Common use of Payment for Restoration Clause in Contracts

Payment for Restoration. Subject to the provisions of Section 14.03, and except as otherwise hereinafter provided, in case Tenant makes the Restoration, Depositary shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depositary from insurance provided by Tenant (other than rent insurance) (collectively, the “Restoration Funds”). Depositary shall pay to Tenant the Restoration Funds for the purpose of Restoration to be made by Tenant to Restore the improvements on the Premises to a value which shall be not less than the value prior to such fire or other casualty and nearly as practicable to the character of the Premises existing immediately prior to such occurrence. Such Restoration shall be done in accordance with, and subject to, the provisions of Article 11, including, without limitation, the maintenance of the insurance coverage referred to in Article 11. Prior to the making of any Restoration (except with respect to partial damage, the reasonably estimated cost of Restoration of which shall be less than Five Hundred Thousand and No/100 Dollars ($500,000.00)), Tenant shall furnish Landlord and any Mortgagee with an estimate of the cost of such Restoration (the “Estimate”), prepared by a licensed professional engineer or registered architect and, upon Landlord’s request, plans and specifications for the Restoration of Landlord’s and Mortgagee’s review. The Restoration Funds shall be paid to Tenant from time to time thereafter in installments as the Restoration progresses upon application to be submitted from time to time by Tenant to Depositary and Landlord showing the cost of work, labor, services, materials, fixtures and equipment incorporated in the Restoration, or incorporated therein since the last previous application, and paid for by Tenant or then due and owing. If any vendors’, mechanics’, laborers’, or materialmen’s lien is filed against the Premises or any part thereof, Tenant shall not be entitled to receive any further installment until such lien is satisfied, otherwise discharged or insured over. The amount of any installment to be paid to Tenant shall be such proportion of the total Restoration Funds as the cost of work, labor, services, materials, fixtures and equipment theretofore incorporated by Tenant into the Restoration bears to the Estimate, less all payments heretofore made to Tenant out of the Restoration Funds. Upon completion of and payment for the Restoration by Tenant, the balance of the Restoration Funds shall be paid over to Landlord. If the Estimate exceeds the insurance proceeds received by Depositary, then, prior to the commencement of such Restoration or thereafter if at any time it is determined by Landlord that the cost to complete the Restoration exceeds the unapplied portion of such insurance proceeds, Tenant shall fund the excess prior to receiving a distribution of the unapplied portion of the insurance proceeds from Landlord, in accordance with the provisions of this Section 14.02. If Landlord makes the Restoration at Tenant’s expense, as provided in Section 14.01, then, Landlord shall receive the Restoration Funds, from time to time, upon Landlord’s application accompanied by a certificate containing the statements required under clauses (i) and (ii) of Section 14.03(a), to the extent not previously paid to Tenant pursuant to this Section 14.02.

Payment for Restoration. Subject to the provisions of Section 14.03, and except as otherwise hereinafter provided, in case Tenant makes the Restoration, Depositary shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depositary from insurance provided by Tenant (other than rent insurance) (collectively, the “"Restoration Funds”"); provided, however, that Depositary, before paying such monies over to Tenant, shall be entitled to reimburse itself and Landlord therefrom to the extent, if any, of the expenses paid or incurred by Depositary or landlord in the collection of such monies. Depositary shall pay to Tenant the Restoration Funds for the purpose of Restoration to be made by Tenant to Restore the improvements on the Premises Improvements to a value which shall be not less than the value prior to such fire or other casualty and nearly as practicable to the character of the Premises existing immediately prior to such occurrencecasualty. Such Restoration shall be done in accordance with, and subject to, the provisions of Article 11, including, without limitation, the maintenance of the insurance coverage referred to in Article 11. Prior to the making of any Restoration (except with respect to partial damage, the reasonably estimated cost of Restoration of which shall be less than Five Hundred Thousand and No/100 Dollars ($500,000.00)100,000.00), Tenant shall furnish Landlord and any Mortgagee with an estimate of the cost of such Restoration (the “"Estimate”"), prepared by a licensed professional engineer or registered architect andapproved by Landlord, upon Landlord’s request, plans and specifications for the Restoration of Landlord’s and Mortgagee’s reviewwhich approval shall not be unreasonably withheld or delayed. The Restoration Funds shall be paid to Tenant from time to time thereafter in installments as the Restoration progresses upon application to be submitted from time to time by Tenant to Depositary and Landlord showing the cost of work, labor, services, materials, fixtures and equipment incorporated in the Restoration, or incorporated therein since the last previous application, and paid for by Tenant or then due and owing. If any vendors’', mechanics’', laborers’', or materialmen’s 's lien is filed against the Premises or any part thereof, Tenant shall not be entitled to receive any further installment until such lien is satisfied, satisfied or otherwise discharged or insured overdischarged. The amount of any installment to be paid to Tenant shall be such proportion of the total Restoration Funds as the cost of work, labor, services, materials, fixtures and equipment theretofore incorporated by Tenant into the Restoration bears to the Estimate, less (a) all payments heretofore made to Tenant out of the Restoration Funds, and (b) ten percent (10%) of the amount so determined. Upon completion of and payment for the Restoration by Tenant, the balance of the Restoration Funds shall be paid over to LandlordTenant, subject to the rights of any Mortgagee named as an insured. If the Estimate (i) is equal to or greater than $100,000.00, and (ii) exceeds the insurance proceeds received by Depositary, then, prior to the commencement of such Restoration or thereafter if at any time it is reasonably determined by Landlord that the cost to complete the Restoration exceeds the unapplied portion of such insurance proceeds, Tenant shall fund from time to time immediately deposit with Depositary a bond, cash, irrevocable letter of credit or other security reasonably satisfactory to Landlord in the excess prior amount of such excess, to receiving a distribution of the unapplied portion of the insurance proceeds from Landlord, be held and applied by Depositary in accordance with the provisions of this Section 14.02, as security for the completion of the work, free of public improvement, vendors', mechanics', laborers' or materialmen's statutory or other similar liens. If Landlord makes the Restoration at Tenant’s 's expense, as provided in Section 14.01, then, Landlord as provided above with respect to Tenant, Depositary shall receive pay over the Restoration FundsFunds to Landlord, from time to time, upon Landlord’s 's application accompanied by a certificate containing the statements required under clauses (i), (ii) and (iiiii) of Section 14.03(a), to the extent not previously paid to Tenant pursuant to this Section 14.02, and Tenant shall pay to Depositary, on demand, any sums which Landlord certifies to be an estimate of the amount necessary to complete the Restoration, less the undisbursed Restoration Funds.

Payment for Restoration. Subject to the provisions of Section 14.03, and except as otherwise hereinafter provided, in case Tenant makes the Restoration, Depositary Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depositary from insurance provided by Tenant (other than rent insurance) (collectively, the “"Restoration Funds”"); provided, however, that Depositary, before paying such monies over to Tenant, shall be entitled to reimburse itself and Landlord therefrom to the extent, if any, of the expenses paid or incurred by Depository or Landlord in the collection of such monies. Depositary shall pay to Tenant the Restoration Funds for the purpose of Restoration to be made by Tenant to Restore the improvements on the Premises Improvements to a value which shall be not less than the value prior to such fire or other casualty and nearly as practicable to the character of the Premises existing immediately prior to such occurrencecasualty. Such Restoration shall be done in accordance with, and subject to, the provisions of Article 11, including, without limitation, the maintenance of the insurance coverage referred to in Article 11. Prior to the making of any Restoration (except with respect to partial damage, the reasonably estimated cost of Restoration of which shall be less than Five Hundred Thousand and No/100 Dollars ($500,000.00)100,000), Tenant shall furnish Landlord and any Mortgagee with an estimate of the cost of such Restoration (the “"Estimate”"), prepared by a licensed professional engineer or registered architect andapproved by Landlord, upon Landlord’s request, plans and specifications for the Restoration of Landlord’s and Mortgagee’s reviewwhich approval shall not be unreasonably withheld or delayed. The Restoration Funds shall be paid to Tenant from time to time thereafter in installments as the Restoration progresses upon application to be submitted from time to time by Tenant to Depositary Depository and Landlord showing the cost of work, labor, services, materials, fixtures and equipment incorporated in the Restoration, or incorporated therein since the last previous application, and paid for by Tenant or then due and owing. If any vendors’', mechanics’', laborers’', or materialmen’s 's lien is filed against the Premises or any part thereof, Tenant shall not be entitled to receive any further installment until such lien is satisfied, satisfied or otherwise discharged or insured overdischarged. The amount of any installment to be paid to Tenant shall be such proportion of the total Restoration Funds as the cost of work, labor, services, materials, fixtures and equipment theretofore incorporated by Tenant into the Restoration bears to the Estimate, less (a) all payments heretofore made to Tenant out of the Restoration Funds, and (b) ten percent (10%) of the amount so determined. Upon completion of and payment for the Restoration by Tenant, the balance of the Restoration Funds shall be paid over to LandlordTenant, subject to the rights of any Mortgagee named as an insured. If the Estimate (i) is equal to or greater than $100,000, and (ii) exceeds the insurance proceeds received by Depositary, then, prior to the commencement of such Restoration or thereafter if at any time it is reasonably determined by Landlord that the cost to complete the Restoration exceeds the unapplied portion of such insurance proceeds, Tenant shall fund from time to time immediately deposit with Depositary a bond, cash, irrevocable letter of credit or other security reasonably satisfactory to Landlord in the excess prior amount of such excess, to receiving a distribution of the unapplied portion of the insurance proceeds from Landlord, be held and applied by Depositary in accordance with the provisions of this Section 14.02, as security for the completion of the work, free of public improvement, vendors', mechanics', laborers' or materialmen's statutory or other similar liens. If Landlord makes the Restoration at Tenant’s 's expense, as provided in Section 14.01, then, Landlord as provided above with respect to Tenant, Depositary shall receive pay over the Restoration FundsFunds to Landlord, from time to time, upon Landlord’s 's application accompanied by a certificate containing the statements required under clauses (i), (ii) and (iiiii) of Section 14.03(a), to the extent not previously paid to Tenant pursuant to this Section 14.02, and Tenant shall pay to Depositary, on demand, any sums which Landlord certifies to be an estimate of the amount necessary to complete the Restoration, less the undisbursed Restoration Funds.