Casualty and Insurance Proceeds. Notwithstanding anything in the Lease to the contrary and so long as the indebtedness, or any part of it, secured by the Mortgage remains outstanding and unpaid and the Mortgage remains of record: (i) the Lease shall not terminate or be cancelled upon the damage or destruction by fire or other casualty of all, substantially all, or any part of the Demised Premises; (ii) the public liability and property damage insurance policies required to be maintained pursuant to the Lease shall name Lender as an additional named insured and loss payee/mortgagee, respectively; (iii) the form of such policies and amounts thereof shall at all times be in accordance with the terms of the Mortgage and Lender shall have the sole and absolute right to adjust and settle any insurance claim; and (iv) Landlord hereby subordinates its interest in and rights to receive any insurance proceeds to Lender and agrees that all proceeds of such insurance polices shall be payable to Lender as loss payee to be applied by Lender in accordance with the terms of the Mortgage and the Loan Agreement.
Casualty and Insurance Proceeds. (i) In the event of any Casualty to the Condominium or of any Residential Units, Borrower shall promptly notify Lender of such loss. Borrower further covenants and agrees that (A) Lender may, in its sole discretion, with respect to any Residential Units and their appurtenant common interest which are subject to the Security Instrument from time to time, but only to the extent permitted by any Legal Requirements, elect to vote in place and stead of Borrower with respect to all matters of repair and restoration of the same and with respect to insurance under the terms and as provided in the Condominium By-Laws, to the extent that any such votes are taken (and to the extent it may legally do so), (B) in order to effectuate the foregoing, Borrower hereby irrevocably appoints Lender, or any agent designated by Lender, as the agent of Borrower so to act with respect to said right to vote, (C) written notice from Lender of such election in each such event to the Residential Unit owners association and to Borrower is to be deemed conclusive evidence as to such right to vote, (D) said agency is coupled with an interest, (E) Borrower shall make all advances for repair and restoration due to inadequacy of insurance, other than advances which are the obligation of another owner of a Residential Unit, (F) if Borrower fails to promptly do so, upon notice to Borrower, Lender may make such advances and the same together with interest thereon at the Default Rate shall be added to the Loan and secured by the Security Instrument, and (G) if Lender makes such advances pursuant to the immediately preceding clause (F) Borrower shall execute and deliver and record, at no expense to Lender, such documents Lender may reasonably require further evidencing and confirming such advances and such security.
Casualty and Insurance Proceeds. If the Property is damaged by fire or other casualty, Lender shall have received insurance proceeds, along with additional cash funds deposited with Lender by Borrower, sufficient to effect the restoration of the Improvements in accordance with Plans and Specifications and to permit the completion of the Improvements in accordance with the Loan Documents.
Casualty and Insurance Proceeds. So long as the indebtedness or any part thereof secured by the Security Instrument remains outstanding and unpaid and the Security Instrument remains of record, Authority and Redeveloper agree that: (a) the Lease shall not terminate or be cancelled without Bank’s prior consent if the Demised Premises or any part thereof has been damaged or destroyed by fire or other casualty; (b) the insurance policies required to be maintained pursuant to the Lease shall name Bank as an additional named insured and loss payee/mortgagee; (c) the form of such policies and amounts thereof shall at all times comply with the requirements of the Security Instrument; (d) Bank shall be entitled, at Bank’s option, to participate in any adjustment, settlement or compromise with respect to any insurance claim; and (e) all proceeds of such insurance policies shall be payable first to Bank as loss payee to be applied by Bank in accordance with the terms of the Security Instrument or other applicable Loan Documents. Authority hereby subordinates any right it may have under the Lease to receive such proceeds to protect Bank’s right to receive such proceeds.
