Common use of PURCHASER’S ELECTION TO REBUILD Clause in Contracts

PURCHASER’S ELECTION TO REBUILD. If Purchasers are not in default under this Contract for Deed, or after curing any such default, and if the mortgagees in any prior mortgages and sellers in any prior contracts for deed do not require otherwise, Purchasers may elect to have that portion of such insurance proceeds necessary to repair, replace or restore the damaged Property (the “Repairs”) used to pay for the Repairs and in such case such proceeds shall be deposited in escrow with a bank or title insurance company qualified to do business in the State of Minnesota, or such other party as may be mutually agreeable to Seller and Purchasers, and held for such purpose. This election may only be made by written notice to Seller within sixty (60) days after the damage occurs, and this election will only be permitted if plans and specifications and contracts for the Repairs are submitted to and approved by Seller, which approval Seller shall not unreasonably withhold or delay. If such insurance proceeds are insufficient to fully pay for the Repairs, Purchasers shall, before the commencement of the Repairs, deposit into such escrow sufficient additional money to ensure the full payment for the Repairs. Even if the insurance proceeds are unavailable or are insufficient to pay the full cost of the Repairs, Purchasers shall at all times be responsible to pay the full cost of the Repairs. All escrowed funds shall be disbursed by the escrowee in accordance with generally accepted sound construction disbursement procedures. The costs incurred or to be incurred on account of such escrow shall be deposited by Purchasers into such escrow before the commencement of the Repairs. Purchasers shall complete the Repairs as soon as reasonably possible and in a good and workmanlike manner, and in any event the Repairs shall be completed by Purchasers within one (1) year after the damage occurs. If any undisbursed escrow funds remain after the completion of and payment for the Repairs, such funds shall be applied to payment of the amounts payable by Purchasers under this Contract for Deed in accordance with Section 12(d) herein.

PURCHASER’S ELECTION TO REBUILD. If Purchasers are purchaser is not in default under this Contract for Deedcontract, or after curing any such default, and if the mortgagees in any prior mortgages and sellers in any prior contracts for deed do not require otherwise, Purchasers . Purchaser may elect to have that portion of such insurance proceeds necessary to repair, replace or restore the damaged Property (the “Repairs”repair work) used to pay for the Repairs and in such case such proceeds shall be deposited in escrow with a bank or title insurance company qualified to do business in the State of Minnesota, or such other party as may be mutually agreeable to Seller and Purchasers, and held for such purposePurchaser. This The election may only be made by written notice to Seller within with sixty (60) days after the damage occurs. Also, and this the election will only be permitted if the plans and specifications and contracts for the Repairs repair work are submitted to and approved by Seller, which approval Seller shall not unreasonably withhold or delay. If such a permitted election is made by Purchaser, Seller and Purchaser shall jointly deposit, when paid, such insurance proceeds into such escrow. If such insurance proceeds are insufficient to fully pay for the Repairsrepair work, Purchasers Purchaser shall, before the commencement of the Repairsrepair work, deposit into such escrow sufficient additional money to ensure insure the full payment for the Repairsrepair work. Even if the insurance proceeds are unavailable or are insufficient to pay the full cost of the Repairs, Purchasers Purchaser shall at all times be responsible to pay the full cost of the Repairsrepair work. All escrowed funds shall be disbursed by the escrowee in accordance with generally accepted sound construction disbursement procedures. The costs incurred or to be incurred on account of such escrow shall be deposited by Purchasers Purchaser into such escrow before the commencement of the Repairsrepair work. Purchasers Purchaser shall complete the Repairs repair work as soon as reasonably possible and in a good and workmanlike manner, and in any event the Repairs repair work shall be completed by Purchasers Purchaser within one (1) on year after the damage occurs. If any undisbursed escrow funds remain after If, following the completion of and payment for the Repairsrepair work, there remain any undisbursed escrow funds, such funds shall be applied to payment of the amounts payable by Purchasers Purchaser under this Contract for Deed contract in accordance with Section 12(dparagraph 8(a) hereinabove.

PURCHASER’S ELECTION TO REBUILD. If Purchasers are Purchaser is not in default under this Contract for Deedcontract, or after curing any such default, and if the mortgagees in any prior mortgages and sellers in any prior contracts for deed do not require otherwise, Purchasers Purchaser may elect to have that portion of such insurance proceeds necessary to repair, replace or restore the damaged Property (the “Repairs”repair work) used to pay for the Repairs and in such case such proceeds shall be deposited in escrow with a bank or title insurance company qualified to do business in the State of Minnesota, or such other party as may be mutually agreeable to Seller and Purchasers, and held for such purposePurchaser. This The election may only be made by written notice to Seller within sixty (60) days after the damage occurs. Also, and this the election will only be permitted if the plans and specifications and contracts for the Repairs repair work are submitted to and approved by Seller, which approval Seller shall not unreasonably withhold or delay. If such a permitted election is made by Purchaser, Seller and Purchaser shall jointly deposit, when paid, such insurance proceeds into such escrow. If such insurance proceeds are insufficient to fully pay for the Repairsrepair work, Purchasers Purchaser shall, before the commencement of the Repairsrepair work, deposit into such escrow sufficient additional money to ensure insure the full payment for the Repairsrepair work. Even if the insurance proceeds are unavailable or are the insufficient to pay the full cost of the Repairsrepair work, Purchasers Purchaser shall at all times be responsible to pay the full cost of the Repairsrepair work. All escrowed funds shall be disbursed by the escrowee in accordance with generally accepted sound construction disbursement procedures. The costs incurred or to be incurred on account of such escrow shall be deposited by Purchasers Purchaser into such escrow before the commencement of the Repairsrepair work. Purchasers Purchaser shall complete the Repairs repair work as soon as reasonably possible and in a good and workmanlike manner, and in any event the Repairs repair work shall be completed by Purchasers Purchaser within one (1) year after the damage occurs. If any undisbursed escrow funds remain after If, following the completion of and payment for the Repairsrepair work, there remain any undisbursed escrow funds, such funds shall be applied to payment of the amounts payable by Purchasers Purchaser under this Contract for Deed contract in accordance with Section 12(dparagraph 8(a) hereinabove.

PURCHASER’S ELECTION TO REBUILD. If Purchasers are Purchaser is not in default under this Contract for DeedAgreement, or after curing any such default, and if the mortgagees in any prior mortgages and sellers in any prior contracts for deed do not require otherwise, Purchasers Purchaser may elect to have that portion of such insurance proceeds necessary to repair, replace or restore the damaged Property (the “Repairs”repair work) used to pay for the Repairs and in such case such proceeds shall be deposited in escrow with a bank or title insurance company qualified to do business in the State of MinnesotaNorth Dakota, or such other party as may be mutually agreeable to Seller and Purchasers, and held for such purpose. This Purchaser. (1) The election may only be made only by written notice to Seller within sixty (60) days after the damage occurs. In addition, and this the election will only be permitted if the plans and specifications and contracts for the Repairs repair work are submitted to and approved by Seller, which approval Seller shall not unreasonably withhold or delay. . (2) If such a permitted election is made by Purchaser, Seller and Purchaser shall jointly deposit, when paid, such insurance proceeds into such escrow. (a) If such insurance proceeds are insufficient to fully pay for the Repairsrepair work, Purchasers Purchaser shall, before the commencement of the Repairsrepair work, deposit into such escrow sufficient additional money to ensure insure the full payment for of the Repairs. repair work. (b) Even if the insurance proceeds are unavailable or are insufficient to pay the full cost of the Repairsrepair work, Purchasers Purchaser shall at all times be responsible to pay the full cost of the Repairs. repair work. (c) All escrowed funds shall be disbursed by the escrowee escrow agent in accordance with generally accepted sound construction disbursement procedures. . (d) The costs incurred or to be incurred on account of such escrow shall be deposited by Purchasers Purchaser into such escrow before the commencement of the Repairs. Purchasers repair work. (3) Purchaser shall complete the Repairs repair work as soon as reasonably possible and in a good and workmanlike mannermanner and, and in any event event, the Repairs repair work shall be completed by Purchasers Purchaser within one (1) year after the damage occurs. If any undisbursed escrow funds remain after . (4) If, following the completion of and payment for the Repairsrepair work, there remain any undisbursed escrow funds, such funds shall be applied to payment of the amounts payable by Purchasers Purchaser under this Contract for Deed Agreement in accordance with Section 12(d) hereinSubparagraph a of this Paragraph.

PURCHASER’S ELECTION TO REBUILD. If Purchasers are Purchaser is not in default under this Contract for DeedContract, or after curing any such default, and if the mortgagees in any prior mortgages and sellers in any prior contracts for deed do not require otherwise, Purchasers Purchaser may elect to have that portion of such insurance proceeds necessary to repair, replace replace, or restore the damaged Property (the “RepairsRepairs ”) used to pay for the Repairs and in such case such proceeds shall be deposited in escrow with a bank or title insurance company qualified to do business in the State of Minnesota, or such other party as may be mutually agreeable to Seller and Purchasers, and held for such purposePurchaser. This The election may only be made by written notice to Seller within sixty (60) days after the damage occurs. Also, and this the election will only be permitted if the plans and specifications and contracts for the Repairs are submitted to and approved by Seller, which approval Seller shall not unreasonably withhold or delay. If such a permitted election is made by Purchaser, Seller and Purchaser shall jointly deposit, when paid, such insurance proceeds into such escrow. If such insurance proceeds are insufficient to fully pay for the Repairs, Purchasers Purchaser shall, before the commencement of the Repairs, deposit into such escrow sufficient additional money to ensure insure the full payment for the Repairs. Even if the insurance proceeds are unavailable or are insufficient to pay the full cost of the Repairs, Purchasers Purchaser shall at all times be responsible to pay the full cost of the Repairs. All escrowed funds shall be disbursed by the escrowee in accordance with generally accepted sound construction disbursement procedures. The costs incurred or to be incurred on account of such escrow shall be deposited by Purchasers Purchaser into such escrow before the commencement of the Repairs. Purchasers Purchaser shall complete the Repairs as soon as reasonably possible and in a good and workmanlike manner, and in any event the Repairs shall be completed by Purchasers Purchaser within one (1) year after the damage occurs. If any undisbursed escrow funds remain after If, following the completion of and payment for the Repairs, there remains any undisbursed escrow funds, such funds shall be applied to payment of the amounts payable by Purchasers Purchaser under this Contract for Deed in accordance with Section 12(dparagraph 8(a) hereinabove.