DAMAGE OR DESTRUCTION OF LEASED PREMISES. A. This Section 26 is subject and subordinate to Sections 39 and 41 of this Lease Agreement, and, notwithstanding anything contained in this Section 26 to the contrary, the negotiation, distribution and application of casualty and hazard insurance proceeds shall be governed according to the terms and conditions set forth in the Senior Mortgage and other loan documents secured thereby, for so long as the Senior Mortgage shall be in effect. To the extent required by the Senior Mortgage, any casualty and hazard insurance proceeds in respect of the Leased Premises shall be paid to the Mortgagee thereunder. In no event shall City receive any such insurance proceeds until the Leased Premises are restored or the Senior Mortgage is paid in full. Lessee’s obligation to restore the Leased Premises following any damage or destruction shall be limited to the extent that casualty and hazard insurance proceeds are made available to Lessee. If the building or other improvements on the Leased Premises should be damaged or destroyed by fire, tornado or other casualty through no fault of Lessee, Lessee shall immediately give written notice thereof to City.
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Samples: Cooperative Endeavor Lease Agreement, Cooperative Endeavor Lease Agreement, Cooperative Endeavor Lease Agreement
