Common use of Escrow of Insurance Proceeds Clause in Contracts

Escrow of Insurance Proceeds. Subject to the requirements of any Facility Mortgagee, in the event of a Casualty resulting in an insurance loss payment for any Improvements and/or Personalty in an amount greater than Two Hundred Fifty Thousand Dollars ($250,000), unless this Lease is terminated as provided in Paragraph 17(a), the proceeds of all insurance policies maintained by Tenant plus the amount of any deductible shall, subject to all Legal Requirements, be deposited in the name of Landlord, Tenant and any Facility Mortgagee in an escrow account at an approved financial institution designated by Landlord, and shall be used by Tenant for the repair, reconstruction or restoration of the Improvements and/or Personalty. Such proceeds shall be disbursed periodically by escrow agent upon certification of the architect or engineer having supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction or restoration. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence that at all times the undisbursed portion of the escrowed funds, together with any funds made available by Tenant, is sufficient to pay for the repair, reconstruction or restoration in its entirety. If a Casualty results in a loss payment for the Improvements and/or Personalty in an amount equal to or less than Two Hundred Fifty Thousand Dollars ($250,000), unless this Lease is terminated as provided in Paragraph 17(a), then the proceeds shall be paid to Tenant, and shall be applied by Tenant toward the repair, reconstruction and restoration of the Leased Property. Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of the work, full and final waivers of lien.

Escrow of Insurance Proceeds. Subject to the requirements of any Facility Mortgagee, in the event of a Casualty resulting in an insurance loss payment for any Improvements and/or Personalty Related Personal Property in an amount greater than Two Hundred Fifty Thousand Dollars ($250,000250,000.00), unless this Lease is terminated as provided in Paragraph 17(a) or Paragraph 17(b), the proceeds of all insurance policies maintained by Tenant plus the amount of any deductible (to be deposited by Tenant) shall, subject to all Legal RequirementsRequirements and to the terms of any Facility Mortgage, be deposited in the name of Landlord, Tenant and any applicable Facility Mortgagee in an escrow account at an approved financial institution designated by LandlordLandlord or the Facility Mortgagee (which depositary may be the Facility Mortgagee) (the "Escrow Agent"), and shall be used by Tenant for the repair, reconstruction or restoration of the Improvements and/or PersonaltyRelated Personal Property. Such proceeds shall be disbursed periodically by escrow agent the Escrow Agent upon certification of the general contractor, architect or engineer having supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction or restoration. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence that at all times the undisbursed portion of the escrowed funds, together with any funds made available by Tenant, is sufficient to pay for the repair, reconstruction or restoration in its entirety. If Subject to the requirements of a Facility Mortgage, if a Casualty results in a loss payment for the Improvements and/or Personalty Related Personal Property in an amount equal to or less than Two Hundred Fifty Thousand Dollars ($250,000250,000.00), unless this Lease is terminated as provided in Paragraph 17(a17(b), then the proceeds shall be paid to Tenant, and shall be applied by Tenant toward the repair, reconstruction and restoration of the Leased Property. Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of the work, full and final waivers of lien.

Escrow of Insurance Proceeds. Subject to the requirements of any Facility Mortgagee, in In the event of a Casualty casualty resulting in an insurance a loss payment for any to the Improvements and/or Personalty FF&E in an amount greater than Two Hundred Fifty Thousand Dollars ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($250,000), unless this Lease is terminated as provided in Paragraph 17(a100,000.00), the proceeds of all insurance policies maintained by Tenant plus the amount of any deductible shall, subject to all Legal Requirements, shall be deposited in the Landlord's name of Landlord, Tenant and any Facility Mortgagee in an escrow account at an approved a bank or other financial institution designated by Landlord, and shall be used by Tenant for the repair, reconstruction or restoration of the Improvements and/or PersonaltyFF&E to their original condition. Such proceeds shall be disbursed periodically by escrow agent Landlord upon certification of the architect or engineer having supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction or restoration. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence acceptable to Landlord that at all times the undisbursed portion of the escrowed funds, together with any funds made available by Tenant, is sufficient to pay for the repair, reconstruction or restoration in its entirety. If a Casualty results in a loss payment for the Improvements and/or Personalty in an amount equal to or less than Two Hundred Fifty Thousand Dollars ($250,000), unless this Lease is terminated as provided in Paragraph 17(a), then the proceeds shall be paid to Tenant, and shall be applied by Tenant toward the repair, reconstruction and restoration of the Leased Property. Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of the said work, full and final waivers of lien. In the event of a casualty resulting in a loss payment for the Improvements in an amount equal to or less than the amount stated above, the proceeds shall be paid to Tenant, and shall be applied towards repair, reconstruction and restoration. Any and all loss adjustments with respect to losses payable hereunder shall require the prior written consent of Landlord. All salvage resulting from any risk covered by insurance shall belong to Tenant, provided any rights to the same have been waived by the insurer. In addition, notwithstanding anything in this Lease to the contrary, Tenant shall be strictly liable and solely responsible for the amount of any deductible and shall, upon any insurable loss in excess of $100,000.00, pay over the amount of such deductible to Landlord (for deposit in escrow with the insurance proceeds, as aforesaid) at the time and in the manner herein provided for payment of the applicable proceeds to Landlord.

Escrow of Insurance Proceeds. Subject to the requirements of any Facility Mortgagee, in In the event of a Casualty casualty resulting in an insurance a loss payment for any the Improvements and/or Personalty in an amount greater than Two Hundred Fifty Thousand Dollars FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($250,000), unless this Lease is terminated as provided in Paragraph 17(a500,000.00), the proceeds of all insurance policies maintained by Tenant plus the amount of any deductible shall, subject to all Legal Requirements, shall be deposited in the Landlord’s name of Landlord, Tenant and any Facility Mortgagee in an escrow account at an approved a bank or other financial institution designated by Landlord, and shall be used by Tenant for the repair, reconstruction or restoration of the Improvements and/or PersonaltyImprovements. Such proceeds shall be disbursed periodically by escrow agent Landlord upon certification of the architect or engineer having supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction or restoration. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence that at all times the undisbursed portion of the escrowed funds, together with any funds made available by Tenant, is sufficient to pay for the repair, reconstruction or restoration in its entirety. If Tenant shall obtain and make receipted bills available to Landlord and, upon completion of said work, full and final waivers of lien. Upon the final completion of the repair, reconstruction or restoration, any un-disbursed portion of the escrowed funds, plus any interest earned thereon, shall be delivered to Landlord. In the event of a Casualty results casualty resulting in a loss payment for the Improvements and/or Personalty in an amount equal to or less than Two Hundred Fifty Thousand Dollars ($250,000)the amount stated above, unless this Lease is terminated as provided in Paragraph 17(a), then the proceeds shall be paid to Tenant, and shall be applied by Tenant toward the towards repair, reconstruction and restoration of the Leased Property. Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of the work, full and final waivers of lienrestoration.

Escrow of Insurance Proceeds. Subject to the requirements of any Facility Mortgagee, in In the event of a Casualty casualty resulting in an insurance a loss payment for any to the Leased Improvements and/or Personalty FF&E in an amount greater than Two Hundred Fifty Thousand Dollars ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($250,000100,000.00), unless (as determined by an architect, engineer or other design professional approved by Landlord), and provided this Lease is not terminated as provided in Paragraph 17(a)Section 10.1 hereof, the proceeds of all insurance policies maintained by Tenant plus for and with respect to the amount of any deductible shall, subject to all Legal Requirements, Leased Property shall be deposited in the Landlord's and Tenant's name of Landlord, Tenant and any Facility Mortgagee in an escrow account at an approved a bank or other financial institution designated by Landlord, and shall be used by Tenant for the repair, reconstruction or restoration of the Leased Improvements and/or PersonaltyFF&E to their original condition. Such proceeds shall be disbursed periodically by escrow agent Landlord upon certification of the architect architect, engineer or engineer other design professional approved by Landlord and having supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction or restoration. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence acceptable to Landlord that at all times the undisbursed portion of the escrowed funds, together with any funds made available by TenantTenant or Landlord as applicable and required in this Agreement, is sufficient to pay for the repair, reconstruction or restoration in its entirety. If a Casualty results in a loss payment for the Improvements and/or Personalty in an amount equal to or less than Two Hundred Fifty Thousand Dollars ($250,000), unless this Lease is terminated as provided in Paragraph 17(a), then the proceeds shall be paid to Tenant, and shall be applied by Tenant toward the repair, reconstruction and restoration of the Leased Property. Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of the said work, full and final waivers of lien. In the event of a casualty resulting in a loss payment for the Leased Improvements in an amount equal to or less than $100,000.00, the proceeds shall be paid to Tenant, and shall be applied towards repair, reconstruction and restoration. Any and all loss adjustments with respect to losses to the Leased Property payable hereunder shall require the prior written consent of Landlord. All salvage resulting from any risk covered by insurance shall belong to Tenant, provided any rights to the same have been waived by the insurer. In addition, notwithstanding anything in this Agreement to the contrary in connection with a casualty contemplated in this Section 10.3, Tenant shall be strictly liable and solely responsible for the amount of any deductible and shall pay for all repairs, reconstruction or alterations up to the full amount of such deductible (and provide evidence of such payment to Landlord by documentation reasonably acceptable to Landlord) before any insurance proceeds are used for repairs, reconstruction or alterations.

Escrow of Insurance Proceeds. Subject to the requirements of any Facility Mortgagee, in In the event of a Casualty casualty ---------------------------- resulting in an insurance loss payment for any the Improvements and/or Personalty in an amount greater than Two Hundred Fifty Thousand Dollars ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($250,000), unless this Lease is terminated as provided in Paragraph 17(a100,000.00), the proceeds of all insurance policies maintained by Tenant plus the amount of any deductible shall, subject to all Legal Requirements, shall be deposited in the Landlord's and Tenant's name of Landlord, Tenant and any Facility Mortgagee in an escrow account at an approved the Bank or another financial institution designated by LandlordLandlord ("Escrow Agent"), and shall be used by Tenant (subject to subparagraph (a) above) for the repair, reconstruction or restoration of the Improvements and/or Personalty. Such proceeds shall be disbursed periodically by escrow agent Escrow Agent upon certification of the architect or engineer having supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction or restoration. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence that at all times the undisbursed portion of the escrowed funds, together with any funds made available by Tenant, is sufficient to pay for the repair, reconstruction or restoration in its entirety. If a Casualty results in a loss payment for the Improvements and/or Personalty in an amount equal to or less than Two Hundred Fifty Thousand Dollars ($250,000), unless this Lease is terminated as provided in Paragraph 17(a)the amount stated above, then the proceeds shall be paid to Tenant, and shall be applied by Tenant (subject to subparagraph (a) above) toward the repair, reconstruction and restoration of the Leased PropertyPremises in its entirety. Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of the work, full and final waivers of lien.

Escrow of Insurance Proceeds. Subject to the requirements of any Facility Mortgagee, in the event of a Casualty resulting in an insurance loss payment for any Improvements and/or Personalty Related Personal Property in an amount greater than Two Hundred Fifty Thousand Dollars ($250,000250,000.00), unless this Lease is terminated as provided in Paragraph 17(a17(b), the proceeds of all insurance policies maintained by Tenant plus the amount of any deductible (to be deposited by Tenant) shall, subject to all Legal RequirementsRequirements and to the terms of any Facility Mortgage, be deposited in the name of Landlord, Tenant and any Facility Mortgagee in an escrow account at an approved financial institution designated by LandlordLandlord or the Facility Mortgagee (which depositary may be the Facility Mortgagee) (the "Escrow Agent"), and shall be used by Tenant for the repair, reconstruction or restoration of the Improvements and/or PersonaltyRelated Personal Property. Such proceeds shall be disbursed periodically by escrow agent the Escrow Agent upon certification of the architect or engineer having supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction or restoration. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence that at all times the undisbursed portion of the escrowed funds, together with any funds made available by Tenant, is sufficient to pay for the repair, reconstruction or restoration in its entirety. If Subject to the requirements of a Facility Mortgage, if a Casualty results in a loss payment for the Improvements and/or Personalty Related Personal Property in an amount equal to or less than Two Hundred Fifty Thousand Dollars ($250,000250,000.00), unless this Lease is terminated as provided in Paragraph 17(a17(b), then the proceeds shall be paid to Tenant, and shall be applied by Tenant toward the repair, reconstruction and restoration of the Leased Property. Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of the work, full and final waivers of lien.

Escrow of Insurance Proceeds. Subject to the requirements of any Facility Mortgagee, in In the event of a Casualty casualty resulting in an insurance loss payment for any the Improvements and/or Personalty in an amount greater than Two Hundred Fifty Thousand Dollars ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($250,000), unless this Lease is terminated as provided in Paragraph 17(a100,000.00), the proceeds of all insurance policies maintained by Tenant plus the amount of any deductible shall, subject to all Legal Requirements, shall be deposited in the Landlord’s and Tenant’s name of Landlord, Tenant and any Facility Mortgagee in an escrow account at an approved the Bank or another financial institution designated by LandlordLandlord (“Escrow Agent”), and shall be used by Tenant (subject to subparagraph (a) above) for the repair, reconstruction or restoration of the Improvements and/or Personalty. Such proceeds shall be disbursed periodically by escrow agent Escrow Agent upon certification of the architect or engineer having supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction or restoration. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence that at all times the undisbursed portion of the escrowed funds, together with any funds made available by Tenant, is sufficient to pay for the repair, reconstruction or restoration in its entirety. If a Casualty results in a loss payment for the Improvements and/or Personalty in an amount equal to or less than Two Hundred Fifty Thousand Dollars ($250,000), unless this Lease is terminated as provided in Paragraph 17(a)the amount stated above, then the proceeds shall be paid to Tenant, and shall be applied by Tenant (subject to subparagraph (a) above) toward the repair, reconstruction and restoration of the Leased PropertyPremises in its entirety. Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of the work, full and final waivers of lien.

Escrow of Insurance Proceeds. Subject to the requirements of any Facility Mortgagee, in In the event of a Casualty casualty resulting in an insurance loss payment for any the Improvements and/or Personalty in an amount greater than Two Hundred Fifty Thousand Dollars ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($250,000), unless this Lease is terminated as provided in Paragraph 17(a100,000.00), the proceeds of all insurance policies maintained by Tenant plus the amount of any deductible shall, subject to all Legal Requirements, shall be deposited in the Landlord's and Tenant's name of Landlord, Tenant and any Facility Mortgagee in an escrow account at an approved the Bank or another financial institution designated by Landlord, and shall be used by Tenant (subject to SUBPARAGRAPH (A) above) for the repair, reconstruction or restoration of the Improvements and/or Personalty. Such proceeds shall be disbursed periodically by escrow agent Escrow Agent upon certification of the architect or engineer having supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction or restoration. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence that at all times the undisbursed portion of the escrowed funds, together with any funds made available by Tenant, is sufficient to pay for the repair, reconstruction or restoration in its entirety. If a Casualty casualty results in a loss payment for the Improvements and/or Personalty in an amount equal to or less than Two Hundred Fifty Thousand Dollars ($250,000), unless this Lease is terminated as provided in Paragraph 17(a)the amount stated above, then the proceeds shall be paid to Tenant, and shall be applied by Tenant (subject to SUBPARAGRAPH (A) above) toward the repair, reconstruction and restoration of the Leased PropertyPremises in its entirety. Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of the work, full and final waivers of lien.

Escrow of Insurance Proceeds. Subject to the requirements of any Facility Mortgagee, in In the event of a Casualty casualty resulting in an insurance loss payment for any the Improvements and/or Personalty in an amount greater than Two Hundred Fifty Thousand Dollars ___________________ AND NO/100 DOLLARS ($250,000), unless this Lease is terminated as provided in Paragraph 17(a________), the proceeds of all insurance policies maintained by Tenant plus the amount of any deductible shall, subject to all Legal Requirements, shall be deposited in the Landlord's name of Landlord, Tenant and any Facility Mortgagee in an escrow account at an approved the Bank or another financial institution designated by Landlord, and shall be used by Tenant (subject to SUBPARAGRAPH (A) above) for the repair, reconstruction or restoration of the Improvements and/or Personalty. Such proceeds shall be disbursed periodically by escrow agent Landlord upon certification of the architect or engineer having supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction or restoration. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence that at all times the undisbursed portion of the escrowed funds, together with any funds made available by Tenant, is sufficient to pay for the repair, reconstruction or restoration in its entirety. If a Casualty casualty results in a loss payment for the Improvements and/or Personalty in an amount equal to or less than Two Hundred Fifty Thousand Dollars ($250,000), unless this Lease is terminated as provided in Paragraph 17(a)the amount stated above, then the proceeds shall be paid to Tenant, and shall be applied by Tenant (subject to SUBPARAGRAPH (A) above) toward the repair, reconstruction and restoration of the Leased PropertyPremises in its entirety. Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of the work, full and final waivers of lien.

Escrow of Insurance Proceeds. Subject to the requirements of any Facility Mortgagee, in In the event of a Casualty casualty resulting in an insurance loss payment for any the Improvements and/or Personalty in an amount greater than Two Hundred Fifty Thousand Dollars ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($250,000), unless this Lease is terminated as provided in Paragraph 17(a100,000.00), the proceeds of all insurance policies maintained by Tenant plus the amount of any deductible shall, subject to all Legal Requirements, shall be deposited in the Landlord's and Tenant's name of Landlord, Tenant and any Facility Mortgagee in an escrow account at an approved the Bank or another financial institution designated by Landlord, and shall be used by Tenant (subject to subparagraph (a) above) for the repair, reconstruction or restoration of the Improvements and/or Personalty. Such proceeds shall be disbursed periodically by escrow agent Escrow Agent upon certification of the architect or engineer having supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction or restoration. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence that at all times the undisbursed portion of the escrowed funds, together with any funds made available by Tenant, is sufficient to pay for the repair, reconstruction or restoration in its entirety. If a Casualty casualty results in a loss payment for the Improvements and/or Personalty in an amount equal to or less than Two Hundred Fifty Thousand Dollars ($250,000), unless this Lease is terminated as provided in Paragraph 17(a)the amount stated above, then the proceeds shall be paid to Tenant, and shall be applied by Tenant (subject to subparagraph (a) above) toward the repair, reconstruction and restoration of the Leased PropertyPremises in its entirety. Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of the work, full and final waivers of lien.

Escrow of Insurance Proceeds. Subject Tenant shall adjust, collect and compromise any and all claims, with the consent of Landlord and Lender, not to be unreasonably withheld, delayed or conditioned, and Landlord and Lender shall have the requirements of any Facility Mortgagee, in right to join with Tenant therein. In the event of a Casualty casualty resulting in an insurance a loss payment for any the Improvements and/or Personalty in an amount greater than Two One Hundred Fifty Thousand Dollars ($250,000), unless this 100,000.00) (which amount shall be increased by two percent (2%) per annum for each Lease is terminated as provided in Paragraph 17(aYear), the proceeds of all insurance policies maintained by Tenant plus the amount of any deductible shall, subject to all Legal Requirements, shall be deposited in the Landlord’s name of Landlord, Tenant and any Facility Mortgagee in an escrow account at an approved a bank or other financial institution designated by Landlord, and shall be used by Tenant for the repair, reconstruction or restoration of the Improvements and/or PersonaltyImprovements. Such proceeds shall be disbursed periodically periodically, but no less often than once a month subject to Tenant's satisfaction of the requirements of this Section 10.2, by escrow agent Landlord upon certification of the architect or engineer having supervision of the work work, or upon certification by Tenant together with such other documentation reasonably acceptable to Landlord, confirming that such amounts are the amounts paid or payable for the repair, reconstruction or restoration. Tenant shall, at the time of establishment of such escrow account and from time to time thereafter until said work shall have been completed and paid for, furnish Landlord with adequate evidence that at all times the undisbursed portion of the escrowed funds, together with any funds made available by Tenant, is sufficient to pay for the repair, reconstruction or restoration in its entiretyentirety or the remaining portion thereof. If Tenant shall obtain and make receipted bills available to Landlord and, upon completion of said work, full and final waivers of lien. In the event of a Casualty results casualty resulting in a loss payment for the Improvements and/or Personalty in an amount equal to or less than Two Hundred Fifty Thousand Dollars ($250,000)the amount stated above, unless this Lease is terminated as provided in Paragraph 17(a), then the proceeds shall be paid to Tenant, and shall be applied by Tenant toward the towards repair, reconstruction and restoration of the Leased Property. Tenant shall obtain, and make available to Landlord, receipted bills and, upon completion of the work, full and final waivers of lienrestoration.