Common use of DIC Policy Clause in Contracts

DIC Policy. If required by Landlord’s lender or the holder of a Mortgage during the term hereof, Tenant shall, at its expense, keep the Leased Premises insured in the name of Landlord and Tenant (as their interests may appear with each as named or an additional insured or loss payee as applicable to provide each with the best position) against all risks of direct physical loss or damage, except those risks excluded under Tenant’s insurance required under paragraph (A) of this Article, under a so-called difference in conditions policy (“DIC Policy”) in the amount of 100% of the replacement cost thereof. The proceeds of such insurance in case of loss or damage shall be held in trust and applied on account of the obligation of Tenant to repair and/or rebuild the Leased Premises pursuant to the Article captioned “Damage Clause” to the extent that such proceeds are required for such purpose. The insurance required to be carried by Tenant under this paragraph shall be evidenced by a certificate of insurance (such insurance certificate with respect to property insurance shall be issued on XXXXX 27) from Tenant’s insurer, authorized agent or broker. Upon request, Landlord may name the holder of any Mortgage on the Leased Premises pursuant to a standard mortgagee clause, additional insured or loss payee as such holder shall elect with respect to the foregoing property insurance provided such holder agrees in writing to disburse such insurance proceeds to Tenant for, and periodically during the course of, repair and restoration of the Leased Premises as set forth in this Lease. Any such insurance related proceeds not required for the repair and restoration of the Facility shall belong to Landlord.

DIC Policy. If required by Landlord’s lender or the holder of a Mortgage during the term hereof, Tenant shall, at its expense, keep the Leased Premises insured in the name of Landlord and Tenant (as their interests may appear with each as named or an additional insured or loss payee as applicable to provide each with the best position) against all risks of direct physical loss or damage, except those risks excluded under Tenant’s insurance required under paragraph (A) of this Article, under a so-called difference in conditions policy (“DIC Policy”) in the amount of 100% of the replacement cost thereof. , which shall include those endorsements set forth on Exhibit D. The proceeds of such insurance in case of loss or damage shall be held in trust and applied on account of the obligation of Tenant to repair and/or rebuild the Leased Premises pursuant to the Article captioned “Damage Clause” to the extent that such proceeds are required for such purpose. The insurance required to be carried by Tenant under this paragraph shall be evidenced by a certificate of insurance (such insurance certificate with respect to property insurance shall be issued on XXXXX 27) from Tenant’s insurer, authorized agent or broker. Upon request, Landlord may name the holder of any Mortgage on the Leased Premises pursuant to a standard mortgagee clause, additional insured or loss payee as such holder shall elect with respect to the foregoing property insurance provided such holder agrees in writing to disburse such insurance proceeds to Tenant for, and periodically during the course of, repair and restoration of the Leased Premises as set forth in this Lease. Any such insurance related proceeds not required for the repair and restoration of the Ski Facility shall belong to Landlord.