Common use of Receipt and Application of Insurance Proceeds Clause in Contracts

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. 4.9.1 A. Any insured loss under the policies of insurance for Property Insurance only purchased in accordance with 4.7 required by paragraph 5.06 will be adjusted with Contractor OWNER and made payable to Contractor OWNER as fiduciary for the insuredinsureds, as their interests may appear, subject to the requirements of any applicable mortgage clause and of paragraph 4.9.2 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 or Written Amendment.

Receipt and Application of Insurance Proceeds. 4.9.1 4.10.1 Any insured loss under the policies of insurance for Property Insurance only purchased in accordance with 4.7 4.8 will be adjusted with Contractor and made payable to Contractor as fiduciary for the insuredinsureds, 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 Demolition Work and the cost thereof covered by an appropriate Change Order or Written Amendment.