Common use of Obligation to Repair and Replace the Leased Property Clause in Contracts

Obligation to Repair and Replace the Leased Property. The City and the Trustee, to the extent Net Proceeds are within their respective control, shall cause such Net Proceeds of any insurance policies, performance bonds or condemnation awards to be deposited in a separate trust fund. All Net Proceeds so deposited shall be applied to the prompt repair, restoration, modification, improvement or replacement of the Leased Property by the City, upon receipt of requisitions by the Trustee signed by the City Representative stating with respect to each payment to be made:

Obligation to Repair and Replace the Leased Property. The City Town and the Trustee, to the extent Net Proceeds are within their respective control, shall cause such Net Proceeds of any insurance policies, performance bonds or condemnation awards to be deposited in a separate trust fund. All Net Proceeds so deposited shall be applied to the prompt repair, restoration, modification, improvement or replacement of the Leased Property by the CityTown, upon receipt of requisitions by the Trustee signed by the City Town Representative stating with respect to each payment to be made:

Obligation to Repair and Replace the Leased Property. The City and the TrusteeLender, to the extent Net Proceeds are within their respective control, shall cause such Net Proceeds of any insurance policies, performance bonds or condemnation awards awards, to be deposited in a separate trust fund. All Net Proceeds so deposited shall be applied to the prompt repair, restoration, modification, improvement or replacement of the Leased Property by the City, upon receipt of requisitions and written approval for payment by the Trustee signed by the City Representative Lender, each such requisition stating with respect to each payment to be made: