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or resulting from any of the perils or causes of loss covered by such policies and any other
<br /> property insurance applicable to the Work; and, in addition, waive all such rights against
<br /> Subcontractors and Engineer, and all other individuals or entities identified in the Supplementary
<br /> Conditions as loss payees (and the officers, directors, members, partners, employees, agents,
<br /> consultants, and subcontractors of each and any of them) under such policies for losses and
<br /> damages so caused. None of the above waivers shall extend to the rights that any party making
<br /> such waiver may have to the proceeds of insurance held by Owner as trustee or otherwise
<br /> payable under any policy so issued. This Waiver of Subrogation shall survive the completion or
<br /> termination of this Agreement.
<br /> B. Owner, and Contractor waive all rights against each other, Subcontractors, and Engineer, and the
<br /> officers, directors,members,partners, employees, agents, consultants and subcontractors of each
<br /> and any of them for:
<br /> 1. loss due to business interruption,loss of use, or other consequential loss extending beyond
<br /> direct physical loss or damage to Owner's property or the Work caused by, arising out of,
<br /> or resulting from fire or other perils whether or not insured by Owner, or any other loss of
<br /> profits or other consequential damages;and
<br /> 2. loss or damage to the completed Project or part thereof caused by, arising out of, or
<br /> resulting from fire or other insured peril or cause of loss covered by any property
<br /> insurance maintained on the completed Project or part thereof by Owner during partial
<br /> utilization pursuant to Paragraph 14.05, after Substantial Completion pursuant to
<br /> Paragraph 14.04,or after final payment pursuant to Paragraph 14.07.
<br /> C. Any insurance policy maintained by Owner covering any loss, damage or consequential loss
<br /> referred to in Paragraph 5.07.B shall contain provisions to the effect that in the event of payment
<br /> of any such loss, damage, or consequential loss, the insurers will have no rights of recovery
<br /> against Contractor, Subcontractors, or Engineer, and the officers, directors, members, partners,
<br /> employees, agents, consultants and subcontractors of each and any of them. This provision shall
<br /> survive the completion and/or termination of the Agreement.
<br /> 5.08 Receipt and Application ofInsurance Proceeds
<br /> A. Any insured loss under the policies of insurance required by Paragraph 5.06 will be adjusted
<br /> with Owner and made payable to Owner as fiduciary for the loss payees, as their interests may
<br /> appear, subject to the requirements of any applicable mortgage clause and of Paragraph 5.08.13.
<br /> Owner shall deposit in a separate account any money so received and shall distribute it in
<br /> accordance with such agreement as the parties in interest may reach. If no other special
<br /> agreement is reached, the damaged Work shall be repaired or replaced, the Monies so received
<br /> applied on account thereof, and the Work and the cost thereof covered by an appropriate Change
<br /> Order.
<br /> B. Owner as fiduciary shall have power to adjust and settle any loss with the insurers unless one of
<br /> the parties in interest shall object in writing within 15 days after the occurrence of loss to
<br /> Owner's exercise of this power. If such objection be made, Owner as fiduciary shall make
<br /> settlement with the insurers in accordance with such agreement as the parties in interest may
<br /> reach. If no such agreement among the parties in interest is reached, Owner as fiduciary shall
<br /> EJCDC C-700 Modified Standard General Conditions of the Construction Contract
<br /> Copyright(D 2007 National Society of Professional Engineers for EJCDC. All rights reserved.
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