Laserfiche WebLink
(b) Fire and extended coverage in the amount of the <br /> replacement value of the building. <br /> <br /> Seller and Buyer both shall be named as insured parties in the in- <br />surance policies required above, as their interests appear. Each policy <br />shall provide for written notice to Buyer at least 30 days prior to any <br />cancellation, modification, or lapse thereof. Seller shall furnish Buyer <br />with memorandum copies of such insurance policies upon execution of this <br />contract. <br /> If the Seller fails to provide such insurance Buyer, at Buyer's op-' <br />tion, may obtain and maintain the fire and extended coverage insurance <br />policy noted in this Section (a copy of which shall be delivered to Seller) <br />in which event Seller shall pay to Buyer, within 30 days after Buyer <br />notifies Seller in writing of the amount of the same, the amount of such <br />insurance premiums. <br /> MAINTENANCE AND REPAIRS; USE. Buyer shall maintain the Premises <br /> in as good condition and state of repair as the Premises are in as of the <br /> date of the completion by the Seller of all alterations and improvements <br /> which the Seller undertakes to make in "Improvements and Alterations to be <br /> Made by Seller" of this contract, reasonable wear and tear excepted. Buyer <br /> shall not commit any waste to the Premises. Seller shall have the right to, <br /> upon at least 24 hour notice to Buyer, to enter upon and inspect the <br /> Premises at all reasonable times during the continuance of this Contract. <br /> Buyer shall promptly notify Seller in writing of any damage to the Premises <br /> which exceeds the amount of the insurance deductible. In the event of a <br /> fire or other casualty insurance proceeds shall be utilized to restore and <br /> repair the Premises. Before making such restoration and/or repairs, the <br /> Buyer and Seller shall confer upon any changes which either party may desire <br /> in the materials, design and/or features of the structure with the purpose <br /> of improving the worth, esthetics, practicality and usefulness of the <br /> property being restored. Any cost of the restoration agreed upon over and <br /> above the insurance proceeds shall be paid by the parties hereto in the <br /> <br /> <br />