Disposition of Insurance Proceeds. All insurance proceeds received by or payable with respect to damage or destruction of the Premises (except proceeds of insurance covering loss or damage of the Lessee’s Personal Property), less actual expenses incurred in connection with their collection, must be held by the Lessee in one or more federally insured, interest-bearing accounts, with all interest accrued thereon deemed proceeds of insurance for purposes of this Lease. However, if required by the Lessor, an insurance trustee acceptable to the Lessor may hold such proceeds for use in accordance with this Lease.
Disposition of Insurance Proceeds. (a) Except as provided otherwise in subsection (b) below, and subject to the requirements of Lessee’s lenders under any Indenture and the terms of any financing and loan agreements to which Lessee is a party, any and all fire or other insurance proceeds that become payable at any time during the Lease Term because of damage to or destruction of any improvements on the Premises or the Hospital Assets shall be paid to Lessee and applied by Lessee toward the cost of repairing and restoring the damaged or destroyed improvements or Hospital Assets as required hereunder.
(b) Commencing on the earliest to occur of (1) the date Lessor executes with a third party a new lease for the Premises to be effective upon expiration or termination of this Lease, or (2) the date that is five (5) years prior to the expiration of the Lease Term without Lessee and Lessor having entered into an extension of this Lease or a new lease for the Premises, the following provisions shall apply:
(i) Lessee shall not, without Lessor’s prior written consent, which Lessor may, subject to the requirements of Subsection (ii) below, withhold, condition, or delay in its sole and absolute discretion, use, expend, or apply any fire or other insurance proceeds that became payable at any time after this subsection becomes applicable because of damage to or destruction of any improvements on the Premises or the Hospital Assets for any Improvement, restoration, addition, replacement, or any other enhancements to the Premises, any improvements thereon, or for any Hospital Assets and, subject to the requirements of subsection (ii) below, Lessor may direct Lessee as to the expenditure, retention, reserving, application, or other disposition or use of such proceeds.
(ii) Lessor’s right to direct the expenditure, retention, reserving, application, or other disposition or use of any insurance proceeds or payments under this subsection (b) shall be subject and subordinate to any and all requirements imposed on the expenditure, retention, reserving, application, or other disposition or use of any insurance proceeds or payments contained in any financing or loan agreement to which Lessee is a party, including, without limitation, any capital lease, loan or acquisition financing agreement or indenture, service agreement, or license agreement.
Disposition of Insurance Proceeds. The Participating County agrees and acknowledges that the Board, in its sole discretion, may elect to use the proceeds of insurance procured pursuant to this Agreement to repay the Interim Loan and related costs. However, in the event of (i) damage or destruction of the Project caused by the perils covered by the insurance procured pursuant to this Agreement and (ii) if the Board elects to repay the Interim Loan and related costs, and (iii) if any insurance proceeds remain after the Interim Loan and related costs have been repaid, and (iv) such remaining insurance proceeds are distributed to the Department, then the Department agrees to distribute such remaining proceeds to the Participating County.
Disposition of Insurance Proceeds. The Participating County agrees and acknowledges that the Board, in its sole discretion, may elect to use the proceeds of insurance procured pursuant to this Agreement to repay the Interim Loan and related costs. However, in the event of (i) damage or destruction of the Project caused by the perils covered by the insurance procured pursuant to this Agreement and (ii) if the Board elects to repay the Interim Loan and related costs, and (iii) if any insurance proceeds remain after the Interim Loan and related costs have been repaid, and (iv) such remaining insurance proceeds are distributed to the [ENTER “Department” OR “BSCC”], then the [ENTER “Department” OR “BSCC”] agrees to distribute such remaining proceeds to the Participating County.
Disposition of Insurance Proceeds. The proceeds of any insurance maintained under Paragraph 4.2 shall be made available to Lessee for payment of costs and expenses of repair. In the event the insurance proceeds are insufficient to cover the cost of repair, then, except as expressly provided in Article VI, any amounts required over the amount of the insurance proceeds received that are required to complete such repair shall be paid by Lessee. Any unused portion over the amount required to complete any repair shall be retained by Lessee. Each of the parties hereto agrees to sign any and all documents required by the other party or the insurance company or companies that may be necessary for use in connection with the settlement of any loss under the appropriate insurance policies, provided that such documents are factually accurate and in no manner prejudicial to the interest of such party.
Disposition of Insurance Proceeds. All insurance proceeds received by or payable with respect to damage or destruction of the Premises (except proceeds of insurance covering loss or damage of the Lessee’s Personal Property), less actual expenses incurred in connection with their collection, shall be held by the Lessee in an interest bearing account, with all interest accrued thereon deemed proceeds of insurance for purposes of this Lease. However, if required by the Lessor with notice in writing to Lessee, an insurance trustee acceptable to the Lessor shall hold such proceeds for application in accordance with this Lease. Any insurance proceeds in excess to repair or restore damage or destruction to the Premises (or, in the event of no repair or restoration, all insurance proceeds) shall be remitted by Lessee to Lessor as Additional Rent.
Disposition of Insurance Proceeds. 13.2.1 Proceeds To Be Released To Pay For Work 13.2.2 Proceeds Not To Be Released 13.2.3 Lessee Responsible for Short-Fall
Disposition of Insurance Proceeds. Any insurance proceeds awarded or paid by reason of damage to or destruction of all or any portion of the Leased Premises shall be paid and belong to Landlord. If this Lease is not terminated by reason of any such damage or destruction, then all insurance proceeds payable by reason of loss to all or any portion of the Leased Premises shall be paid to Landlord for use in reconstruction of all or any portion of the Leased Premises, Upon completion of the repairs or reconstruction of the Leased Premises and the Parking Areas, any remaining insurance proceeds shall be retained by Landlord. Any cost of repair or reconstruction in excess of available insurance proceeds shall be borne by Landlord, and, except as expressly provided otherwise in this Article 18, Landlord’s obligations to repair or reconstruct under this Article 18 shall in no event be dependent or contingent upon the availability of adequate insurance proceeds therefor, or when or how the damage or destruction occurs.
Disposition of Insurance Proceeds. The financing documents shall provide that any insurance proceeds from fire and all-risk or other insurance shall be used for the full reconstruction and restoration of the Project and before repaying any part of the outstanding indebtedness secured by a Permitted Mortgage, unless other disposition of such insurance proceeds is provided in documents executed by the City or expressly approved in writing by the City.
Disposition of Insurance Proceeds. 13.2.1 Proceeds To Be Released to Pay For Work. In the event of any Casualty, except as provided for in Section 13.2.2, the Lessor (or Lessor's Lender for so long as the Promissory Note remains outstanding) shall release proceeds of property insurance held by it to pay for the Work in accordance with the provisions and procedures set forth in this Article 13, only if:
(a) all of the terms, conditions and provisions of Sections 13.1 and 13.2.1 are satisfied and all of the requirements of Lessor's Lender as set forth in the mortgage deed securing the Promissory Note are satisfied;
(b) there does not then exist any Lease Default or any state of facts or circumstance which, with the giving of notice and/or the passage of time, would constitute such a Lease Default;
(c) The Lessee demonstrates to the Lessor's or Lessor's Lender's satisfaction that the Lessee has the financial ability to satisfy the Lease Obligations during such repair or restoration; and
(d) no Sublease (excluding Resident Agreements) material to the operation of the Facility immediately prior to such damage or taking shall have been canceled or terminated, nor contain any still exercisable right to cancel or terminate, due to such Casualty if and to the extent that the income from such Sublease is necessary in order to avoid the violation of any of the financial covenants set forth in this Lease or otherwise to avoid the creation of an Event of Default.
