Loss Payment Options Sample Clauses

Loss Payment Options a. Our Options -- In the event of loss covered by this coverage form, "we" have the following options: 1) pay the value of the lost or damaged property at the time of loss; 2) pay the cost of repairing the lost or damaged property to its condition just before the loss; 3) pay the cost of replacing the lost or damaged property with other property of equivalent kind and quality, to the extent practicable; or 4) take all or any part of the property at the agreed or appraised value.
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Loss Payment Options a. Our Options -- In the event of loss covered by this coverage form, "we" have the following options: 1) pay the value of the lost or damaged property; 2) pay the cost of repairing or replacing the lost or damaged property; 3) rebuild, repair, or replace the property with other property of equivalent kind and quality, to the extent practicable, within a reasonable time; or 4) take all or any part of the property at the agreed or appraised value. b. Notice Of Our Intent To Rebuild, Repair, Or Replace -- "We" must give "you" notice of "our" intent to rebuild, repair, or replace within 30 days after receipt of a duly executed proof of loss.
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Related to Loss Payment Options

  • Limitations on Shared-Loss Payment The Receiver shall not be required to make any payments pursuant to Section 2.1(d) with respect to any Foreclosure Loss, Restructuring Loss, Short Sale Loss, Deficient Loss, or Portfolio Loss that the Receiver determines, based upon the criteria set forth in this Single Family Shared-Loss Agreement (including the analysis and documentation requirements of Section 2.1(a)) or Customary Servicing Procedures, should not have been effected by the Assuming Institution; provided, however, (x) the Receiver must provide notice to the Assuming Institution detailing the grounds for not making such payment, (y) the Receiver must provide the Assuming Institution with a reasonable opportunity to cure any such deficiency and (z) (1) to the extent curable, if cured, the Receiver shall make payment with respect to the properly effected Loss, and (2) to the extent not curable, shall not constitute grounds for the Receiver to withhold payment as to all other Losses (or portion of Losses) that are properly payable pursuant to the terms of this Single Family Shared-Loss Agreement. In the event that the Receiver does not make any payment with respect to Losses claimed pursuant to Section 2.1(d), the Receiver and Assuming Institution shall, upon final resolution, make the necessary adjustments to the Monthly Shared-Loss Amount for that Monthly Certificate and the payment pursuant to Section 2.1(d) above shall be adjusted accordingly.