Common use of Insufficient Insurance Proceeds Clause in Contracts

Insufficient Insurance Proceeds. If the cost of the repair or restoration of the Leased Property exceeds the sum of the deductible and the amount of insurance proceeds received by Landlord and Tenant pursuant to Article 9(a), (c), (d) or, if applicable, (e), Tenant shall give Landlord Notice thereof which notice shall set forth in reasonable detail the nature of such deficiency and whether Tenant shall pay and assume the amount of such deficiency (Tenant having no obligation to do so, except that, if Tenant shall elect to make such funds available, the same shall become an irrevocable obligation of Tenant pursuant to this Agreement). In the event Tenant shall elect not to pay and assume the amount of such deficiency, Landlord shall have the right (but not the obligation), exercisable at Landlord's sole election by Notice to Tenant, given within sixty (60) days after Tenant's notice of the deficiency, to elect to make available for application to the cost of repair or restoration the amount of such deficiency; provided, however, in such event, upon any disbursement by Landlord thereof, the Minimum Rent shall be adjusted as provided in Section 3.1.1(b). In the event that neither Landlord nor Tenant shall elect to make such deficiency available for restoration, either Landlord or Tenant may terminate this Agreement by Notice to the other, whereupon, this Agreement shall terminate as provided in Section 10.2.1. It is expressly understood and agreed, however, that, notwithstanding anything in this Agreement to the contrary, Tenant shall be strictly liable and solely responsible for the amount of any deductible.

Insufficient Insurance Proceeds. (a) If the cost of the repair or restoration of the applicable Leased Property exceeds the sum of the deductible and the amount of insurance proceeds received by Landlord and Tenant pursuant to Article 9(a), (c), (d) or, if applicable, (e), Tenant shall give Landlord Notice thereof which notice shall set forth in reasonable detail the nature of such deficiency and whether Tenant shall pay and assume the amount of such deficiency (Tenant having no obligation to do so, except that, if Tenant shall elect to make such funds available, the same shall become an irrevocable obligation of Tenant pursuant to this Agreement). In the event Tenant shall elect not to pay and assume the amount of such deficiency, Landlord shall have the right (but not the obligation), exercisable at Landlord's sole election by Notice to Tenant, given within sixty (60) days after Tenant's notice of the deficiency, to elect to make available for application to the cost of repair or restoration the amount of such deficiency; provided, however, in such event, upon any disbursement by Landlord thereof, the Minimum Rent shall be adjusted as provided in Section 3.1.1(b). In the event that neither Landlord nor Tenant shall elect to make such deficiency available for restoration, either Landlord or Tenant may terminate this Agreement with respect to the applicable Leased Property by Notice to the other, whereupon, this Agreement shall terminate with respect to such Leased Property as provided in Section 10.2.1. It is expressly understood and agreed, however, that, notwithstanding anything in this Agreement to the contrary, Tenant shall be strictly liable and solely responsible for the amount of any deductible.in

Insufficient Insurance Proceeds. If the cost of the repair or restoration of the Leased Property exceeds the sum of the deductible and the amount of insurance proceeds received by Landlord and Tenant pursuant to Article 9(a), (c), (d) or, if applicable, (e), Tenant shall give Landlord Notice thereof which notice shall set forth in reasonable detail the nature of such deficiency and whether Tenant shall pay and assume the amount of such deficiency (Tenant having no obligation to do so, except that, if Tenant shall elect to make such funds available, the same shall become an irrevocable obligation of Tenant pursuant to this Agreement). In the event Tenant shall elect not to pay and assume the amount of such deficiency, Landlord shall have the right (but not the obligation), exercisable at Landlord's sole election by Notice to Tenant, given within sixty (60) days after Tenant's notice of the deficiency, to elect to make available for application to the cost of repair or restoration the amount of such deficiency; provided, however, in such event, upon any disbursement by Landlord thereof, the Minimum Rent shall be adjusted as provided in Section 3.1.1(b). In the event that neither Landlord nor Tenant shall elect to make such deficiency available for restoration, either Landlord or Tenant may terminate this Agreement by Notice to the other, whereupon, this Agreement shall terminate as provided in Section 10.2.1. It is expressly understood and agreed, however, that, notwithstanding anything in this Agreement to the contrary, Tenant shall be strictly liable and solely responsible for the amount of any deductibledeductible (other than the deductibles under the then existing earthquake insurance maintained in accordance with Section 9.1; provided Tenant shall use the funds in the Reserve to pay such deductible up to Two Hundred Fifty Thousand Dollars ($250,000.00) per Hotel and shall be strictly liable and solely responsible for the amount of any deductible in excess of said $250,000.00. If Tenant does not fund the deductible for earthquake insurance as aforesaid and there are insufficient funds or no funds available in the Reserve to pay the same, Landlord may -- and where required by Section 10.3.3, Landlord shall - fund the deductible or applicable portion thereof in which event Minimum Rent shall be adjusted as provided in Section 3.1.1(b).

Insufficient Insurance Proceeds. If the cost of the ------------------------------- repair or restoration of the Leased Property exceeds the sum of the deductible and the amount of insurance proceeds received by Landlord and Tenant pursuant to Article 9(a), (c), (d) or, -------------------------- if applicable, (e), Tenant shall give Landlord Notice thereof which notice shall ------------------ set forth in reasonable detail the nature of such deficiency and whether Tenant shall pay and assume the amount of such deficiency (Tenant having no obligation to do so, except that, if Tenant shall elect to make such funds available, the same shall become an irrevocable obligation of Tenant pursuant to this Agreement). In the event Tenant shall elect not to pay and assume the amount of such deficiency, Landlord shall have the right (but not the obligation), exercisable at Landlord's sole election by Notice to Tenant, given within sixty (60) days after Tenant's notice of the deficiency, to elect to make available for application to the cost of repair or restoration the amount of such deficiency; provided, however, in such event, upon any disbursement by Landlord -------- ------- thereof, the Minimum Rent shall be adjusted as provided in Section 3.1.1(b). In ---------------- the event that neither Landlord nor Tenant shall elect to make such deficiency available for restoration, either Landlord or Tenant may terminate this Agreement by Notice to the other, whereupon, this Agreement shall terminate as provided in Section 10.2.1. It is expressly understood and agreed, however, -------------- that, notwithstanding anything in this Agreement to the contrary, Tenant shall be strictly liable and solely responsible for the amount of any deductibledeductible and shall, upon any insurable loss, pay over the amount of such deductible to Landlord at the time and in the manner herein provided for payment of the applicable proceeds to Landlord.

Insufficient Insurance Proceeds. If the cost of the repair or restoration of the Leased Property exceeds the sum of the deductible and the amount of insurance proceeds received by Landlord and Tenant pursuant to Article 9(a9.1(a), (c), (d) or, if applicable, (eg), Tenant shall give Landlord Notice thereof which notice shall set forth in reasonable detail the nature of such deficiency and whether Tenant shall pay and assume the amount of such deficiency (Tenant having no obligation to do so, except that, if Tenant shall elect to make such funds available, the same shall become an irrevocable obligation of Tenant pursuant to this Agreement). In the event Tenant shall elect not to pay and assume the amount of such deficiency, Landlord shall have the right (but not the obligation), exercisable at Landlord's sole election by Notice to Tenant, given within sixty (60) days after Tenant's notice of the deficiency, to elect to make available for application to the cost of repair or restoration the amount of such deficiency; provided, however, in such event, upon any disbursement by Landlord thereof, the Minimum Rent shall be adjusted as provided in Section 3.1.1(b). In the event that neither Landlord nor Tenant shall elect to make such deficiency available for restoration, either Landlord or Tenant may terminate this Agreement by Notice to the other, whereupon, this Agreement shall terminate as provided in Section 10.2.1. It is expressly understood and agreed, however, that, notwithstanding anything in this Agreement to the contrary, Tenant shall be strictly liable and solely responsible for the amount of any deductibledeductible (other than the deductibles under the then existing earthquake insurance maintained in accordance with Section 9.1; provided Tenant shall use the funds in the Reserve to pay such deductible up to $250,000 and shall be strictly liable and solely responsible for the amount of any deductible in excess of $250,000). If Tenant does not fund the deductible for earthquake insurance as aforesaid and there are insufficient funds or no funds available in the Reserve to pay the same, Landlord may -- and where required by Section 10.3.3, Landlord shall - fund the deductible or applicable portion thereof in which event Minimum Rent shall be adjusted as provided in Section 3.1.1(b).