(A)
ON THE CLOSING DATE,
GLDD SHALL TAKE POSSESSION OF THE PROPERTY.
WEEKS AGREES TO COOPERATE WITH GLDD
IN MAKING ANY NECESSARY ARRANGEMENTS, AS GLDD REASONABLY REQUESTS, TO ALLOW GLDD
TO KEEP THE PROPERTY LOCATED OR DOCKED, AS THE CASE MAY BE, WHEREVER SUCH
PROPERTY WAS LOCATED OR DOCKED PRIOR TO THE CLOSING DATE FOR SUCH REASONABLE
PERIOD OF TIME TO ALLOW THE REMOVAL THEREOF BY GLDD.
ON THE CLOSING DATE, GLDD
SHALL CAUSE ITS EMPLOYEES TO BE STATIONED ON BOARD THE VESSEL AND WEEKS SHALL
CAUSE ALL OF ITS EMPLOYEES AND AGENTS TO BE REMOVED FROM THE VESSEL AND OTHER
PROPERTY.
(B)
ON THE CLOSING DATE, WEEKS SHALL TAKE POSSESSION OF THE CRANE AT
THE LOCATION DESIGNATED BY GLDD PRIOR THERETO.
4.02
RISK OF LOSS.
(A)
UNTIL THE CLOSING, THE PROPERTY SHALL BE AT THE SOLE RISK AND LOSS
OF WEEKS.
UPON THE CLOSING, TITLE AND ALL RISK OF LOSS SHALL TRANSFER TO GLDD.
WEEKS SHALL KEEP THE PROPERTY INSURED AGAINST LOSS IN ACCORDANCE WITH ITS
EXISTING INSURANCE COVERAGE UNTIL THE CLOSING.
IF BEFORE THE CLOSING ANY LOSS
OR OTHER CASUALTY OR ANY GOVERNMENTAL TAKING AFFECTS SOME OR ALL OF THE
PROPERTY, GLDD, AT ITS SOLE OPTION, MAY ELECT ANY OF THE FOLLOWING OPTIONS:
(I)
IF PRIOR TO CLOSING, THE PROPERTY CAN BE REPAIRED, REPLACED OR
RESTORED TO THE CONDITION THE PROPERTY WAS IN PRIOR TO THE LOSS OR CASUALTY, THE
CLOSING SHALL BE DEFERRED FOR A REASONABLE TIME (IN NO EVENT LONGER THAN THE
DROP DEAD DATE) SO
9
THAT WEEKS MAY REPAIR, REPLACE OR RESTORE THE PROPERTY TO THE CONDITION IT WAS
IN PRIOR TO THE LOSS OR CASUALTY;
(II)
IF PRIOR TO CLOSING, THE PROPERTY CAN BE REPAIRED, REPLACED OR
RESTORED TO THE CONDITION THE PROPERTY WAS IN PRIOR TO THE LOSS OR CASUALTY, THE
CLOSING SHALL PROCEED AND ALL CONDEMNATION OR INSURANCE PROCEEDS PAID OR TO BE
PAID AS A RESULT OF THE LOSS TO SUCH PROPERTY SHALL BE USED TO PAY EXPENSES OF
REPAIRING, REPLACING, AND RESTORING THE LOSS AND ANY REMAINING CONDEMNATION OR
INSURANCE PROCEEDS SHALL BE REMITTED TO WEEKS;
(III)
SUBJECT TO SECTION 4.02(B) HEREOF, IF BEFORE CLOSING SUCH LOSS OR
TAKING CANNOT BE TOTALLY REPAIRED, REPLACED OR RESTORED TO THE CONDITION THE
PROPERTY WAS IN PRIOR TO THE LOSS OR CASUALTY OR THERE IS A TAKING BY A
GOVERNMENTAL AUTHORITY, GLDD MAY (BY WRITTEN NOTICE TO WEEKS WITHIN FIVE (5)
DAYS AFTER RECEIPT OF NOTICE FROM WEEKS OF SUCH LOSS OR TAKING) CHOSE EITHER
ALTERNATIVE (A) OR (B) BELOW.
IF GLDD FAILS TO NOTIFY WEEKS OF ITS ELECTION,
GLDD WILL BE CONCLUSIVELY DEEMED TO HAVE ELECTED TO PROCEED WITH THE CLOSING
WITHOUT EXCLUDING THE DAMAGED OR TAKEN PROPERTY IN ACCORDANCE WITH ALTERNATIVE
(B) BELOW:
(A)
EXCLUDE THE PROPERTY WHICH HAS BEEN SO DAMAGED, DESTROYED OR TAKEN
AND RECEIVE A CREDIT AGAINST THE PURCHASE PRICE IN THE AMOUNT EQUAL TO THE FAIR
MARKET VALUE OF SUCH PROPERTY AS DETERMINED BY A MUTUALLY ACCEPTABLE APPRAISER;
OR
(B)
PROCEED WITH THE CLOSING WITHOUT