Distribution of Insurance Proceeds. (a) All Casualty Proceeds paid to Landlord or the Fee Mortgagee on account of such damage or destruction under the policies of insurance provided for in Section 7.1(a), less the cost, if any, incurred in connection with the adjustment of the loss and the collection thereof, shall be paid by Landlord (if no Material Monetary Default then exists hereunder which is continuing), either to reimburse Tenant for expenditures made in connection with the Restoration or to pay contractors, subcontractors, materialmen, engineers, architects or other persons who have rendered services or furnished materials for such Restoration, and shall be paid out as hereinafter provided from time to time as such Restoration progresses, upon the written request of Tenant which shall be accompanied by the following:
Distribution of Insurance Proceeds. In the event that insurance proceeds are not applied to restoration of the Premises, the Improvements, or any portion thereof and this Lease is terminated pursuant to Sections 13.1 or 13.2 hereof, the insurance proceeds received as the result of such Casualty shall be distributed to the First Mortgagee in accordance with the First Mortgage Loan Mortgage for the repayment of the First Mortgage Loan if such Casualty occurs while the First Mortgage Loan Mortgage is in effect and otherwise in accordance with Section 13.1 hereof; provided, however, that Tenant may retain the following amount of insurance proceeds: (i) any reasonable costs, fees or expenses incurred by Tenant in connection with the adjustment of the loss or collection of the proceeds; (ii) any reasonable costs incurred by Tenant in connection with the Premises after the Casualty, which costs are eligible for reimbursement from such insurance proceeds; and (iii) the proceeds of any rental loss or business interruption insurance applicable prior to the date of surrender of the Premises to Landlord.
Distribution of Insurance Proceeds. In the event of a Casualty and subsequent termination of this Lease pursuant to Section 11.1 hereof, the insurance proceeds received as the result of such Casualty shall be assigned or paid over to Landlord and/or Tenant in accordance with the provisions of Section 10.4 herein.
Distribution of Insurance Proceeds. Notwithstanding anything contained within this Sublease, the proceeds of any insurance received by the HRRA and the Tenant as a result of the damage or destruction of the Project, or a portion thereof, shall be dealt with as follows: Field Code Changed Field Code Changed
Distribution of Insurance Proceeds. In the event that this Lease is terminated pursuant to Sections 11.1 or 11.2 hereof, the insurance proceeds received as the result of such Casualty shall be distributed as follows: (a) first, if Leasehold Mortgage(s) are in place, to the Lenders to the extent of any indebtedness then owed to such Lender in order of the Lien priority of the Leasehold Mortgages; (b) second, the balance, if any, of such insurance proceeds shall be paid to Lessee or, as applicable pursuant to Sections 11.1 and 11.2 above, assigned or paid over to Lessor.
Distribution of Insurance Proceeds. If this Lease is terminated pursuant to this Article 10, the insurance proceeds received as the result of such Casualty shall be distributed as follows: (a) if any Leasehold Mortgages are in place, first to the Leasehold Mortgagee to the extent of any indebtedness then owed to such Leasehold Mortgagees; and (b) then to Tenant or Condominium Association.
Distribution of Insurance Proceeds. In the event of any casualty from which the insurance proceeds exceed $35,000, the Mortgagor will give prompt notice to Mortgagee, and will commence proof of loss with the casualty insurer. Mortgagee reserves the right to direct and approve all proof of loss and claims procedures for claims reasonably determined by Mortgagee to exceed $500,000. If proof of loss is not made promptly by the Mortgagor, Mortgagee is authorized by the Mortgagor to do so. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Mortgagee and not to the Mortgagor and Mortgagee jointly. The term “Net Proceeds” for purposes of this Section 1.7 shall mean: the net amount of all insurance proceeds under the policies carried pursuant to Section 1.6 of this Mortgage as a result of such damage or destruction, after deduction of Mortgagee’s reasonable costs and expenses (including, but not limited to reasonable counsel fees), if any, in collecting the same.
Distribution of Insurance Proceeds. Unless otherwise agreed to by the parties, the proceeds of any insurance to be maintained by the CRCA under this License which are received by the County and/or the CRCA as a result of the damage or destruction of the Facility, or a portion thereof, shall be applied to the costs of repairing, replacing, or reconstructing the Facility.
Distribution of Insurance Proceeds. The Insurance Proceeds will be used and distributed only as follows:
Distribution of Insurance Proceeds. In the event insurance proceeds hereafter are realized on the Vessel or related facilities, then the proceeds thereof shall be distributed to the Preferred Mortgagee except that any and all insurance proceeds attributable to the Collateral shall be distributed to the Lender to the extent of the Obligations under the Loan Agreement.
