Common use of RISK AND INSURANCE Clause in Contracts

RISK AND INSURANCE. 4.1 The settlement licensed land will remain at the sole risk of the Crown until the settlement date and, from the settlement date, it will remain at the sole risk of the governance entity. 4.2 In the event that, prior to the settlement date, the settlement licensed land is destroyed or damaged and such destruction or damage has not been made good by the settlement date, then the following provisions apply: 4.2.1 the governance entity must complete the transfer of the settlement licensed land at the redress value on the condition that the Crown pay to the governance entity (as alternative redress) an amount equal to the amount (if any) by which the redress value for the settlement licensed land is more than the value of the settlement licensed land as at the settlement date as a result of the destruction or damage; and 4.2.2 either party may give the other party notice in writing requiring that any dispute as to the application of this paragraph 4.2 be determined by an arbitrator to be appointed by the president or vice-president of the law society for the district where the settlement licensed land is located, and the party serving the notice may at any time after that refer the dispute to the arbitrator for determination under the Arbitration Xxx 0000. 4.3 If a dispute relating to a claim by the governance entity for a diminution in value of the settlement licensed land under paragraph 4.2.1 is not determined by the settlement date, then: 4.3.1 settlement shall take place on the settlement date in accordance with this schedule as if there had been no destruction or damage; and 4.3.2 upon the determination of the dispute the Crown shall pay to the governance entity within 7 business days from such determination a sum equal to the diminution in value of the settlement licensed land (as alternative redress) and interest from settlement date to the date of that payment at the rate set out in [the relevant clause] of the deed. 4.4 The governance entity will not be required to take over from the Crown any insurance policies in relation to the settlement licensed land.

RISK AND INSURANCE. 4.1 The settlement licensed land Commercial Redress Property will remain at the sole risk of the Crown until the settlement date Settlement Date and, from the settlement dateSettlement Date, it will remain at the sole risk of the governance entityGovernance Entity. 4.2 In the event that, prior to the settlement dateSettlement Date, the settlement licensed land Commercial Redress Property is destroyed or damaged and such destruction or damage has not been made good by the settlement dateSettlement Date, then the following provisions apply: 4.2.1 if the governance entity must Commercial Redress Property is untenantable on the Settlement Date, the Governance Entity may: (a) complete the transfer of the settlement licensed land at the redress value on the condition that the Crown pay to the governance entity Governance Entity (as alternative redress) an amount equal to the amount (if any) by which of the redress value for the settlement licensed land is more than diminution in the value of the settlement licensed land Commercial Redress Property as at the settlement date Settlement Date; or (b) cancel the transfer by giving the Crown notice in writing, in which case the Crown will promptly pay to the Governance Entity (as a result alternative redress) the Redress Value of the destruction or damageCommercial Redress Property; and 4.2.2 if the Commercial Redress Property is tenantable on the Settlement Date, the Governance Entity will complete the transfer on the condition that the Crown pay to the Governance Entity (as alternative redress) an amount equal to the amount of the diminution in the value of the Commercial Redress Property as at the Settlement Date; and 4.2.3 either party Party may give the other party Party notice in writing requiring that any dispute as to the application of this paragraph 4.2 be determined by an arbitrator to be appointed by the president or vice-president of the law society for the district where the settlement licensed land Commercial Property is located, and the party Party serving the notice may at any time after that refer the dispute to the arbitrator for determination under the Arbitration Xxx 0000. 4.3 Act. If a the dispute relating to a claim by the governance entity for a diminution in value of the settlement licensed land under paragraph 4.2.1 is not determined by the settlement date, then: 4.3.1 settlement shall take place on Settlement Date then the settlement date in accordance with this schedule as if there had been no destruction or damage; and 4.3.2 upon the determination Parties‟ obligations relating to transfer and possession of the dispute Commercial Property will be deferred until the Crown shall pay to the governance entity within 7 business days from such determination a sum equal to the diminution in value of the settlement licensed land (as alternative redress) and interest from settlement date to fifth Business Day following the date of on which the dispute is determined. The arbitrator may determine that payment at the rate set out in [the relevant clause] of the deedpossession date will not be deferred or will be deferred to another day or days. 4.4 4.3 The governance entity Governance Entity will not be required to take over from the Crown any insurance policies in relation to the settlement licensed landCommercial Redress Property.

RISK AND INSURANCE. 4.1 The settlement licensed land Commercial Redress Property will remain at the sole risk of the Crown until the settlement date Settlement Date and, from the settlement dateSettlement Date, it will remain at the sole risk of the governance entityGovernance Entity. 4.2 In the event that, prior to the settlement dateSettlement Date, the settlement licensed land Commercial Redress Property is destroyed or damaged and such destruction or damage has not been made good by the settlement dateSettlement Date, then the following provisions apply: 4.2.1 if the governance entity must Commercial Redress Property is untenantable on the Settlement Date, the Governance Entity may: (a) complete the transfer of the settlement licensed land at the redress value on the condition that the Crown pay to the governance entity Governance Entity (as alternative redress) an amount equal to the amount (if any) by which of the redress value for the settlement licensed land is more than diminution in the value of the settlement licensed land Commercial Redress Property as at the settlement date Settlement Date; or (b) cancel the transfer by giving the Crown notice in writing, in which case the Crown will promptly pay to the Governance Entity (as a result alternative redress) the Redress Value of the destruction or damageCommercial Redress Property; and 4.2.2 if the Commercial Redress Property is tenantable on the Settlement Date, the Governance Entity will complete the transfer on the condition that the Crown pay to the Governance Entity (as alternative redress) an amount equal to the amount of the diminution in the value of the Commercial Redress Property as at the Settlement Date; and 4.2.3 either party Party may give the other party Party notice in writing requiring that any dispute as to the application of this paragraph 4.2 be determined by an arbitrator to be appointed by the president or vice-president of the law society for the district where the settlement licensed land Commercial Property is located, and the party Party serving the notice may at any time after that refer the dispute to the arbitrator for determination under the Arbitration Xxx 0000. 4.3 Act. If a the dispute relating to a claim by the governance entity for a diminution in value of the settlement licensed land under paragraph 4.2.1 is not determined by the settlement date, then: 4.3.1 settlement shall take place on Settlement Date then the settlement date in accordance with this schedule as if there had been no destruction or damage; and 4.3.2 upon the determination Parties’ obligations relating to transfer and possession of the dispute Commercial Property will be deferred until the Crown shall pay to the governance entity within 7 business days from such determination a sum equal to the diminution in value of the settlement licensed land (as alternative redress) and interest from settlement date to fifth Business Day following the date of on which the dispute is determined. The arbitrator may determine that payment at the rate set out in [the relevant clause] of the deedpossession date will not be deferred or will be deferred to another day or days. 4.4 4.3 The governance entity Governance Entity will not be required to take over from the Crown any insurance policies in relation to the settlement licensed landCommercial Redress Property.