Common use of Casualty and Condemnation Proceeds Clause in Contracts

Casualty and Condemnation Proceeds. Notwithstanding anything in this Agreement to the contrary, in the event of any casualty to or condemnation of any Site or any portion thereof during such time as any Secured Lessee Loan shall remain unsatisfied, the Lessee Lender shall be entitled to receive all insurance Proceeds and/or condemnation awards (up to the amount of the indebtedness secured by the Lessee Loan) otherwise payable to Lessee and apply same to restoration of the Leased Property in accordance with the provisions of this Agreement (to the extent required by the terms of this Agreement); provided that if the Leased Property is not required to be restored pursuant to the terms of this Agreement, such Proceeds may be applied to the Secured Lessee Loan. Upon the Lessee Lender's request, the name of such Lessee Lender may be added to the "Loss Payable Endorsement" of any and all insurance policies required to be carried by Lessee hereunder.