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required by the Supplementary Conditions or Laws and have to the proceeds of insurance held by OWNER as
<br /> trustee
<br /> Regulations which will include the interests of OWNER, or otherwise payable under any policy so issued.
<br /> CONTRACTOR, Subcontractors, ENGINEER, ENGINEER's
<br /> Consultants , and any other individuals or entities identified in B. OWNER waives all rights against CONTRACTOR,
<br /> the Supplementary Conditions, each of whom is deemed to Subcontractors , ENGINEER, ENGINEER's Consultants, and
<br /> have an insurable interest and shall be listed as an insured or the officers, directors , partners, employees, agents,
<br />and other
<br /> additional insured. consultants and subcontractors of each and any of them for.
<br /> C. All the policies of insurance (and the certificates or 1 . 1oss due to business interruption, loss of use, or
<br /> other evidence thereof) required to be purchased and other consequential loss extending beyond direct
<br /> maintained in accordance with paragraph 5. 06 will contain a physical loss or damage to OWNER's property
<br /> provision or endorsement that the coverage afforded will not be P party or the
<br /> g Work caused by, arising out of, or resulting from fire or = E
<br /> canceled or materially changed or renewal refused until at least other peril whether or not insured by OWNER; and s
<br /> 30 days prior written notice has been given to OWNER and
<br /> CONTRACTOR and to each other additional insured to whom a 2. loss or damage to the completed Project or part
<br /> certificate of insurance has been issued and will contain waiver thereof caused by, arising out of, or resulting from fire or
<br /> provisions in accordance with paragraph 5.07. other insured peril or cause of loss covered by any
<br /> D. OWNER shall not be responsible for purchasing and Property insurance maintained on the completed Project
<br /> Po P 9 or part thereof by OWNER during partial utilization J5
<br /> maintaining any property insurance specified in this paragraph pursuant to paragraph 14. 05, after Substantial Com-
<br /> 5.06 to protect the interests of CONTRACTOR, Subcontractors, pletion pursuant to paragraph 14.04, or after final
<br /> or others in the Work to the extent of any deductible amounts payment pursuant to paragraph 14.07.
<br /> that are identified in the Supplementary Conditions. The risk of
<br /> loss within such identified deductible amount will be bome by C. Any insurance policy maintained by OWNER covering
<br /> CONTRACTOR, Subcontractors, or others suffering any such any loss, damage or consequential loss referred to in paragraph
<br /> loss, and if any of them wishes property insurance coverage 5.07. 8 shall contain provisions to the effect that in the
<br /> event of
<br /> within the limits of such amounts, each may purchase and payment of any such loss, damage, or consequential loss,
<br /> the
<br /> maintain it at the purchaser's own expense. insurers will have no rights of recovery against CONTRACTOR,
<br /> Subcontractors , ENGINEER, or ENGINEER's Consultants and
<br /> E. If CONTRACTOR requests in writing that other the officers, directors, partners , employees, agents,
<br /> and other
<br /> special insurance be included in the property insurance policies consultants and subcontractors of each and any of them.
<br /> provided under paragraph 5.06, OWNER shall, if possible,
<br /> include such insurance, and the cost thereof will be charged to 5. 08 Receipt and Application of Insurance Proceeds
<br /> CONTRACTOR . by appropriate Change Order or Written
<br /> Amendment. Prior to commencement of the Work at the Site, A. Any insured loss under the policies of insurance
<br /> OWNER shall in writing advise CONTRACTOR whether or not required by paragraph 5.06 will be adjusted with OWNER and
<br /> such other insurance has been procured by OWNER. made payable to OWNER as fiduciary for the insureds , as their
<br /> interests may appear, subject to the requirements of any
<br /> 5. 07 Waiver of Rights applicable mortgage clause . and of paragraph 5.08. B. OWNER
<br /> shall deposit in a separate account any money so received and
<br /> A. OWNER and CONTRACTOR intend that all policies shall distribute it in accordance with such agreement as the
<br /> purchased in accordance with paragraph 5.06 will protect parties in interest may reach. If no other special agreement
<br /> is
<br /> OWNER, CONTRACTOR, Subcontractors , ENGINEER, reached, the damaged Work shall be repaired or replaced, the
<br /> ENGINEER's Consultants , and all other individuals or entities moneys so received applied on account thereof, and the Work
<br /> identified in the Supplementary Conditions to be listed as and the cost thereof covered by an appropriate
<br /> Change Order
<br /> insureds or additional insureds (and the officers, directors, or Written Amendment.
<br /> partners, employees, agents, and other consultants and
<br /> subcontractors of each and any of them) in such policies and B. OWNER as fiduciary shall have power to adjust and
<br /> will provide primary coverage for all losses and damages settle any loss with the insurers unless one
<br /> of the parties in
<br /> caused by the perils or causes of loss covered thereby. All interest shall object in writing within 15
<br /> days after the
<br /> such policies shall contain provisions to the effect that in the occurrence of loss to OWNER's exercise of this power.
<br /> If such
<br /> event of payment of any loss or damage the insurers will have objection be made, OWNER as fiduciary shall make settlement
<br /> no rights of recovery against any of the insureds or additional with the insurers in accordance with such agreement
<br /> as the
<br /> insureds thereunder. OWNER and CONTRACTOR waive all parties in interest may reach. If no such agreement among the
<br /> rights against each other and their respective officers, directors , parties in interest is reached, OWNER as fiduciary shall adjust
<br /> partners, employees, agents , and other consultants and and settle the loss with the insurers and, if required in writing by
<br /> subcontractors of each and any of them for all losses and any party in interest, OWNER as fiduciary shall
<br /> give bond for
<br /> damages caused by, arising out of or resulting from any of the the proper performance of such duties.
<br /> perils or causes of loss covered by such policies and any other
<br /> property insurance applicable to the Work; and, in addition, 5 . 09 Acceptance of Bonds and Insurance; Option to
<br /> waive . all such rights against Subcontractors, ENGINEER, Replace
<br /> ENGINEER's Consultants, and all other individuals or entities
<br /> identified in the Supplementary Conditions to be listed as A. If either OWNER or CONTRACTOR has any
<br /> insureds or additional insureds (and the officers, directors , objection to the coverage afforded by or other provisions
<br /> of the
<br /> partners, employees, agents , and other consultants and Bonds or insurance required to be purchased and maintained
<br /> subcontractors of each and any of them) under such policies for by the other party in accordance with Article 5 on the basis
<br /> of
<br /> losses and damages so caused. None of the above waivers non-conformance with the Contract Documents, the objecting
<br /> shall extend to the rights that any party making such waiver may party shall so notify the other party in writing within 10 days after
<br /> 6706-38392\8/20/03 00700- 14 VRB
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