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

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 insureds, 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. I f 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. A. Any insured loss under the policies of insurance required by Paragraph 5.06 will be adjusted with OWNER Owner and made payable to OWNER as fiduciary Owner for the insureds, as their interests may appear, subject to the requirements of any applicable mortgage clause and of Paragraph 5.08.B. OWNER 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. I f 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. A. Any insured loss under the policies of insurance required by Paragraph 5.06 will be adjusted with OWNER Owner and made payable to OWNER Owner as fiduciary for the insuredsloss payees, as their interests may appear, subject to the requirements of any applicable mortgage clause and of Paragraph 5.08.B. OWNER 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. I f 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. A. Any insured loss under the policies of insurance required by Paragraph paragraph 5.06 will be adjusted with OWNER Owner and made payable to OWNER Owner as fiduciary for the insureds, as their interests may appear, subject to the requirements of any applicable mortgage clause and of Paragraph paragraph 5.08.B. OWNER Owner shall deposit in a separate account any money so received received, and shall distribute it in accordance with such agreement as the parties in interest may reach. I f If no other special agreement is reached, reached the damaged Work Construction shall be repaired or replaced, the moneys so received applied on account thereof, thereof and the Work and the cost thereof covered by an appropriate Change Order.