Common use of INCLUSION OF MORTGAGEE AS LOSS PAYEE Clause in Contracts

INCLUSION OF MORTGAGEE AS LOSS PAYEE. Subject to the provisions hereinafter set forth in this section, the policies provided shall also provide, if required by either party hereto, for any loss to be payable to any Mortgagee as the respective interest of such party may appear, pursuant to a standard mortgagee clause or endorsement, provided, however, that such Mortgagee must agree that any insurance proceeds received by such party shall be made available for restoration of the improvements, or equivalent improvements, to at least the condition of said improvements prior to the casualty. Any loss shall be adjusted with the insurance companies by Lessor.

INCLUSION OF MORTGAGEE AS LOSS PAYEE. Subject to the provisions hereinafter set forth in this section, the policies provided shall also provide, if required by either party hereto, for any loss to be payable to any Mortgagee as the respective interest of such party may appear, pursuant to a standard mortgagee clause or endorsement, provided, however, that such Mortgagee must agree that any insurance proceeds received by such party shall be made available for restoration of the improvements, or equivalent improvements, to at least the condition of said improvements prior to the casualtycasualty giving rise to the payment of such proceeds of said lender. Any The loss shall be adjusted with the insurance companies by Lessor.