Common use of Insurance Trustee Clause in Contracts

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 after repair or reconstruction is completed. 11.3.4. All reasonable fees, costs and charges of the Insurance Trustee shall be paid out of the insurance proceeds to the extent that there are such proceeds over and beyond the amounts required for repair and restoration as aforesaid; otherwise Landlord and Tenant agree that each will bear one-half (1/2) of the fees, costs and charges of the Insurance Trustee. 11.3.5. In the event that the Insurance Trustee shall resign or for nay reason be unwilling to act or continue to act, then Landlord shall substitute a new trustee in the place and stead of the former pre-existing Insurance Trustee. 11.3.6. Should a dispute arise between Landlord and Tenant as to any provision of this Section 11.3, such dispute shall be submitted to the Circuit Court of the City of Richmond, Virginia for resolution, and the non-prevailing party shall pay the reasonable attorney's fees and court costs of the prevailing party. 11.3.7. Notwithstanding the above, Landlord and Tenant may mutually agree not to use an Insurance Trustee but may mutually agree to use some other method to effect the repair of such damage and destruction.

Insurance Trustee. Except as otherwise provided in this Lease, all insurance policy proceeds provided for in subsection 6.2.1 The Insurance Trustee shall be paid and delivered a bank or trust company authorized to an do business in the State of Florida which shall be reasonably satisfactory to the first mortgagee on the Hotel Parcel. The Insurance Trustee designated may retain free of trust, from the monies held by Landlord it, the Insurance Trustee’s reasonable fees and expenses for acting as Insurance Trustee. The Insurance Trustee shall be have no obligation to pay interest on any monies held and used for the following purposes with by it unless the Insurance Trustee having shall have given an express written undertaking by Hotel Owner to do so. However, if the powers monies on deposit are not held in an interest bearing account pursuant to agreement among the Insurance Trustee and duties contained herein: 11.3.1the Hotel Owner, then the Insurance Trustee, within thirty (30) days after request from any Owner given to the Insurance Trustee and to the other Owners, shall purchase with such monies, to the extent feasible, United States Government securities payable to bearer and of the most practicable maturities, not in excess of one year, except insofar as it would, in the good faith judgment of the Insurance Trustee, be impracticable to invest in such securities by reason of any disbursement of such monies which the Insurance Trustee expects to make shortly thereafter, and the Insurance Trustee shall hold such securities in trust hereunder. All proceeds Any interest paid or received by the Insurance Trustee from on monies or securities held in trust, and any such insurance policy gain on the redemption or sale of any securities, shall first be used, added to the monies or securities so held in trust by such the Insurance Trustee. Unless the Insurance Trustee as a fund (which fund shall have undertaken to pay interest thereon, monies received by the Insurance Trustee pursuant to any of the provisions of this Declaration shall not be mingled with the Insurance Trustee’s own funds and 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 held by the Insurance Trustee in satisfaction trust for the use and discharge of purposes herein provided. The Insurance Trustee shall have the cost of authority and duty to disburse funds held by it pursuant to this Declaration in the restoration of manner, to the destroyed persons, and at the times provided in this Declaration. The Insurance Trustee shall not be liable or damaged buildings, improvements and equipment. 11.3.2. Said funds shall be paid out accountable for any action taken or suffered by the Insurance Trustee from time to time to persons furnishing labor or materialsTrustee, 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 for any disbursement 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 monies by the Insurance Trustee, in good faith in reliance on advice of legal counsel. The Insurance Trustee shall have no affirmative obligation to Tenant requesting make a sum equal to determination of the amount of such deficiency. The initial sum of, or to be deposited with effect the Insurance Trustee according to this Section 11.3.3 shall be all collection of, any insurance proceeds that are payable and are then actually available as a result of the destruction or damage to such building. Additionally condemnation award, unless the Insurance Trustee shall have given an express written undertaking to do so, which shall otherwise be the right obligation of the Owners. The Insurance Trustee may rely conclusively on any Architect’s certificate furnished to require Tenant from time to time to deposit such additional amounts as the Insurance Trustee in consultations accordance with the Project Architect provisions of §12.2 hereof and shall not be liable or Engineer shall deem necessary accountable for such repair or reconstruction. Any surplus any disbursement of funds deposited according to this Section 11.3.3 made by it in reliance upon such certificate. The Insurance Trustee shall also be returned to Tenant after repair or reconstruction is completed. 11.3.4. All reasonable fees, costs and charges of the Insurance Trustee shall be paid out of for the insurance proceeds to Condo-Hotel Owner notwithstanding the extent that there are such proceeds over and beyond the amounts required for repair and restoration as aforesaid; otherwise Landlord and Tenant agree that each will bear one-half (1/2) of the fees, costs and charges of the Insurance Trustee. 11.3.5. In the event fact that the Condo-Hotel Owner may have chosen a different Insurance Trustee shall resign or for nay reason be unwilling to act or continue to act, then Landlord shall substitute a new trustee in the place and stead of the former pre-existing Insurance Trusteetheir respective parcels. 11.3.6. Should a dispute arise between Landlord and Tenant as to any provision of this Section 11.3, such dispute shall be submitted to the Circuit Court of the City of Richmond, Virginia for resolution, and the non-prevailing party shall pay the reasonable attorney's fees and court costs of the prevailing party. 11.3.7. Notwithstanding the above, Landlord and Tenant may mutually agree not to use an Insurance Trustee but may mutually agree to use some other method to effect the repair of such damage and destruction.

Insurance Trustee. Except as otherwise provided in this LeaseThe funds for payment of cost of reconstruction and repair after casualty, all which funds shall consist of proceeds of insurance policy proceeds provided for in subsection 6.2.1 held by the Insurance Trustee and funds collected by the Corporation from assessment against co-owners, shall be disbursed in payment of such costs in the following manner: (a) If the total of assessments made by the Corporation in order to provide funds for payment of reconstruction and repair, which is the responsibility of the Corporation, is more than $5,000.00, then the sums paid and delivered upon assessments to an Insurance Trustee designated by Landlord and meet such costs shall be held deposited by the Corporation with the Insurance Trustee. In all other cases, the Corporation shall hold the sums paid upon such assessments and used for disburse the following purposes same in payments of the costs of reconstruction and repair. (b) The proceeds of insurance collected on account of a casualty, and the sums deposited with the Insurance Trustee having by the powers Corporation from collections of assessment against co-owners on account of such casualty, shall constitute a reconstruction fund which shall be disbursed in payment of the costs of reconstruction and duties contained hereinrepair in the following manner and order: 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 fund1) 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 If the amount of the insurance proceeds is insufficient to pay the actual estimated cost of reconstruction and repair or reconstructionwhich is the responsibility of the Corporation is less than $5,000.00, then the reconstruction fund shall be disbursed in payment of such deficiency will be borne and provided for by Tenant by depositing costs upon the same with order of the Corporation; provided, however, that upon request to the Insurance Trustee within twenty by a mortgagee which is beneficiary of an insurance policy, the proceeds of which are included in the reconstruction fund, such fund shall be disbursed in the manner hereafter provided for the reconstruction and repair of major damage. (202) days following If the request amount of the estimated costs of reconstruction and repair which is the responsibility of the Corporation is more than $5,000.00, then the reconstruction fund shall be disbursed in payment of such costs in the manner required by the Board of Directors of the Corporation and upon approval of an architect qualified to practice in South Carolina and employed by the Corporation to supervise the work. (3) The portion of insurance proceeds representing damage for which the responsibility of reconstruction and repair lies with a co-owner shall be paid by the Insurance Trustee to Tenant requesting the co-owner, or if there is a sum equal mortgagee endorsement as to such Apartment, then to the amount of co-owner and the mortgagee jointly, who may use such deficiency. The initial sum to be deposited with the Insurance Trustee according to this Section 11.3.3 proceeds as they may determine. (4) It shall be presumed that the first monies disbursed in payment of costs of reconstruction and repair shall be from insurance proceeds. If there is a balance in a reconstruction fund after payment of all insurance proceeds that are payable costs of reconstruction and are then actually available as a result repair for which the fund is established, such balance shall be distributed to the beneficial owners of the destruction or damage fund in the manner elsewhere stated; except, however, that the part of a distribution to a beneficial co-owner which is not in excess of assessments paid by such building. Additionally co-owner into the construction fund shall not be made payable to any mortgagee. (5) Notwithstanding the provisions herein, the Insurance Trustee shall have not be required to determine whether or not sums paid by co-owners upon assessments shall be deposited by the right Corporation with the Insurance Trustee, nor to require Tenant determine whether the disbursements from time the reconstruction fund are to time be upon the order of the Corporation or upon approval of an architect or otherwise, nor whether a disbursement is to deposit such additional amounts as be made from the reconstruction fund nor to determine the payee nor the amount to be paid. Instead, the Insurance Trustee in consultations with may rely upon a certificate of the Project Architect Corporation made by its President and Secretary as to any or Engineer shall deem necessary for all of such repair matters and stating that the sums to be paid are due and properly payable and stating the name or reconstruction. Any surplus names of funds deposited according the payee and the amount to this Section 11.3.3 shall be returned paid; provided, that when a mortgagee is herein required to Tenant after repair or reconstruction is completed. 11.3.4. All reasonable fees, costs and charges of be named as payee the Insurance Trustee shall be paid out also name the mortgagee as payee of the any distribution of insurance proceeds to a co-owner; and further provided that when the extent that there Corporation or a mortgagee, which is the beneficiary of an insurance policy the proceeds of which are such proceeds over and beyond the amounts required for repair and restoration as aforesaid; otherwise Landlord and Tenant agree that each will bear one-half (1/2) of the fees, costs and charges of the Insurance Trustee. 11.3.5. In the event that the Insurance Trustee shall resign or for nay reason be unwilling to act or continue to act, then Landlord shall substitute a new trustee included in the place and stead reconstruction fund, so requires, the approval of an architect named by the former pre-existing Insurance Trustee. 11.3.6. Should a dispute arise between Landlord and Tenant as to any provision of this Section 11.3, such dispute Corporation shall be submitted first obtained by the Corporation prior to the Circuit Court disbursements in payment of the City of Richmond, Virginia for resolution, and the non-prevailing party shall pay the reasonable attorney's fees and court costs of the prevailing partyreconstruction and repair. 11.3.7. Notwithstanding the above, Landlord and Tenant may mutually agree not to use an Insurance Trustee but may mutually agree to use some other method to effect the repair of such damage and destruction.