Common use of STIPULATED LOSS VALUE Clause in Contracts

STIPULATED LOSS VALUE. If any property becomes lost, stolen, destroyed, or damaged beyond repair, STI shall pay MDC in cash the "Stipulated Loss Value" as set forth in Schedule A, less any net proceeds of insurance for the property received by MDC. Upon payment, this Agreement shall terminate with respect to that item of property and STI shall become entitled to the property on an "as-is, where-is" basis, without warranty, express or implied, for any matter whatsoever.