Common use of Casualty Occurrences Clause in Contracts

Casualty Occurrences. (a) Losses, if any, with respect to any Property under any property damage policies required to be carried under Section 2.8(c) shall be adjusted with the insurance companies, including the filing of appropriate proceedings, as follows: (x) so long as no Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, and provided that the Lessee is required by the Operative Documents, or has agreed, to repair the damage to the applicable Property, such losses shall be adjusted by the Lessee, and (y) if any Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, or if the Lessee is not required to, and has not agreed, to repair the damage to the applicable Property, such losses shall be adjusted by the Administrative Agent. The party which shall be entitled to adjust losses may appear in any proceeding or action to negotiate, prosecute, adjust or appeal any claim for any award, compensation or insurance payment on account of any Casualty; provided, that the Construction Agent shall pay all expenses thereof; subject to Section 5.4 hereof. At the request of the party entitled to adjust any such losses, and at the Construction Agent's sole cost and expense (subject to Section 5.4 hereof), the other party shall participate in any such proceeding, action, negotiation, prosecution or adjustment. The parties hereto agree that this Construction Agency Agreement shall control the rights of the parties hereto in and to any such award, compensation or insurance payment relating to any Casualty affecting any Property during the Interim Lease Term for such Property. (b) All proceeds of insurance maintained pursuant to Section 2.8(c) on account of any damage to or destruction of any Property or any part thereof shall be paid over to the Administrative Agent or as it may direct; provided that if no Lease Event of Default, Construction Agency Agreement Event of Default or Event of Loss shall have occurred and be continuing, such funds shall be held by the Administrative Agent in a segregated account and, so long as the Construction Agent is diligently repairing the damage to the applicable Property caused by the applicable Casualty, disbursed to the Construction Agent to effect the repair of the applicable Property.

Casualty Occurrences. (a) Losses, if any, In the event of a Casualty with respect to any the Property during the Construction Period, insurance awards for losses under any property damage policies builder’s risk insurance or, to the extent required hereby, insurance for earthquake or flood, required to be carried under Section 2.8(c) hereunder, shall be adjusted with the insurance companies, including the filing of appropriate proceedings, as follows: (xi) so long as no Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, and provided that the Lessee is required by the Operative Documents, or has agreed, to repair the damage to the applicable Property, such insurance awards for losses shall be adjusted by the LesseeConstruction Agent (or, if such insurance awards relate to a Force Majeure Event, adjusted jointly by the Construction Agent and the Lessor) for payment to the Agent and shall be available to reimburse the Construction Agent for the continued construction in accordance with the Operative Agreements, and (yii) if any Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, or if the Lessee is not required to, and has not agreed, to repair the damage to the applicable Property, such losses shall be adjusted by the Administrative Agent. The party which shall be entitled to adjust losses may appear in any proceeding or action to negotiate, prosecute, adjust or appeal any claim for any award, compensation or insurance payment on account of any Casualty; provided, that the Construction Agent shall pay all reasonable expenses thereof; , subject to Section 5.4 hereofhereof and Section 11.6 of the Participation Agreement. At the request of the party entitled to adjust any such losses, and at the Construction Agent's ’s sole cost and expense (subject to Section 5.4 hereofhereof and Section 11.6 of the Participation Agreement), the other party shall participate in any such proceeding, action, negotiation, prosecution or adjustment. The parties hereto agree that this Construction Agency Agreement shall control the rights of the parties hereto in and to any such award, compensation or insurance payment relating to any Casualty affecting any the Property during the Interim Lease Term for such PropertyConstruction Period. (b) All Subject to the last sentence of this paragraph, all proceeds of insurance maintained pursuant to Section 2.8(c) the requirements hereof on account of any damage to or destruction of any the Property during the Construction Period or any part thereof shall be paid over to the Administrative Agent or and distributed as it may direct; provided that follows: (i) if no Lease Event of Default, Construction Default or Agency Agreement Event of Default or Event of Loss shall have occurred and be continuing, then such funds proceeds shall be held by the Administrative Agent in a segregated account and, so long as the Construction Agent is diligently repairing the damage to the applicable Property caused by the applicable Casualty, shall be disbursed from time to time to the Construction Agent to effect the repair and, upon completion of such repair (as evidenced by an Officer’s Certificate of Construction Agent delivered to the Agent) distribute any funds then remaining in such account to the Construction Agent, or (ii) if a Lease Event of Default or Agency Agreement Event of Default shall have occurred and be continuing, such proceeds shall be distributed in accordance with Section 8.7(b)(ii) of the applicable Participation Agreement. If a Casualty occurs during the Construction Period with respect to all, or substantially all, the Property and the Lessor has determined, in its commercially reasonable discretion, that there is no reasonable means by which Completion may be achieved on or prior to the Construction Period Termination Date and that no additional Advances will be made to restore the Property, then all such proceeds of insurance referenced in the preceding sentence shall be distributed as set forth in Section 8.7(b)(i) of the Participation Agreement.

Casualty Occurrences. (a) Losses, if any, with respect to any Property under any property damage policies required to be carried under Section 2.8(c) shall be adjusted with the insurance companies, including the filing of appropriate proceedings, as follows: (x) so long as no Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, and provided that the Lessee is required by the Operative Documents, or has agreed, to repair the damage to the applicable Property, such losses shall be adjusted by the Lessee, and (y) if any Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, or if the Lessee is not required to, and has not agreed, to repair the damage to the applicable Property, such losses shall be adjusted by the Administrative Agent. The party which shall be entitled to adjust losses may appear in any proceeding or action to negotiate, prosecute, adjust or appeal any claim for any award, compensation or insurance payment on account of any Casualty; provided, that the Construction Agent shall pay all expenses thereof; subject to Section 5.4 hereof. At the request of the party entitled to adjust any such losses, and at the Construction Agent's sole cost and expense (subject to Section 5.4 hereof), the other party shall participate in any such proceeding, action, negotiation, prosecution or adjustment. The parties hereto agree that this Construction Agency Agreement shall control the rights of the parties hereto in and to any such award, compensation or insurance payment relating to any Casualty affecting any Property during the Interim Lease Term for such Property. (b) All proceeds of insurance maintained pursuant to Section 2.8(c) on account of any damage to or destruction of any Property or any part thereof shall be paid over to the Administrative Agent or as it may direct; provided that if no Lease Event of Default, Construction Agency Agreement Event of Default or Event of Loss shall have occurred and be continuing, such funds shall be held by the Administrative Agent in a segregated account and, so long as the Construction Agent is diligently repairing the damage to the applicable Property caused by the applicable Casualty, disbursed to the Construction Agent to effect the repair of the applicable Property.

Casualty Occurrences. (a) Losses, if any, In the event of a Casualty with respect to any the Construction Period Property, insurance awards for losses with respect to the Construction Period Property under any property damage policies builder’s risk insurance or, to the extent required hereby, insurance for earthquake or flood, required to be carried under Section 2.8(c) hereunder, shall be adjusted with the insurance companies, including the filing of appropriate proceedings, as follows: (xi) so long as no Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, and provided that the Lessee is required by the Operative Documents, or has agreed, to repair the damage to the applicable Property, such insurance awards for losses shall be adjusted by the LesseeConstruction Agent (or, if such insurance awards relate to a Force Majeure Event, adjusted jointly by the Construction Agent and the Lessor) for payment to the Agent and shall be available to reimburse the Construction Agent for the continued construction of the Construction Period Property in accordance with the Operative Agreements, and (yii) if any Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, or if the Lessee is not required to, and has not agreed, to repair the damage to the applicable Property, such losses shall be adjusted by the Administrative Agent. The party which shall be entitled to adjust losses may appear in any proceeding or action to negotiate, prosecute, adjust or appeal any claim for any award, compensation or insurance payment on account of any Casualty; provided, that the Construction Agent shall pay all expenses thereof; , subject to Section 5.4 hereofhereof and Section 11.6 of the Participation Agreement. At the request of the party entitled to adjust any such losses, and at the Construction Agent's ’s sole cost and expense (subject to Section 5.4 hereofhereof and Section 11.6 of the Participation Agreement), the other party shall participate in any such proceeding, action, negotiation, prosecution or adjustment. The parties hereto agree that this Construction Agency Agreement shall control the rights of the parties hereto in and to any such award, compensation or insurance payment relating to any Casualty affecting any the Property during the Interim Lease Term for such PropertyConstruction Period. (b) All Subject to the last two sentences of this paragraph, all proceeds of insurance maintained pursuant to Section 2.8(c) the requirements hereof on account of any damage to or destruction of any the Property during the Construction Period or any part thereof shall be paid over to the Administrative Agent or and distributed as it may direct; provided that follows: (i) if no Lease Event of Default, Construction Default or Agency Agreement Event of Default or Event of Loss shall have occurred and be continuing, then such funds proceeds shall be held by the Administrative Agent in a segregated account and, so long as the Construction Agent is diligently repairing the damage to the applicable Property caused by the applicable Casualty, disbursed to the Construction Agent monthly, as construction and restoration proceeds to effect the repair of the applicable Property., or (ii) if a Lease Event of Default or Agency Agreement Event of Default shall have occurred and be continuing, such proceeds shall be distributed in accordance with Section 8.7(b)(ii) of the Participation Agreement. If a Casualty occurs during the Construction Period with respect to all, or substantially all, of the Property and the Lessor has determined, in its commercially reasonable discretion, that there is no reasonable means by which Completion may be achieved on or prior to the Construction Period Termination Date and that no additional Advances will be made to restore the Property, then all such proceeds of insurance referenced in this Section 3.4(b) shall be distributed as set forth in Section 8.7(b)(i)