Insurance Available. If the Property suffers any damage or destruction that is covered by an insurance policy obtained by the Co-Owners, the Co-Owners agree to use any such proceeds from such insurance policy to repair or replace the Property or, if required by the lender, to pay down or repay the Mortgage. If any insurance proceeds remain after application as provided in the previous sentence, the excess insurance proceeds shall be retained by the Co-Owners in the operating account for the Property.
Appears in 2 contracts
Sources: Tenancy in Common Agreement, Tenancy in Common Agreement (Digital Power Corp)