Payment for Rebuilding Clause Samples
The Payment for Rebuilding clause outlines the obligations and procedures for compensating the costs associated with reconstructing or repairing property after damage or destruction. Typically, this clause specifies who is responsible for payment, the timing and method of payment, and any conditions that must be met before funds are released, such as proof of completed work or compliance with building codes. Its core function is to ensure that there is a clear and enforceable process for funding necessary repairs, thereby minimizing disputes and delays in restoring the property to its original condition.
Payment for Rebuilding. Provided that the insurer does not deny liability as to the insureds, and provided Tenant is not then in default hereunder, all sums arising by reason of loss under the insurance referred to in Section 6.2.2(a), (b) and (c) shall be deposited with (he Depositary (as hereinafter defined) to be available to Tenant for the work. Tenant shall deposit with the Depositary any excess cost of the work over the amount held by the Depositary as proceeds of the insurance within thirty (30) days after the date of the determination of the cost of the work by the architect in accordance with Section 7.2(a) or, if the insurer has denied liability as to the insureds, or if Tenant is then in default hereunder, then Tenant shall deposit the full amount of the cost of the work with the Depositary. Tenant shall diligently pursue the repair or rebuilding of the improvements in a good and workmanlike manner using only high quality union workers and materials. The Depositary shall pay out construction funds from time to time on the written direction of the architect provided that the Depositary and Landlord shall first be furnished with waivers of lien, contractors, and subcontractors sworn statements and other evidence of cost and payments so that the Depositary can verify that the amounts disbursed from time to time are represented by completed and in-place work, and that said work is free and clear of possible mechanics liens. No payment made prior to the final completion of the work shall exceed ninety percent (90%) of the value of the work completed and in place from time to time. At all times the undisbursed balance remaining in the hands of Depositary shall be at least sufficient to pay for the cost of completion of the work free and clear of liens. Any deficiency shall be paid into the Depositary by Tenant. Depositary, as used herein, shall be any first mortgagee of the Leased Premises, or the Landlord if there is no first mortgagee of the Leased Premises or if such first mortgagee has refused to act as Depositary.
Payment for Rebuilding. All insurance proceeds collected under the insurance referred to in Subsection 6.1(a) above shall be held by Tenant, or deposited with the Leasehold Mortgagee to be made available to Tenant for repairs and restorations of the Premises required to be made by Tenant hereunder. The Leasehold Mortgagee shall pay out such funds from time to time upon the written direction of Tenant’s architect, provided the Leasehold Mortgagee and Landlord shall first be furnished with waivers of lien, contractors and subcontractors sworn statements and such other evidence of costs and payments so that the Leasehold Mortgagee can verify that the amounts disbursed from time to time are represented by completed in-place work and that said work is free and clear of possible mechanic’s liens. Any excess funds remaining with the Leasehold Mortgagee after the completion of such repair or restoration of the Premises shall be paid to Tenant. Rent hereunder shall not ▇▇▇▇▇ and Tenant shall remain liable for the payment of Rent and all real estate taxes and other Impositions payable by Tenant pursuant to Article IV above during the period of any restoration. Notwithstanding the foregoing to the contrary, in the event Tenant encumbers its interest in the Premises, insurance proceeds may be disbursed in accordance with the terms and provisions of such leasehold mortgage, and Leasehold Mortgagee may, in its reasonable discretion, direct that any such insurance proceeds be applied to the repayment of Tenant’s indebtedness to Leasehold Mortgagee.
Payment for Rebuilding. All sums arising by reason of loss under the insurance referred to in Section 21.02(c) shall be deposited with the Depository pursuant to Section 15.06, and Tenant shall deposit with the Depository any excess cost of the work over the amount held by the Depository as proceeds of the insurance within thirty (30) days from the date of the determination of the cost of the work by the architect in accordance with Section 15.
Payment for Rebuilding. Provided that the insurer does not deny liability as to the insureds, all sums arising by reason of loss under the insurance referred to in Section 6.2(b), shall, subject to reasonable conditions of Lender, be deposited with the Depositary (as hereinafter defined) to be available to Tenant for the work. Tenant shall diligently pursue the repair or rebuilding of the improvements in a good and workmanlike manner using only high quality workers and materials. The Depositary shall pay out construction funds from time to time on the written direction of the architect provided that the Depositary and Landlord shall first be furnished with waivers of lien, contractors, and subcontractors sworn statements and other evidence of cost and payments so that the Depositary can verify that the amounts disbursed from time to time are represented by completed and in-place work, and that said work is free and clear of possible mechanics liens. No payment made prior to the final completion of the work shall exceed ninety percent (90%) of the value of the work completed and in place from time to time. Any deficiency to complete the work shall be paid into the Depositary by Tenant as and when due. Depositary, as used herein, shall be a title company selected by Tenant.
Payment for Rebuilding. Before the Tenant commences any repairs or restorations, the Tenant shall furnish to the Landlord satisfactory evidence of sufficient contractor’s comprehensive general liability insurance covering the Landlord, builders’ risk insurance and ▇▇▇▇▇▇▇’▇ compensation insurance.
Payment for Rebuilding. If this Lease is not terminated pursuant to Section 7.0 and provided that the insurer does not deny liability as to all of the insureds, and provided Tenant is not then in default hereunder, all sums arising by reason of loss under the insurance referred to in Section 6.0(a), shall be held by Landlord to be available for the Work. The party obligated to perform the Work shall diligently pursue the repair or rebuilding of the improvements in a good and workmanlike manner. Landlord shall pay out construction funds from time to time on the written direction of the architect provided that Landlord shall first be furnished with waivers of lien, contractors, and subcontractors sworn statements and other evidence of cost and payments so that Landlord can verify that the amounts disbursed from time to time are represented by completed and in-place Work, and that said Work is free and clear of possible mechanics liens. No payment made prior to the final completion of the Work shall exceed ninety per cent (90%) of the value of the work completed and in place from time to time.
Payment for Rebuilding. Unless Tenant elects to terminate this Lease ---------------------- in accordance with Section 7.1 herein or Landlord's mortgagee does not make the insurance proceeds available to Tenant in accordance with the terms set forth below in this Section 7.3, all sums arising by reason of loss under the insurance referred to in subsections (b), (e) and (f) of Section 6.1 shall be deposited with a fiduciary institution for the benefit of Tenant's obligation to rebuild in accordance herewith and such proceeds shall be disbursed on a monthly basis on terms consistent with prudent construction funding practices, including, without limitation, receipt by the fiduciary institution of appropriate contractors' statements and supporting affidavits and lien waivers. Tenant shall deposit INITIAL HERE: Landlord: Tenant: DK RP --------- -------- with the Landlord any excess cost of the work over the amount held as proceeds of the insurance within thirty (30) days from the date of the determination of the cost of the work in accordance with subsection 7.2(a), but only if such excess costs exceed $1,000,000.00. Tenant shall diligently pursue the repair or rebuilding of the applicable Improvements in a safe, sanitary, lawful, good and workmanlike manner, using only high quality workmen and materials, and complete all repairs and rebuilding within a reasonable period of time following Tenant's receipt of insurance proceeds, Landlord's approval of the plans for the restoration and Tenant's obtaining any and all necessary licenses, permits and approvals, but in no event later than 18 months following such events, subject to extensions of one (1) day for each day delay is occasioned by delays caused by acts of Landlord, its officers, employees or contractors or "Force Majeure" (hereinafter defined). Notwithstanding anything contained herein to the contrary, if Landlord's mortgagee does not make the insurance proceeds available to Tenant for rebuilding of the Improvements because the casualty occurs within six (6) months of the maturity date of mortgagee's loan (in which event Tenant agrees to relinquish any claim to such proceeds for such rebuilding and Landlord shall reimburse Tenant for the most recent annual premium for casualty insurance), then either Landlord or Tenant shall have the right to terminate this Lease six (6) months after such casualty if Landlord, despite its good faith and diligent efforts, is unable to provide an alternative source of construction financing for r...
Payment for Rebuilding. 5 7.3 Excess Receipts by Landlord. . . . . . . . . . . . . . . . . 5 7.4 Failure to Rebuild . . . . . . . . . . . . . . . . . . . . . 5