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ar Fef8FFGd to ii; PaF@gF2Ph 5.07-8 Shall G9RtaiR any 66IGh less, damage, GF GeRSeqUeRtial less will hFights of FeGGvefy agains GONTRAGTOR, c hea L to €NGIN€€R e G L and the o4t; dipeGbe rs PaFtROFSrl h, L fGF6 Elf eaGh and EI n4 Lh..... 5.08 Receipt and Application of Insurance Proceeds r A. A iRSUMPI IARA lndpFthe nrr'oS--Af insurance required by paragraph 5.06 will be adjust with OWNER and made payable to OWNER as fiduciary for the insureds, as their interests may appear, subject to the requirements of any ap icable mortgage clause and of paragraph 5.08.B. WNER shall deposit in a separate account any money so received and shall distribute it in ac rdance with such agreement as the parties in it st may reach. If no other special agreement ' reached, the damaged Work shall be repair e or replaced, the moneys so received applied on ccount thereof, and the Work and the cost t reof covered by an .� appropriate Change Order o ritten Amendment. • • B. OWNER as fi ciary shall have power to adjust and settle any I ss with the insurers unless one of the parties in int est shall object in writing within 15 days after th occurrence of loss to OWNER's exercise of this power. If such objection be made, OWNER as fiduciary shall make settlement with the insurers in accordance with such agreement as the parties in interest may reach. If no such agreement among the parties in interest is reached, OWNER as fiduciary shall adjust and settle the loss with the insurers and, if required in writing by any party in interest, OWNER as fiduciary shall give bond for the 5.09 Acceptance of Bonds and Insurance; Option to Replace objection to the coverage afforded by or other p vi- sions of the Bonds or insurance or be purchased and maintained by the other party' accor- dance with Article 5 on the basis of non -c formance with the Contract Documents, the objecti party shall so notify the other party in writing with' 10 days after receipt of the certificates ((or other evidence requested) required by paragrap 2.05.C. OWNER and CONTRACTOR shall eac provide to the other such additional information ' respect of insurance provided as the other m reasonably request. If either party does not p hase or maintain all of the Bonds and insurance equired of such party by the Contract Document , such party shall notify the other party in writing of uch failure to purchase prior to the start of the Wor , or of such failure to maintain prior to any change in the required coverage. Without prejudice t any other right or remedy, the other party may ele to obtain equivalent Bonds or insurance to protec such other party's interests at the expense of the rty who was required to provide such coverage, an a Change Order shall be issued to adjust the 5.10 Partial Utilization, Acknowledgment of Property Insurer A. If OWNER finds it necessary to occupy or use a portion or portions of the Work prior to Substantial Completion of all the Work as provided in paragraph 14.05, no such use or occupancy shall commence before the insurers providing the property insurance pursuant to paragraph 5.06 have acknowledged notice thereof and in writing effected any changes in coverage necessitated thereby. The insurers providing the property insurance shall consent by endorsement on the policy or policies, but the property insurance shall not be canceled or permitted to lapse on account of any such partial use or occupancy. ARTICLE 6 - CONTRACTOR'S RESPONSIBILITIES 00700- 18 Docunrents\00700 - General Conditions REV 04-07.doc D0700 - General Conditions REV 04-07