Insurance Proceeds and Settlement Payments. If ASSIGNOR and ASSIGNEE adjust the Purchase Price of the Property due to a Casualty Loss or Government Taking, and proceed with Closing, ASSIGNOR will be entitled to (a) all insurance proceeds payable to ASSIGNOR with respect to any such Casualty Loss, (b) all sums paid to ASSIGNOR or ASSIGNEE by third parties by reason of any such Casualty Loss, and (c) all compensation paid to ASSIGNOR or ASSIGNEE with respect to any such Government Taking.
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Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Denbury Resources Inc)
Insurance Proceeds and Settlement Payments. If ASSIGNOR and ASSIGNEE adjust the Purchase Price of the Property due to a Casualty Loss or Government Taking, and proceed with Closing, ASSIGNOR will be entitled to retain (ai) all insurance proceeds payable to ASSIGNOR with respect to any such Casualty Loss, (bii) all sums paid to ASSIGNOR or ASSIGNEE by third parties by reason of any such Casualty Loss, and (ciii) all compensation paid to ASSIGNOR or ASSIGNEE with respect to any such Government Taking.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Stone Energy Corp), Purchase and Sale Agreement (Southwest Royalties Holdings Inc)
Insurance Proceeds and Settlement Payments. If ASSIGNOR and ASSIGNEE adjust the Purchase Price of the Property due to a Casualty Loss or Government Taking, and proceed with Closing, ASSIGNOR will be entitled to (ai) all insurance proceeds payable to ASSIGNOR with respect to any such Casualty Loss, (bii) all sums paid to ASSIGNOR or ASSIGNEE by third parties by reason of any such Casualty Loss, and (ciii) all compensation paid to ASSIGNOR or ASSIGNEE with respect to any such Government Taking.
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