Receipt and Application of Insurance Proceeds. 4.9.1 Any insured loss under the policies of insurance for Property Insurance only purchased in accordance with 4.7 will be adjusted with Contractor and made payable to Contractor as fiduciary for the insured, as their interests may appear, subject to the requirements of any applicable mortgage clause and of paragraph 4.9.2 shall deposit in a separate account any money so received and shall distribute it in accordance with such agreement as the parties in interest may reach. If no other special agreement is reached, the damaged Work shall be repaired or replaced, the moneys so received applied on account thereof, and the Work and the cost thereof covered by an appropriate Change Order or Written Amendment.
Receipt and Application of Insurance Proceeds. A. Any insured loss under the policies of insurance required by Paragraph 5.06 will be adjusted with Owner and made payable to Owner as fiduciary for the loss payees, as their interests may appear, subject to the requirements of any applicable mortgage clause and of Paragraph 5.08.B. Owner shall deposit in a separate account any money so received and shall distribute it in accordance with such agreement as the parties in interest may reach. If no other special agreement is reached, the damaged Work shall be repaired or replaced, the moneys so received applied on account thereof, and the Work and the cost thereof covered by an appropriate Change Order.
Receipt and Application of Insurance Proceeds. 4.9.1 Any insured loss under the policies of insurance for Property Insurance only purchased in accordance with
Receipt and Application of Insurance Proceeds. A. Any insured loss under the policies of insurance required by Paragraph 5.06 will be adjusted with DB Entity and made payable to DB Entity and Owner as joint loss payees and fiduciaries for the insureds, as their interests may appear, subject to the requirements of any applicable mortgage clause and of Paragraph 5.08.B. DB Entity shall deposit in a separate account any money so received, and shall distribute it in accordance with such agreement as the parties in interest may reach. If no other special agreement is reached the damaged Construction shall be repaired or replaced, the moneys so received applied on account thereof and the Work and the cost thereof covered by an appropriate Change Order.
Receipt and Application of Insurance Proceeds. A. Any insured loss under the policies of insurance will be adjusted with OWNER and made payable to OWNER as fiduciary for the insured’s, as their interests may appear, subject to the requirements of any applicable insurance policy. OWNER shall deposit in a separate account any money so received, and shall distribute it in accordance with such agreement as the parties in interest may reach.
Receipt and Application of Insurance Proceeds. To the extent reasonably practicable, DBE shall be required to name the District as loss payee as it interest may appear under of the policies required herein. Any insured loss under the policies of insurance required herein will be adjusted with District and made payable to District as fiduciary for the loss payees, as their interests may appear, subject to the requirements of any applicable mortgage clause and of the provisions herein. District shall deposit in a separate account any money so received and shall distribute it in accordance with such agreement as District, DBE, and the parties in interest may reach, or as required by law. If no other special agreement is reached, the damaged Work shall be repaired or replaced, the moneys so received applied on account thereof, and the Project and the cost thereof covered by an appropriate Change Order. District as fiduciary shall have power to adjust and settle any loss with the insurers unless DBE or one of the parties in interest shall object in writing to District’s exercise of this power within fifteen (15) Days after the occurrence of loss. If such objection be made, District as fiduciary shall make settlement with the insurers in accordance with such agreement as the parties in interest may reach. If no such agreement among the parties in interest is reached, District as fiduciary shall adjust and settle the loss with the insurers and, if required in writing by any party in interest, District as fiduciary shall give bond for the proper performance of such duties.
