a material breach of the Agreement and the Note. The insurance policy shall be issued in the names of Contractor Contractor, and any authorized successor in interest of the Contractor, the County as their interests appear. The insurance policy shall contain a lender's loss payable endorsement, providing that any proceeds shall be payable to the County as its their interests appear. In the event that the Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceedsdays, such insurance proceeds received by the County Contractor shall be released to the Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall be paid to Contractor forthwith. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The balance shall be held to compensate the parties to this Agreement as if the premises were sold. Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall be distributed among the parties to this Agreement.

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Notes Note and Deeds Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Notes Note and Deeds Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall must be issued in the names of Contractor and the County as their interests appearappears. The insurance policy shall must contain a lender's loss payable endorsement, providing that any proceeds shall will be payable to the County as its interests appearappear and will be subject to the interest of senior lenders. In Subject to the requirements of senior lenders in the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall will be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall will be paid to Contractor forthwith, subject to the rights of senior lenders. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall will be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The Subject to the rights of the senior lenders the balance shall will be held to compensate the parties to this Agreement as if the premises were sold. Subject to the requirements of senior lenders, Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall will be distributed among paid to County to repay the parties loan subject to this Agreementthe rights of senior lenders.

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the improvements associated with the Project a policy of standard fire and extended coverage during the life of the Notes Note and Deeds Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Notes Note and Deeds Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall be issued in the names of Contractor and the County as their interests appear. The insurance policy shall contain a lender's loss payable endorsement, providing that any proceeds shall be payable to the County as its interests appear. In the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceedsdays, such insurance proceeds received by the County shall be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall be paid to Contractor forthwith. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The balance shall be held to compensate the parties to this Agreement as if the premises were sold. Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall be distributed among the parties to this Agreement.

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Notes Note and Deeds Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Notes Note and Deeds Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall be issued in the names of Contractor and the County as their interests appear. The insurance policy shall contain a lender's loss payable endorsement, providing that any proceeds shall be payable to the County as its interests appearappear and shall be subject to the interest of senior lenders. In Subject to the requirements of senior lenders in the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall be paid to Contractor forthwith. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The balance shall be held to compensate the parties to this Agreement as if the premises were sold. Contractor Subject to the requirements of senior lenders, Cont ractor shall also sell the vacant land on the open market and the proceeds of said land sale shall be distributed among the parties to this Agreement.

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Notes Note and Deeds Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Notes Note and Deeds Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall must be issued in the names of Contractor and the County as their interests appear. The insurance policy shall must contain a lender's loss payable endorsement, providing that any proceeds shall will be payable to the County as its interests appearappear and will be subject to the interest of senior lenders. In Subject to the requirements of senior lenders in the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall will be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall will be paid to Contractor forthwith, subject to the rights of senior lenders. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall will be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The Subject to the rights of senior lender, the balance shall will be held to compensate the parties to this Agreement as if the premises were sold. Subject to the requirements of senior lenders, Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall will be distributed among paid to the parties County to this Agreementrepay the loan subject to the rights of senior lenders.

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Notes Note and Deeds Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Notes Note and Deeds Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall must be issued in the names of Contractor and the County as their interests appear. The insurance policy shall must contain a lender's loss payable endorsement, providing that any proceeds shall will be payable to the County as its interests appearappear and will be subject to the interest of senior lenders. In Subject to the requirements of senior lenders in the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall will be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall will be paid to Contractor forthwith, subject to the rights of senior lenders. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall will be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The Subject to the rights of senior lender, the balance shall will be held to compensate the parties to this Agreement as if the premises were sold. Subject to the requirements of senior lenders, Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall will be distributed among paid to County to repay the parties loan subject to this Agreementthe rights of senior lenders.

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Notes and Deeds of Trust securing this Agreement, or any subsequently executed document which replaces the Notes and Deeds of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall be issued in the names name of Contractor and the County as their interests appearContractor. The insurance policy shall contain a lender's loss payable endorsement, providing that any proceeds shall be payable to the County as its interests appeara loss payee. In the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall be paid to Contractor forthwithforthwith as payment against the Note, subject to the rights of senior lenders. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The balance shall be held to compensate the parties to this Agreement as if the premises were soldsold and the Note repaid, subject to the rights of senior lenders. Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall be distributed among used to repay the parties to this Agreementnote and other financing on the Property .

Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Notes Note and Deeds Deed of Trust securing this Agreement, or any subsequently executed document which replaces the Notes Note and Deeds Deed of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall be issued in the names of Contractor and the County as their interests appear. The insurance policy shall contain a lender's loss payable endorsement, providing that any proceeds shall be payable to the County as its interests appearappear and shall be subject to the interest of senior lenders. In Subject to the requirements of senior lenders in the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall be paid to Contractor forthwith. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The balance shall be held to compensate the parties to this Agreement as if the premises were sold. Subject to the requirements of senior lenders, Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall be distributed among first to the parties County to this Agreement.repay any interest and principal due under the Loan with the remainder of all proceeds to be distributed to the Contractor