Common use of Proceeds of Insurance in General Clause in Contracts

Proceeds of Insurance in General. Insurance proceeds payable with respect to a property loss shall be payable to the City to be held for the purpose of paying for the cost of replacing the Equipment paid for or intended to be paid for with the proceeds of the Funding. The City shall have no liability with regard to any proceeds received by it and paid or retained in good faith and in accordance with the provisions of this Agreement. If Funding Recipient believes that the City has not applied the insurance proceeds in accordance with this Agreement, Funding Recipient’s sole remedy shall be to bring an action to have the proceeds applied in accordance with this Agreement.

Proceeds of Insurance in General. Insurance proceeds payable with respect to a property loss shall be payable to the City to be held for the purpose of paying for the cost of replacing the Eligible Equipment and Vehicle(s) paid for or intended to be paid for with the proceeds of the Funding. The City shall have no liability with regard to any proceeds received by it and paid or retained in good faith and in accordance with the provisions of this Agreement. If Funding Recipient believes that the City has not applied the insurance proceeds in accordance with this Agreement, Funding Recipient’s sole remedy shall be to bring an action to have the proceeds applied in accordance with this Agreement.

Proceeds of Insurance in General. Insurance proceeds payable with respect to a property loss shall be payable to the City to be held for the purpose of paying for the cost of replacing the Equipment paid for or intended to be Eligible Vehicle(s) paid for with the proceeds of the Funding. The City shall have no liability with regard to any proceeds received by it and paid or retained in good faith and in accordance with the provisions of this Agreement. If Funding Recipient believes that the City has not applied the insurance proceeds in accordance with this Agreement, Funding Recipient’s sole remedy shall be to bring an action to have the proceeds applied in accordance with this Agreement.