Insurance Trustee. Except as otherwise provided in this Lease, all insurance policy proceeds provided for in subsection 6.2.1 shall be paid and delivered to an Insurance Trustee designated by Landlord and shall be held and used for the following purposes with the Insurance Trustee having the powers and duties contained herein:
11.3.1. All proceeds received by the Insurance Trustee from any such insurance policy shall first be used, by such Insurance Trustee as a fund (which fund shall be deposited in a federally insured interest-bearing account, with any interest accruing thereon becoming a part of the fund) for the restoration and repair of any and all buildings, improvements and equipment located on the Property which have become destroyed or damaged. Such proceeds in said trust fund shall be used and applied by the Insurance Trustee in satisfaction and discharge of the cost of the restoration of the destroyed or damaged buildings, improvements and equipment.
11.3.2. Said funds shall be paid out by the Insurance Trustee from time to time to persons furnishing labor or materials, or both, including architects' fees and contractors' compensation in the construction work, on vouchers approved by a licensed architect or engineer (the "Project Architect or Engineer") selected by Tenant and approved by Landlord's first mortgagee, and if none, then by Landlord, and employed by Tenant to superintend the work. The reasonable expenses or charges of such architect or engineer shall be paid by such Insurance Trustee out of the trust fund.
11.3.3. In the event that the amount of the insurance proceeds is insufficient to pay the actual cost of repair or reconstruction, such deficiency will be borne and provided for by Tenant by depositing the same with the Insurance Trustee within twenty (20) days following the request by the Insurance Trustee to Tenant requesting a sum equal to the amount of such deficiency. The initial sum to be deposited with the Insurance Trustee according to this Section 11.3.3 shall be all insurance proceeds that are payable and are then actually available as a result of the destruction or damage to such building. Additionally the Insurance Trustee shall have the right to require Tenant from time to time to deposit such additional amounts as the Insurance Trustee in consultations with the Project Architect or Engineer shall deem necessary for such repair or reconstruction. Any surplus of funds deposited according to this Section 11.3.3 shall be returned to Tenant ...
Insurance Trustee. The Bank of New York, in New York, New York, as insurance trustee for Ambac Assurance or any successor insurance trustee.
Insurance Trustee. Notwithstanding any of the foregoing provisions and requirements relating to property or liability insurance, there may be named as an insured, on behalf of the Association, the Association’s authorized representative, including any Trustee with whom the Association may enter into any insurance Trust Agreement or any successor to such Trustee (each of whom shall be referred to herein as the “Insurance Trustee”), who shall have exclusive authority to negotiate losses under any policy providing such property or liability insurance. Any insurance Trustee must be a corporation or association organized or authorized to do business under the laws of the State of Indiana, and authorized and permitted by its charter documents and by state law to conduct a trust business.
Insurance Trustee. If Landlord fails to comply with its obligation to rebuild the Premises pursuant to this Article 11 and Tenant elects to exercise its self-help rights as set forth in Section 14.7 hereof, upon receipt of written instructions from Tenant, Landlord shall inform its insurance company that Tenant has undertaken the rebuilding of the Premises and all insurance proceeds shall thereafter be placed with an insurance trustee and disbursed upon terms and conditions similar to those contained in an industry standard construction loan agreement.
Insurance Trustee. The following provisions shall apply from and after the time that there shall be (i) any insured damage to the Premises in excess of $100,000,000.00 (subject to Section 18.19), or (ii) a Taking of all or a portion thereof:
(a) A bank or trust company which is among the three largest in terms of its net assets among those bank and trust companies in Washington, D.C. Metro Area, designated by Tenant (subject to the Landlord’s reasonable approval), shall act as Trustee (the “Trustee”) to receive and disburse insurance proceeds and taking awards in accordance with ARTICLE IX and ARTICLE X hereof, and the Landlord and Tenant shall promptly enter into an agreement with said bank or trust company appropriately covering assumptions of the duties of the Trustee hereunder and containing such provisions as may be reasonably required by said bank or trust company, provided that the Landlord shall not be required thereby to assume any obligations or liabilities other than as provided in this Lease. The foregoing notwithstanding, a Permitted Leasehold Mortgagee may at its written request be designated Trustee provided that such Permitted Leasehold Mortgagee (i) shall have net assets in excess of $10,000,000,000.00 (subject to Section 18.19); (ii) shall have consented, for the purpose of performing its duties as Trustee, to the jurisdiction of the courts of the State of Maryland; and (iii) shall have otherwise agreed to be subject to and to comply with the terms and conditions of this Section 7.09.
(b) In the event of the refusal to act or the resignation of said bank, trust company, or Permitted Leasehold Mortgagee, or of any successor or substituted bank, trust company, or Permitted Leasehold Mortgagee designated to act or acting as Trustee hereunder, then, in lieu of such bank, trust company, or Permitted Leasehold Mortgagee, Tenant shall have the right (subject to the Landlord’s reasonable approval) to designate any other bank or trust company which satisfies the requirements of subparagraph (a) above to act as Trustee.
(c) Each such designation or substitution of any such entity to act as Trustee hereunder shall be effected by Tenant and any Permitted Leasehold Mortgagee giving to the Landlord written notice of such designation or substitution, as the case may be, and as soon thereafter as may be practicable after the giving of such notice (i) the Landlord and Tenant shall enter into an agreement with the entity so designated or so being substituted appropriately co...
Insurance Trustee. The CCTA will continue to appoint one person as one of the two Corporation Trustees in the MASE Insurance Trust, and in the School Trust of Indiana for ancillary insurance benefits unavailable through MASE Trust.
Insurance Trustee. Signature by the Trustee is in acknowledgement of acceptance of appointment. Insurance Trustee Name: ______________________________________________ Signature: ___________________________________________________________
Insurance Trustee. 1. The Board shall have the right, but shall not be required, to designate any bank, trust company, management agent, savings and loan entity, building and loan association, insurance company or any institutional lender, or the Council, as the “Insurance Trustee,” and all parties beneficially interested in such insurance coverage shall be bound thereby. The Insurance Trustee, at the time of the deposit of such policies and endorsements, shall acknowledge that the policies and any proceeds therefrom shall be held in accordance with the terms of this Master Deed.
2. The Insurance Trustee shall not be liable for the payment of premiums, the renewal of the policies, the sufficiency of coverage, the form or content of the policies, the correctness of any amounts received by it on account of the proceeds of any insurance policies, nor the failure to collect any insurance proceeds. The sole duty of the Insurance Trustee shall be to receive such proceeds as are paid to it and to hold the same in trust for the purposes elsewhere stated in this Amended and Restated Master Deed, for the benefit of the Council, the co-owners and their respective mortgagees.
Insurance Trustee. All insurance policies purchased by the council shall be for the benefit of the council and the unit owners and the mortgagees of the units as their interests may appear, and shall provide that all proceeds covering property losses shall be aid to Centra! Bank, as trustee, or to such other bank in Kentucky with trust powers an may be designated as insurance trustee by the board of directors, which trustee in referred to in this instrument as the Insurance trustee." Payment of premiums, renewal and sufficiency of policies, settlement of claims with insurers, and collection of insurance proceeds shall be the responsibility of the board of directors, and the sole duty of the insurance trustee shall be to receive such proceeds as are paid and hold the proceeds in trust for the purposes elsewhere stated In this Article,
Insurance Trustee. The Board of Directors of the Association shall have the option in its discretion of appointing an Insurance Trustee hereunder. If the Association fails or elects not to appoint such Trustee, the Association will perform directly all obligations imposed upon such Trustee by this Declaration. Fees and expenses of any Insurance Trustee are Common Expenses.
