Insurance Funds. 61 6.3.1. Deposits of Insurance Funds .......................................................................... 61 6.3.2. Release of Insurance Funds ............................................................................ 61 Section 6.4. Capital Expenditure Funds .............................................................................. 61 6.4.1. Deposits of Capital Expenditure Funds .......................................................... 61 6.4.2. Release of Capital Expenditure Funds ........................................................... 62 Section 6.5. Ongoing Rollover Funds .................................................................................. 63 6.5.1. Deposits of Ongoing Rollover Funds ............................................................. 63 6.5.2. Release of Ongoing Rollover Funds .............................................................. 63 Section 6.6.
Insurance Funds. 140 SECTION 6.5
Insurance Funds. In the event of loss under any policy or policies of insurance described in Article VIII hereof and if Tenant is not in default under this lease, the net amount of insurance proceeds so collected by Landlord after payment of expenses incurred in such collection shall be disbursed to Tenant in the same manner and following the customs ordinarily employed by a mortgage bank making construction loans and be applied toward the expense of repairing or rebuilding the buildings or improvements which have been damaged or destroyed; provided, however, that it shall first appear to the satisfaction of Landlord that the amount of insurance money available, plus any additional funds deposited by Tenant, shall at all times be sufficient to pay for the completion of said repairs or rebuilding. Upon the completion of said repairs or rebuilding, free from all liens of mechanics and others, any surplus funds shall be paid to Tenant. All payouts by the Landlord as hereinabove required, shall be made after making provision for reasonable holdbacks and upon receipt of a certificate of the architect or engineer in charge of the repairs and rebuilding stating:
(a) that the sum requested is due to the contractors, materialmen, laborers, engineers, architects, or other persons (whose names and addresses shall be stated) who have furnished services or materials for the repairs and restoration, or is required to reimburse Tenant for expenditures made by Tenant in connection with the repairs and restoration;
(b) that the sum requested when added to all sums previously paid out under this Article for the repairs and restoration does not exceed the value of the repairs and restoration done to the date of such certificate;
(c) the progress of the repairs and restoration;
(d) that the repairs and restoration have been done pursuant to all plans and specifications required by Section 9.2 hereof; and
(e) that in the opinion of the architect or engineer, the remaining amount of the sum on deposit will be sufficient upon the completion of the repairs and restoration to pay for the same in full. Tenant shall furnish the Landlord at the time of any such payment with such statements and waivers of lien as may be required under the mechanic's lien law of Illinois and an official search, or other evidence satisfactory to the Landlord, that there has not been filed with respect to the demised premises any mechanic's or other lien which has not been discharged of record, in respect of any work, la...
Insurance Funds. Except as set forth on the Disclosure Schedule:
(a) Seller maintains workers' compensation insurance covering all its employees; and Seller has paid all premiums on said insurance and has no outstanding debts with respect thereto; and
(b) To the best of Seller's and Shareholder's knowledge, no work-related accident has occurred for which Seller may be classified as an uninsured employer.
Insurance Funds. (a) Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 6.4 of the Mortgage Loan Agreement.
(b) In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i) Mortgage Borrower is required to maintain the Insurance Account pursuant to the terms of Section 6.4 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage Loan has been repaid in full, (A) Agent shall have the right to require Borrower to establish and maintain a reserve account that would operate in the same manner as the Insurance Account pursuant to Section 6.4 of the Mortgage Loan Agreement and irrespective of any waiver granted by Mortgage Lender, and (B) the provisions of Section 6.4 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference.
Insurance Funds. Except as set forth on the Disclosure Schedule:
(a) Seller maintains an insurance policy in full force and effect with the Colorado State Insurance Fund covering all its employees; and Seller has paid all premiums on said policy and has no outstanding debts with respect thereto; and
(b) No work-related accident has occurred for which Seller may be classified as an uninsured employer.
Insurance Funds. (a) Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 6.3 of the Mortgage Loan Agreement.
(b) In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i) Mortgage Borrower is required to maintain the Insurance Account pursuant to the terms of Section 6.3 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage Loan has been repaid in full, (A) Lender shall have the right to require Borrower to promptly establish and maintain a reserve account that would operate in the same manner as the Insurance .Account pursuant to Section 6.3 of the Mortgage Loan Agreement, and (B) the provisions of Section 6.3 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference.
Insurance Funds. (a) Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 6.3 of the Mortgage Loan Agreement.
(b) In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i) Mortgage Borrower is required to maintain the Insurance Account pursuant to the terms of Section 6.3 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage Loan has been repaid in full, (A) to the extent permitted to do so under the Mortgage Loan Documents, Lender shall have the right to require Borrower to promptly establish and maintain a reserve account that would operate in the same manner as the Insurance Account pursuant to Section 6.3 of the Mortgage Loan Agreement, and (B) the provisions of Section 6.3 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference.
Insurance Funds. Except as set forth on the Disclosure Schedule:
(a) Seller maintains an insurance policy in full force and effect with the Georgia State Insurance Fund covering all its employees; and Seller has paid all premiums on said policy and has no outstanding debts with respect thereto; and
(b) To the best of Seller's knowledge, no work-related accident has occurred for which Seller may be classified as an uninsured employer.
Insurance Funds. Borrower shall deposit with Lender (a) on the Closing Date $24,653.93 and (b) on each Payment Date, an amount equal to one-twelfth of the Insurance Premiums that Lender estimates will be payable for renewal or replacement of the Policies upon the expiration thereof (initially $7,100.45 per month), which amounts shall be transferred into a Subaccount (the “Insurance Subaccount”). Amounts deposited into the Insurance Subaccount are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums becoming due, Lender may so notify Borrower, and then commencing with the first Payment Date thereafter, the monthly deposits for Insurance Funds shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies. Lender shall release Insurance Funds to pay Insurance Premiums due, subject to such conditions as Lender may reasonably require, including that Lender shall have received invoices for the same not less than thirty (30) days before the due dates thereof, the Insurance Funds on deposit with Lender shall be sufficient therefor and no Event of Default shall exist.
