Application of Net Proceeds of Insurance. For the Project, the net proceeds of builder’s risk insurance and of fire and other hazard and casualty insurance, carried pursuant to the provisions of this Agreement hereof, shall be applied as provided in this Agreement and the Net Proceeds of liability insurance carried pursuant to the provisions of this Agreement hereof shall be applied toward extinguishment or satisfaction of the liability with respect to which such insurance proceeds have been paid. The net proceeds of the bonds provided pursuant to this Agreement shall be applied to curing the defect in performance or payment. For the UEs, in the event Developer does not elect to rebuild, the net proceeds shall be applied first to the City’s claw back as set forth in Section 3.4.
Appears in 2 contracts
Sources: Development Agreement, Development Agreement