Common use of Conditions on Property Insurance Clause in Contracts

Conditions on Property Insurance. In addition to the other conditions and requirements for insurance policies set forth in this ARTICLE 11, Xxxxxx's construction and property insurance policies shall satisfy the following conditions. The policy or policies evidencing construction and property insurance shall provide that, in the event of loss there under, and subject to the terms of any Mortgage, the proceeds of the policy or policies shall be payable to Tenant (or to a Mortgagee) (except as provided in the last sentence of this section 11.3) to be used solely for the repairs or replacement of the property damaged or destroyed, with any balance of the proceeds not required for such repairs or replacement to be paid to Tenant (or to a Mortgagee) (except as provided in the last sentence of this section 11.3); provided, however, that the insurer, after payment of any proceeds in accordance with the provisions of the policy or policies shall have no obligation or liability with respect to the use or disposition of the proceeds. Nothing herein contained shall be construed as an obligation upon Landlord to perform construction, improvements, repairs or replacement of the Premises or any part thereof. Notwithstanding the foregoing, Landlord shall be named as a loss payee of insurance proceeds in excess off3) (4) subject and subordinate to the rights of any Mortgagee as primary loss payee, provided, that, Landlord agrees that such insurance proceeds will be made available to Tenant to pay for repair or replacement of the damaged Improvements.

Conditions on Property Insurance. In addition to the other conditions and requirements for insurance policies set forth in this ARTICLE 1112, Xxxxxx's Tenant’s construction and property insurance policies shall satisfy the following conditions. The policy or policies evidencing construction and property insurance shall provide that, in the event of loss there underthereunder, and subject to the terms of any Mortgage, the proceeds of the policy or policies shall be payable to Tenant (or to a Mortgagee or a trustee approved or appointed by a Mortgagee) (except as provided in the last sentence of this section 11.3Section 12.3) to be used solely for the repairs or replacement of the property damaged or destroyed, with any balance of the proceeds not required for such repairs or replacement to be paid to Tenant (or to a Mortgagee or a trustee approved or appointed by a Mortgagee) (except as provided in the last sentence of this section 11.3Section 12.3); provided, however, that the insurer, after payment of any proceeds in accordance with the provisions of the policy or policies shall have no obligation or liability with respect to the use or disposition of the proceeds. Nothing herein contained shall be construed as an obligation upon Landlord to perform construction, improvements, repairs or replacement of the Premises or any part thereof. Notwithstanding the foregoing, Landlord shall be named as a loss payee of insurance proceeds in excess off3) of Five Million Dollars (4) $5,000,000.00), subject and subordinate to the rights of Tenant and any Mortgagee as primary loss payee, provided, that, Landlord agrees that such insurance proceeds will be made available to Tenant to pay for repair or replacement of the damaged Improvements.

Conditions on Property Insurance. In addition to the other conditions and requirements for insurance policies set forth in this ARTICLE 1112, Xxxxxx's ’s construction and property insurance policies shall satisfy the following conditions. The policy or policies evidencing construction and property insurance shall provide that, in the event of loss there underthereunder, and subject to the terms of any Mortgage, the proceeds of the policy or policies shall be payable to Tenant (or to a Mortgagee or a trustee approved or appointed by a Mortgagee) (except as provided in the last sentence of this section 11.3Section 12.3) to be used solely for the repairs or replacement of the property damaged or destroyed, with any balance of the proceeds not required for such repairs or replacement to be paid to Tenant (or to a Mortgagee or a trustee approved or appointed by a Mortgagee) (except as provided in the last sentence of this section 11.3Section 12.3); provided, however, that the insurer, after payment of any proceeds in accordance with the provisions of the policy or policies shall have no obligation or liability with respect to the use or disposition of the proceeds. Nothing herein contained shall be construed as an obligation upon Landlord to perform construction, improvements, repairs or replacement of the Premises or any part thereof. Notwithstanding the foregoing, Landlord shall be named as a loss payee of insurance proceeds in excess off3) of Five Million Dollars (4) $5,000,000.00), subject and subordinate to the rights of Tenant and any Mortgagee as primary loss payee, provided, that, Landlord agrees that such insurance proceeds will be made available to Tenant to pay for repair or replacement of the damaged Improvements.

Conditions on Property Insurance. In addition to the other conditions and requirements for insurance policies set forth in this ARTICLE 11, XxxxxxTenant's construction and property insurance policies shall satisfy the following conditions. The policy or policies evidencing construction and property insurance shall provide that, in the event of loss there under, and subject to the terms of any Mortgage, the proceeds of the policy or policies shall be payable to Tenant (or to a Mortgagee) (except as provided in the last sentence of this section 11.3) to be used solely for the repairs or replacement of the property damaged or destroyed, with any balance of the proceeds not required for such repairs or replacement to be paid to Tenant (or to a Mortgagee) (except as provided in the last sentence of this section 11.3); provided, however, that the insurer, after payment of any proceeds in accordance with the provisions of the policy or policies shall have no obligation or liability with respect to the use or disposition of the proceeds. Nothing herein contained shall be construed as an obligation upon Landlord to perform construction, improvements, repairs or replacement of the Premises or any part thereof. Notwithstanding the foregoing, Landlord shall be named as a loss payee of insurance proceeds in excess off3) (4) subject and subordinate to the rights of any Mortgagee as primary loss payee, provided, that, Landlord agrees that such insurance proceeds will be made available to Tenant to pay for repair or replacement of the damaged Improvements.