Adjustment of Loss. Any Gross Insurance Proceeds recovered on account of any damage or destruction by any casualty shall be made available for the payment of the cost of the reconstruction, replacement or repairs. All of the Gross Insurance Proceeds plus the amount of any deductible applicable to said damage or destruction shall be deposited by the insurance company or by the Lessee (in the case of the deductible) with an escrow agent reasonably acceptable to the City Manager, with instructions to the escrow holder that the escrow holder shall disburse the funds to the Lessee, with notice thereof to the Lessor, as the work of the reconstruction, replacement or repairs progresses upon certificates of the architect or engineer supervising the work that the disbursements then requested, plus all previous disbursements made from such Gross Insurance Proceeds, plus the amount of any deductible, do not exceed the cost of the work already completed and paid for, and that the balance in the escrow fund is sufficient to pay for the reasonably estimated cost of completing the required work. The escrow holder shall be any bank mutually agreeable to Lessor and Lessee. If the amount of the Gross Insurance Proceeds is less than the cost of the required work, then Lessee shall pay the excess cost; and if the amount of the Gross Insurance Proceeds is greater than the cost of the required work, then the excess shall be paid to and belong to the Lessee.
Adjustment of Loss. Mortgagor hereby authorizes Mortgagee, at Mortgagee's option, to adjust and compromise any losses under any insurance afforded, but unless Mortgagee elects to adjust the losses as aforesaid, said adjustment and/or compromise shall be made by Mortgagor, subject to final approval of Mortgagee in the case of losses exceeding $100,000.
Adjustment of Loss. Mortgagor hereby authorizes Mortgagee, at Mortgagee's option, to adjust and compromise any losses under any insurance afforded at any time after the occurrence and during the continuation of any event of default hereunder or any event which with the lapse of time, the giving of notice, or both, would constitute an event of default hereunder (herein, a "default"), but unless Mortgagee elects to adjust the losses as aforesaid, said adjustment and/or compromise shall be made by Mortgagor, subject to final approval of Mortgagee (regardless of whether or not a default or event of default hereunder shall have occurred) in the case of losses exceeding $250,000.
Adjustment of Loss. Any loss insured under property or builders risk insurance required under this Section 14 shall be adjusted by the insurance carrier with the insured as fiduciary for the other party or parties whose interests are insured thereunder as their interests may appear, and the insured shall pay the proceeds due to them promptly. The insured shall bear the costs of the deductible, if any, under such policy.
Adjustment of Loss. Section 8.4 Indemnification of Lessor Section 8.5 Waiver of Subrogation Section 8.6 Release of Lessor
Adjustment of Loss. Grantor shall have the right to adjust and compromise any losses under any insurance afforded pursuant hereto, but any adjustment and/or compromise of losses involving damage or destruction of the Mortgaged Premises or any part thereof in excess of $3,000,000 shall be subject to final approval of Beneficiary.
Adjustment of Loss. 4. When there is proof that a loss covered by this Form has occurred but the Insured cannot accurately establish the total amount of accounts receivable outstanding on the date of loss, such amount shall be based on the Insured’s monthly statements and shall be computed as follows:
Adjustment of Loss. Any loss under any policy of insurance required to be furnished under this Lease shall be adjusted solely by Tenant.
Adjustment of Loss. Except as permitted by the Credit Agreement, Bank is hereby authorized and empowered, at its option, to adjust or compromise any loss under any insurance policies covering the Mortgaged Property and to collect and receive the proceeds from any such policy or policies (which proceeds shall be disposed of in the manner provided in Section 1.6.5). Mortgagor hereby irrevocably appoints Bank as its attorney-in-fact for the purposes set forth in the preceding sentence. Each insurance company is hereby authorized and directed to make payment of 100% of all such losses directly to Bank alone. After deducting from such insurance proceeds any expenses incurred by Bank in the collection and settlement thereof, including without limitation attorneys’ and adjusters’ fees and charges, Bank shall apply the net proceeds as provided in Section 1.6.5.
Adjustment of Loss. Lender is hereby authorized and empowered, at its option, to adjust or compromise any loss of more than $250,000 under any insurance policies covering or relating to the Mortgaged Property and to collect and receive the proceeds from any such policy or policies (and deposit such proceeds as provided in Section 1.6.5). Mortgagor hereby irrevocably appoints Lender as its attorney-in-fact for the purposes set forth in the preceding sentence. Each insurance company is hereby authorized and directed to make payment (i) of 100% of all such losses of more than said amount directly to Lender alone and (ii) of 100% of all such losses of said amount or less directly to Mortgagor alone, and in no case to Mortgagor and Lender jointly. After deducting from such insurance proceeds any expenses incurred by Lender in the collection and settlement thereof, including without limitation attorneys’ and adjusters’ fees and charges, Lender shall apply the net proceeds as provided in Section 1.6.5. Lender shall not be responsible for any failure to collect any insurance proceeds due under the terms of any policy regardless of the cause of such failure.
