Insurance Casualty Condemnation. The Lessee agrees to procure and maintain, or cause to be procured and maintained, the insurance coverage required pursuant to the Mortgage Loan Documents and/or applicable HUD Requirements, including HUD Notices H 04-01 and H 04-15. Insurance proceeds and the proceeds of any condemnation award or other compensation paid by reason of a conveyance in lieu of the exercise of such power, with respect to the Leased Premises or any portion thereof shall be applied in accordance with the terms of the Mortgage Loan Documents and applicable HUD Program Requirements. The decision to repair, reconstruct, restore or replace the Leased Premises following a casualty or condemnation shall be subject to the terms of the Mortgage Loan Documents and applicable HUD Requirements.
Appears in 3 contracts
Samples: Operating Lease Addendum, Operating Lease Addendum, Operating Lease Addendum
Insurance Casualty Condemnation. The Lessee Tenant agrees to procure and maintain, or cause to be procured and maintained, the insurance coverage required pursuant to the Mortgage HUD Loan Documents and/or applicable HUD Requirements, including HUD Notices H 04-01 and H 04-15. Insurance proceeds and the proceeds of any condemnation award or other compensation paid by reason of a conveyance in lieu of the exercise of such power, with respect to the Leased Premises Premises, or any portion thereof thereof, shall be applied in accordance with the terms of the Mortgage HUD Loan Documents and applicable HUD Program Requirements. The decision to repair, reconstruct, restore or replace the Leased Premises following a casualty or condemnation shall be subject to the terms of the Mortgage HUD Loan Documents and applicable HUD Requirements.
Appears in 2 contracts
Samples: Lease Agreement (Cornerstone Core Properties REIT, Inc.), Lease Agreement (Cornerstone Core Properties REIT, Inc.)
