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.
Insurance Funds. Except as set forth on the Disclosure Schedule:
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:
Insurance Funds. 140 SECTION 6.5
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. (a) From and after the Closing, if any member of the Company Group receives any funds relating to the insurance claim with respect to the St. Clair Incident (including without limitation any funds due to the Company Group as reflected on the accounting records of the Company Group as of the date hereof as account number 122521 (Insurance Deductibles)), Buyer shall cause such member of the Company Group to remit such funds to Seller within five Business Days after its receipt thereof; provided, however, that in the event that Buyer receives any such funds or insurance proceeds in excess of the St. Clair Reimbursement Amount, the amount to be remitted to Seller shall be decreased by the amount of Taxes due on such excess (calculated at a combined U.S. federal, state and local Tax rate of 25%; provided, that such Tax rate shall be adjusted to take into account the apportionment of state and local Taxes for the most recently completed taxable year of the Company Group as of the time such funds are received (as such apportionment is determined in connection with the preparation of the Company Group’s income Tax Returns for such taxable year)). (b) Once known, Seller shall provide Buyer with the final American Integrity Reimbursement Amount. From and after the Closing, if any member of the Company Group receives any funds relating to the insurance claim with respect to the American Integrity Incident (including without 49
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.
Insurance Funds
