Common use of Destruction; Insurance Proceeds Clause in Contracts

Destruction; Insurance Proceeds. If there shall occur any damage to, or loss or destruction of, the Improvements, Real Estate Fixtures and Equipment, or any part of any thereof (each, a "Destruction"), Mortgagor shall promptly send to Mortgagee a notice setting forth the nature and extent of such Destruction; provided, however, that Mortgagor shall not be required to deliver the notice contemplated in this sentence in the event that any Destruction would give rise to insurance proceeds in an amount less than or equal to $500,000. The proceeds of any insurance payable in respect of any such Destruction shall constitute Trust Moneys and are hereby assigned and shall be paid to Mortgagee. All such proceeds, less the amount of any expenses incurred in litigating, arbitrating, compromising or settling any claim arising out of such Destruction (the "Net Proceeds"), shall constitute Trust Moneys and be applied in accordance with the provisions of this Mortgage and/or the Indenture. Mortgagee is hereby authorized and directed to pay from Trust Moneys any and all such expenses deemed reasonably necessary by Mortgagee in connection with the foregoing.

Destruction; Insurance Proceeds. If there shall occur any damage to, or loss or destruction of, the Improvements, Real Estate Fixtures and Equipment, or any part of any thereof (each, a "Destruction"), Mortgagor shall promptly send to Mortgagee a notice setting forth the nature and extent of such Destruction; provided, however, that Mortgagor shall not be required to deliver the notice contemplated in this sentence in the event that any Destruction would give rise to insurance proceeds in an amount less than or equal to $500,000. The proceeds of any insurance payable in respect of any such Destruction shall constitute Trust Moneys and are hereby assigned and shall be paid to Mortgagee. All such proceeds, less the amount of any expenses incurred in litigating, arbitrating, compromising or settling any claim arising out of such Destruction (the "Net Proceeds"), shall constitute Trust Moneys and be applied in accordance with the provisions of this Mortgage Mortgage, the Indenture and/or the IndentureIntercreditor Agreement. Mortgagee is hereby authorized and directed to pay from Trust Moneys any and all such expenses deemed reasonably necessary by Mortgagee in connection with the foregoing.

Destruction; Insurance Proceeds. If there shall occur any damage to, or loss or destruction of, the Improvements, Real Estate Fixtures and Equipment, or any part of any thereof (each, a "Destruction"), Mortgagor shall promptly send to Mortgagee a notice setting forth the nature and extent of such Destruction; provided, however, that Mortgagor shall not be required to deliver the notice contemplated in this sentence in the event that any Destruction would give rise to insurance proceeds in an amount less than or equal to $500,000. The proceeds of any insurance payable in respect of any such Destruction shall constitute Trust Moneys and are hereby assigned and shall be paid to Mortgagee250,000. All such proceeds, less the amount of any expenses incurred in litigating, arbitrating, compromising or settling any claim arising out of such Destruction (the "Net Proceeds"), are hereby assigned and shall be paid to Mortgagee. Such Net Proceeds shall constitute Trust Moneys (as defined in the Exchange Indenture) and be applied in accordance with the provisions of this Mortgage and/or the Indenture. Exchange Indenture and in connection therewith Mortgagee is hereby authorized and directed to pay from Trust Moneys any and all such expenses deemed reasonably necessary by Mortgagee in connection with the foregoing.

Destruction; Insurance Proceeds. If there shall occur any damage to, or loss or destruction of, the Improvements, Real Estate Fixtures Improvements and Equipment, or any part of any thereof (each, a "Destruction"), Mortgagor Debtor shall promptly send to Mortgagee Holder a notice setting forth the nature and extent of such Destruction; provided, however, that Mortgagor Debtor shall not be required to deliver the notice contemplated in this sentence in the event that any Destruction would give rise to insurance proceeds in an amount less than or equal to $500,000U.S.$50,000. The proceeds of any insurance payable in respect of any such Destruction shall constitute Trust Moneys and are hereby assigned and shall be paid to MortgageeHolder. All such proceeds, less the amount of any expenses incurred in litigating, arbitrating, compromising or settling any claim arising out of such Destruction (the "Net Proceeds"), shall constitute Trust Moneys pursuant to Article XII of the Indenture and be applied in accordance with the provisions of this Mortgage Debenture, the Indenture and/or the IndentureAdditional Lender Intercreditor Agreement. Mortgagee Holder is hereby authorized and directed to pay from Trust Moneys any and all such expenses deemed reasonably necessary or reasonable by Mortgagee Holder in connection with the foregoing.