Common use of Payment for Rebuilding Clause in Contracts

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. 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(a6.2(b), (b) and (c) shall be deposited with (he the 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 promptly 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 he permitted to inspect the work and approve of the same, and shall 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 promptly 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. Provided that the insurer does not deny liability liabilty 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(asubsection 6.0(a), (b) and (c) shall be deposited with (he Depositary (as hereinafter defined) to be available to Tenant for the work. Tenant shall deposit depos it with the Depositary (as hereinafter defined) any excess cost of the work over the amount held by the Depositary as proceeds of the insurance within thirty (30) days after from the date of the determination of the cost of the work by the architect in accordance with Section 7.2(asubsection 7.1(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 workmen 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 rest of completion of the work free and clear of liens. Any ; 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 mortgage of the Leased Premises or if such first mortgagee has refused to act as Depositary.. 39

Payment for Rebuilding. Provided that the insurer does not deny liability as to the insureds, and provided Tenant Xxxxxx is not then in default 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) Landlord to be available to Tenant for the work. Tenant shall deposit with the Depositary Landlord any excess cost of the work over the amount held by the Depositary Landlord as proceeds of the insurance within thirty 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 Xxxxxx is then in default Default hereunder, then Tenant shall deposit the full amount of the cost of the work with the DepositaryLandlord. 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 Landlord 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 subcontractors sworn statements and other evidence of cost and payments so that the Depositary 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 percent 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 Landlord 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 Landlord by Tenant. DepositaryAt Tenant's request, as used herein, Landlord shall be any first mortgagee of place the Leased Premises, or funds with a national title company who will handle the Landlord if there is no first mortgagee of the Leased Premises or if such first mortgagee has refused to act as DepositaryLandlord's duties under this section.

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(a6.1(b), (b) and (c) shall be deposited with (he the 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(a7.1(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 the 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 ; 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. Selection of the Depositary shall be subject to Landlord's mortgagee's approval, if such approval is required under the terms of the fee mortgage.