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Common use of Casualty and Condemnation Proceeds Clause in Contracts

Casualty and Condemnation Proceeds. Payments received on account of the rental loss and/or business income interruption insurance specified in Section 5.1.1(a)(iii) above with respect to any Casualty or Condemnation shall be deposited directly into the Casualty and Condemnation Account. Notwithstanding anything to the contrary contained herein, if in connection with a Casualty any insurance company makes a payment under a property insurance Policy that any Borrower proposes be treated as rental loss or business income interruption insurance, then, notwithstanding any designation (or lack of designation) by the insurance company as to the purpose of such payment, as between Lender and Borrowers, such payment shall not be treated as rental loss or business income interruption Insurance Proceeds unless Borrowers have demonstrated to Lender’s satisfaction that the remaining Net Proceeds that have been received from the property insurance companies are sufficient to pay one hundred percent (100%) of the cost of the Restoration or, if such Net Proceeds are to be applied to repay the Obligations in accordance with the terms hereof, that such remaining Net Proceeds will be sufficient to satisfy the Obligations in full.

Appears in 2 contracts

Samples: Loan Agreement (Ashford Hospitality Trust Inc), Loan Agreement (Ashford Hospitality Trust Inc)

Casualty and Condemnation Proceeds. Payments received on account of the rental loss and/or business income interruption insurance specified in Section subsection 5.1.1(a)(iii) above with respect to any Casualty or Condemnation shall be deposited directly into the Casualty and Condemnation Accountwith Lender. Notwithstanding anything to the contrary contained herein, if in connection with a Casualty any insurance company carrier makes a payment under a property insurance Policy that any Borrower proposes be treated as business or rental loss or business income interruption insurance, then, notwithstanding any designation (or lack of designation) by the insurance company carrier as to the purpose of such payment, as between Lender and BorrowersBorrower, such payment shall not be treated as business or rental loss or business income interruption Insurance Proceeds unless Borrowers have Borrower has demonstrated to Lender’s satisfaction that the remaining Net Proceeds that have been will be received from the property insurance companies carriers are sufficient to pay one hundred percent (100%) % of the cost of fully restoring the Restoration Improvements or, if such Net Proceeds are to be applied to repay the Obligations Loan in accordance with the terms hereof, that such remaining Net Proceeds will be sufficient to satisfy pay off the Obligations Loan in full.

Appears in 2 contracts

Samples: Loan Agreement (O'Donnell Strategic Industrial REIT, Inc.), Loan Agreement (O'Donnell Strategic Industrial REIT, Inc.)

Casualty and Condemnation Proceeds. Payments received on account of the rental loss and/or business income interruption insurance specified in Section 5.1.1(a)(iii) above with respect to any Casualty or Condemnation shall be deposited directly into the Casualty and Condemnation Account. Notwithstanding anything to the contrary contained herein, if in connection with a Casualty any insurance company makes a payment under a property insurance Policy that any Borrower proposes be treated as business or rental loss or business income interruption insurance, then, notwithstanding any designation (or lack of designation) by the insurance company as to the purpose of such payment, as between Lender and Borrowers, such payment shall not be treated as business or rental loss or business income interruption Insurance Proceeds (with any earnings or interest thereon payable to Borrowers) unless Borrowers have demonstrated to Lender’s 's satisfaction that the remaining Net Proceeds that have been will be received from the property insurance companies are sufficient to pay one hundred percent (100%) of the cost of the Restoration or, if such Net Proceeds are to be applied to repay the Obligations in accordance with the terms hereof, that such remaining Net Proceeds will be sufficient to satisfy the Obligations in full.

Appears in 1 contract

Samples: Loan Agreement (Reckson Operating Partnership Lp)

Casualty and Condemnation Proceeds. Payments received on account of the rental loss and/or business income interruption insurance specified in Section 5.1.1(a)(iii) above with respect to any Casualty or Condemnation shall be deposited directly into the Casualty and Condemnation Account. Notwithstanding anything to the contrary contained herein, if in connection with a Casualty any insurance company makes a payment under a property insurance Policy that any Borrower proposes be treated as business or rental loss or business income interruption insurance, then, notwithstanding any designation (or lack of designation) by the insurance company as to the purpose of such payment, as between Lender and BorrowersBorrower, such payment shall not be treated as business or rental loss or business income interruption Insurance Proceeds unless Borrowers have Borrower has demonstrated to Lender’s satisfaction that the remaining Net Proceeds that have been received from the property insurance companies are sufficient to pay one hundred percent (100%) % of the cost of the Restoration or, if such Net Proceeds are to be applied to repay the Obligations in accordance with the terms hereof, that such remaining Net Proceeds will be sufficient to satisfy the Obligations in full.

Appears in 1 contract

Samples: Loan Agreement (Cole Credit Property Trust V, Inc.)

Casualty and Condemnation Proceeds. Payments received on account of the rental loss and/or business income interruption insurance specified in Section 5.1.1(a)(iii) above with respect to any Casualty or Condemnation shall be deposited directly into the Casualty and Condemnation Account. Notwithstanding anything to the contrary contained herein, if in connection with a Casualty any insurance company makes a payment under a property insurance Policy that any Borrower proposes be treated as rental loss or business income interruption insurance, then, notwithstanding any designation (or lack of designation) by the insurance company as to the purpose of such payment, as between Lender and Borrowers, such payment shall not be treated as rental loss or business income interruption Insurance Proceeds unless Borrowers have demonstrated to Lender’s satisfaction that the remaining Net Proceeds that have been received from the property insurance companies are sufficient to pay one hundred percent (100%) of the cost of the Restoration or, if such Net Proceeds are to be applied to repay the Obligations in accordance with the terms hereof, that such remaining Net Proceeds will be sufficient to satisfy the Obligations in full.. Pool 1

Appears in 1 contract

Samples: Loan Agreement (Ashford Hospitality Trust Inc)

Casualty and Condemnation Proceeds. Payments received on account of the rental loss and/or business income interruption insurance specified in Section 5.1.1(a)(iii) above with respect to any Casualty or Condemnation shall be deposited directly into the Casualty and Condemnation Account. Notwithstanding anything to the contrary contained herein, if in connection with a Casualty any insurance company makes a payment under a property insurance Policy that any Borrower proposes be treated as rental loss or business income interruption insurance, then, notwithstanding any designation (or lack of designation) by the insurance company as to the purpose of such payment, as between Lender and Borrowers, such payment shall not be treated as rental loss or business income interruption Insurance Proceeds unless Borrowers have demonstrated to Lender’s satisfaction that the remaining Net Proceeds that have been received from the property insurance companies are sufficient to pay one hundred percent (100%) of the cost of the Restoration or, if such Net Proceeds are to be applied to repay the Obligations in accordance with the terms hereof, that such remaining Net Proceeds will be sufficient to satisfy the Obligations in full.. Pool 2

Appears in 1 contract

Samples: Loan Agreement (Ashford Hospitality Trust Inc)

Casualty and Condemnation Proceeds. Payments received on account of the rental loss and/or business income interruption insurance specified in Section 5.1.1(a)(iiiSubsection 5.1.1 (a) (iii) above with respect to any Casualty or Condemnation shall be deposited directly into the Casualty and Condemnation Account. Notwithstanding anything to the contrary contained herein, if in connection with a Casualty any insurance company carrier makes a payment under a property insurance Policy that any Borrower proposes be treated as business or rental loss or business income interruption insurance, then, notwithstanding any designation (or lack of designation) by the insurance company carrier as to the purpose of such payment, as between Lender and BorrowersBorrower, such payment shall not be treated as business or rental loss or business income interruption Insurance Proceeds insurance proceeds unless Borrowers have Borrower has demonstrated to Lender’s 's satisfaction that the remaining Net Proceeds that have been will be received from the property insurance companies carriers are sufficient to pay one hundred percent (100%) % of the cost of fully restoring the Restoration Improvements or, if such Net Proceeds are to be applied to repay the Obligations Loan in accordance with the terms hereof, that such remaining Net Proceeds will be sufficient to satisfy pay off the Obligations Debt in full.

Appears in 1 contract

Samples: Loan Agreement (Glimcher Realty Trust)

Casualty and Condemnation Proceeds. Payments received on account of the rental loss and/or business income interruption insurance specified in Section SECTION 5.1.1(a)(iii) above with respect to any Casualty or Condemnation shall be deposited directly into the Casualty and Condemnation Account. Notwithstanding anything to the contrary contained herein, if in connection with a Casualty any insurance company makes a payment under a property insurance Policy that any Borrower proposes Borrowers propose be treated as business or rental loss or business income interruption insurance, then, notwithstanding any designation (or lack of designation) by the insurance company as to the purpose of such payment, as between Lender and Borrowers, such payment shall not be treated as business or rental loss or business income interruption Insurance Proceeds unless Borrowers have demonstrated to Lender’s 's reasonable satisfaction that the remaining Net Proceeds that have been will be received from the property insurance companies are sufficient to pay one hundred percent (100%) % of the cost of the Restoration or, if such Net Proceeds are to be applied to repay the Obligations in accordance with the terms hereof, that such remaining Net Proceeds will be sufficient to satisfy the Obligations in full.

Appears in 1 contract

Samples: Loan Agreement (Horizon Group Properties Inc)