Casualty Losses, Claims for Damages to Improvements, Use of Proceeds Sample Clauses

Casualty Losses, Claims for Damages to Improvements, Use of Proceeds. In the event of any casualty damage to the Improvements, Lessor may make proof of loss if Lessee fails to do so within sixty (60) days of the casualty and after thirty (30) days' written notice from Lessor of its intent to do so. The insurance proceeds (the "Proceeds") of any insurance on the Improvements shall be paid as provided in any applicable Permitted Leasehold Mortgage, then, as provided in any applicable Legal Requirement and as provided in this Ground Lease. Unless the casualty occurs within five years of the Expiration Date of this Ground Lease, the Proceeds (unless required to be paid and used differently pursuant to the preceding sentence), shall be delivered to Lessee and Lessee shall promptly repair or replace the damaged and destroyed Improvements to substantially the condition existing the day prior to the casualty or in a manner reasonably satisfactory to Lessor. Lessee’s obligation to repair or replace Improvements under this Section 8.6 is limited to the amount of such repair or replacement for which adequate Proceeds are made available to Lessee or such additional funds as may be made available to Lessee from other sources. Subject to the first sentence of this Section 8.6, any Proceeds not used for the repair, restoration, or replacement of the Improvements shall be distributed on the same basis as any condemnation proceeds pursuant to the provisions of Section 16 below. If the damage occurs within five (5) years of the Expiration Date of this Ground Lease, then Lessor shall have the option of Terminating this Ground Lease and, subject to the first sentence of this Section 8.6, retaining all the Proceeds in excess of the amount required to pay the remaining balance, if any, on any Permitted Leasehold Mortgages.
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Related to Casualty Losses, Claims for Damages to Improvements, Use of Proceeds

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