Common use of Insurance Proceeds Paid to Facility Mortgagee Clause in Contracts

Insurance Proceeds Paid to Facility Mortgagee. Notwithstanding anything herein to the contrary, in the event that any Facility Mortgagee is entitled to any insurance proceeds, or any portion thereof, under the terms of any Facility Mortgage, such proceeds shall be applied, held and/or disbursed in accordance with the terms of the Facility Mortgage. In the event that the Facility Mortgagee elects to apply the insurance proceeds to the indebtedness secured by the Facility Mortgage, Lessee shall either (i) restore such Facility to substantially the same (or better) condition as existed immediately before the damage or destruction, or (ii) offer to acquire such Facility from Lessor for the Minimum Purchase Price within the time periods provided for in this Master Lease. In such case, Lessee shall receive a credit against the purchase price for amounts applied to pay the Facility Mortgage. Lessor shall make commercially reasonable efforts to cause the Net Proceeds to be applied to the restoration of such Facility. If Lessee fails to make the election or if Lessee elects not to restore, or if Lessee fails to commence or complete the restoration within the time limits specified in this Article XIV, then Lessee shall be deemed to have elected to purchase the affected Leased Property.

Insurance Proceeds Paid to Facility Mortgagee. Notwithstanding anything herein to the contrary, in the event that any Facility Mortgagee is entitled to any insurance proceeds, or any portion thereof, under the terms of any Facility Mortgage, such proceeds shall be applied, held and/or disbursed in accordance with the terms of the Facility Mortgage. In the event that the Facility Mortgagee elects to apply the insurance proceeds to the indebtedness secured by the Facility Mortgage, Lessee Tenant shall either (i) restore such Facility to substantially the same (or better) condition as existed immediately before the damage or destruction, or (ii) offer pay the Compensatory Payment to acquire such Facility from Lessor for Landlord within one hundred eighty (180) days of the Minimum Purchase Price within the time periods provided for in this Master Leaseapplicable casualty. In such case, Lessee Tenant shall receive a credit against the purchase price Compensatory Payment for amounts applied to pay the Facility Mortgage. Lessor Landlord shall make commercially reasonable efforts to cause the Net Proceeds net proceeds to be applied to the restoration of such Facility. If Lessee Tenant fails to make the election or if Lessee Tenant elects not to restore, or if Lessee Tenant fails to commence or complete the restoration within the time limits specified in this Article XIV, then Lessee Tenant shall be deemed to have elected to purchase make the affected Leased PropertyCompensatory Payment.