Common use of Payment of Insurance Proceeds Clause in Contracts

Payment of Insurance Proceeds. All insurance proceeds paid with respect to any damage or destruction of the Property shall be paid to Landlord. Subject to the provisions of paragraph 13 hereof and the terms and provisions of the Mortgage, Landlord agrees to pay over (or caused to be paid over) to Tenant, from time to time, for disbursement through a customary construction escrow with a national title insurance company reasonably acceptable to Landlord and upon submission to such title insurance company of documentation, including, without limitation, sworn statements and partial and final lien waivers, as such company deems necessary to issue its interim endorsements to Landlord's title policy, insuring against mechanic's lien claims arising from such repair and/or restoration, and upon the following terms, any moneys which may be received by Landlord from insurance provided by Tenant; but in no event to any extent or in any sum exceeding the amount actually collected by Landlord upon the loss; provided, however, that Landlord before paying such monies over to Tenant shall be entitled to reimburse itself therefrom to the extent, if any, of the necessary and proper expenses paid or incurred by Landlord in the collection of such moneys (such net amount being hereafter referred to as the "Insurance Proceeds"). Landlord shall pay to Tenant, as hereinafter provided, the aforesaid Insurance Proceeds, for the purpose of repairs or restoration to be made by Tenant to restore the Demised Premises to a value which shall be not less than its value prior to such fire or other casualty. Prior to the making of any repair Tenant shall furnish Landlord with an estimate of the cost of such repairs, prepared by a licensed architect, reasonably approved by Landlord, and such Insurance Proceeds shall be paid to the Tenant from time to time thereafter in installments as the making of such repairs or restorations progresses upon application to be submitted by Tenant to Landlord showing the cost of labor and material incorporated in such repairs or restorations, or incorporated therein since the last previous application, and paid for by Tenant. If any mechanic's lien is filed against the Demised Premises, Tenant shall not be entitled to receive any further installment until such lien is satisfied or otherwise discharged, unless such lien is to be satisfied out of such further installment and should not have been satisfied out of a previous installment. The amount of any installment to be paid to Tenant shall be such proportion of the total Insurance Proceeds received by Landlord as the cost of labor and materials theretofore incorporated by Tenant in such repairs or restorations, or incorporated therein since the payment of the last previous installment, bears to the total estimated cost of such repairs or restorations, less ten percent (10%) of the installment to be paid. Upon the completion of and payment for such repairs or restorations by the Tenant, the balance of any and all Insurance Proceeds held by the Landlord shall be paid over to the Tenant. In the event that the moneys received from all Insurance Proceeds are insufficient for the purpose of paying for all repairs and restorations, the Tenant shall nevertheless be required to make such repairs and restorations at its own cost and expense.

Payment of Insurance Proceeds. All insurance proceeds paid with respect to any damage or destruction of If the Property shall be paid to Landlord. Subject to the provisions of paragraph 13 hereof and the terms and provisions of the Mortgage, Landlord agrees to pay over (or caused to be paid over) to Tenant, from time to time, for disbursement through a customary construction escrow with a national title insurance company reasonably acceptable to Landlord and upon submission to such title insurance company of documentation, including, without limitation, sworn statements and partial and final lien waivers, as such company deems necessary to issue its interim endorsements to Landlord's title policy, insuring against mechanic's lien claims arising from such repair and/or restoration, and upon the following terms, any moneys which may be received by Landlord from insurance provided by Tenant; but in no event to any extent or in any sum exceeding the amount actually collected by Landlord upon the loss; provided, however, that Landlord before paying such monies over to Tenant shall be entitled to reimburse itself therefrom to the extent, if any, of the necessary and proper expenses paid or incurred by Landlord in the collection of such moneys (such net amount being hereafter referred to as the "Insurance Proceeds"). Landlord shall pay to Tenant, as hereinafter provided, the aforesaid Insurance Proceeds, for the purpose of repairs or restoration to be made by Tenant to restore the Demised Premises to a value which shall be not less than its value prior to such fire or other casualty. Prior to the making of any repair Tenant shall furnish Landlord with an estimate of the cost of such repairs, prepared by a licensed architect, reasonably approved by Landlord, and such Insurance Proceeds shall be paid to the Tenant from time to time thereafter in installments as the making of such repairs or restorations progresses upon application to be submitted by Tenant to Landlord showing the cost of labor and material incorporated in such repairs or restorations, or incorporated therein since the last previous application, and paid for by Tenant. If any mechanic's lien is filed against the Demised Premises, Tenant shall not be entitled to receive any further installment until such lien is satisfied or otherwise discharged, unless such lien is to be satisfied out of such further installment and should not have been satisfied out of a previous installment. The amount of any installment to be paid to Tenant shall be such proportion of the total Insurance Proceeds received by Landlord as the cost of labor and materials theretofore incorporated by Tenant in such repairs or restorations, or incorporated therein since the payment of the last previous installment, bears to the total estimated cost of such repairs the Restoration Work is less than the greater of (i) one year's Base Rent or restorations, less (ii) ten percent (10%) of Tenant net worth, all insurance proceeds payable as a result of the installment Casualty shall be paid directly to Tenant to be paidused to complete the Restoration Work. Upon Otherwise, all insurance proceeds payable as a result of damage to the Improvements, shall be paid to a bank, trust company of title company, selected by Tenant, subject to the written approval of Landlord (the "Depositary"), to be held in trust or escrow for purpose of paying the cost of the Restoration Work (such funds being referred to as the “Escrowed Funds”). Landlord will fully cooperate with Tenant and promptly execute and deliver any documents required to provide for the disbursement of the insurance proceeds consistent with this Section. The Escrowed Funds will be advanced from time to time in draws (the “Draws”) to Tenant as the Restoration Work progresses upon certified request of Tenant's architect or engineer and receipt by Landlord of (to the extent not previous delivered): (i) copies of the contracts and plans and specifications for the Restoration Work, (ii) a title search indicating that no Construction, Liens have been filed and not discharged, (iii) evidence of available funds equal to the difference between the Escrowed Funds and the sum necessary to complete the Restoration Work, (iv) evidence of the state of completion of the Restoration Work and payment for such repairs or restorations of performance of the Restoration Work in a good and workmanlike manner in accordance with the contracts and plans and specifications through certification by the Tenant's architect or engineer, and (v) customary lien waivers and releases. Within five (5) days of receipt of the balance items set out above, Landlord agrees to execute a consent document reasonably satisfactory to the Depository to release an amount of any and all Insurance Proceeds held the Escrowed Funds requested by the Landlord shall be paid over to the Tenant. In the event that the moneys received from all Insurance Proceeds are insufficient for the purpose of paying for all repairs and restorations, the Tenant shall nevertheless be required to make such repairs and restorations at its own cost and expenseapplicable Draw.

Payment of Insurance Proceeds. All In the event that proceeds of insurance proceeds paid with respect are to any damage be used to repair, replace, restore or destruction reconstruct improvements destroyed by Casualty ("Restoration"), the following provisions shall apply: (a) Prior to the commencement of such Restoration, the plans and specifications for the Restoration must be approved by Lessor (such approval not to be unreasonably withheld or delayed). (b) If, in the reasonable judgment of Lessor, the costs of the Property Restoration will exceed the amount of the Insurance Proceeds, Lessee will, upon demand by Lessor, give satisfactory proof or assurances to Lessor that the funds required to meet such deficiency (such funds to be provided by Lessee) are or will be available for such purpose; (c) If at the time of the occurrence of the Casualty, or at any time thereafter during Restoration, there exists a default by Lessee, or any circumstance which, with the giving of notice or the passage of time, or both, would constitute such a default, then Lessee shall, if demanded by Xxxxxx, deliver the Insurance Proceeds to a third party escrow agent designated by Xxxxxx. In such event, the Insurance Proceeds will be advanced by the Escrow Agent in installments during the period of the Restoration, except for a final installment to be advanced following the period of the Restoration. Each installment (except the final installment) is to be advanced by the Escrow Agent in an amount not to exceed ninety percent (90%) of the value of the work completed since the last prior advance (or since commencement of work, as to the first advance) according to a certificate by an independent supervising architect selected and paid by Xxxxxx, together with a reasonable showing of bills for labor and material, and evidence satisfactory to Lessor that no notice of lien has been filed in the records where the filing of liens for any labor or material in connection with such work are to be filed. The final payment or disbursement of the Insurance Proceeds deposited shall be paid in an amount sufficient to Landlord. Subject make the total advance equal to the provisions entire cost of paragraph 13 hereof and the terms and provisions of the Mortgage, Landlord agrees to pay over (or caused to be paid over) to Tenant, from time to time, for disbursement through a customary construction escrow with a national title insurance company reasonably acceptable to Landlord and upon submission to such title insurance company of documentation, including, without limitation, sworn statements and partial and final lien waivers, as such company deems necessary to issue its interim endorsements to Landlord's title policy, insuring against mechanic's lien claims arising from such repair and/or restorationany Restoration, and shall be made upon the following termsa proper certificate of completion by an independent architect, any moneys which may be received by Landlord from insurance provided by Tenant; but in no event shall the Escrow Agent be required to any extent or in any sum exceeding the amount actually collected by Landlord upon the loss; provided, however, that Landlord before paying such monies over to Tenant shall be entitled to reimburse itself therefrom to the extent, if any, of the necessary and proper expenses paid or incurred by Landlord in the collection of such moneys (such net amount being hereafter referred to as the "Insurance Proceeds"). Landlord shall pay to Tenant, as hereinafter provided, the aforesaid Insurance Proceeds, for the purpose of repairs or restoration to be made by Tenant to restore the Demised Premises to a value which shall be not less advance more than its value prior to such fire or other casualty. Prior to the making of any repair Tenant shall furnish Landlord with an estimate of the cost of such repairs, prepared by a licensed architect, reasonably approved by Landlord, and such Insurance Proceeds shall be paid to the Tenant from time to time thereafter in installments as the making of such repairs or restorations progresses upon application to be submitted by Tenant to Landlord showing the cost of labor and material incorporated in such repairs or restorations, or incorporated therein since the last previous application, and paid for by Tenant. If any mechanic's lien is filed against the Demised Premises, Tenant shall not be entitled to receive any further installment until such lien is satisfied or otherwise discharged, unless such lien is to be satisfied out of such further installment and should not have been satisfied out of a previous installment. The amount of any installment to be paid to Tenant shall be such proportion of the total Insurance Proceeds received by Landlord as the cost of labor and materials theretofore incorporated by Tenant in such repairs or restorations, or incorporated therein since the payment of the last previous installment, bears to the total estimated cost of such repairs or restorations, less ten percent (10%) of the installment to be paid. Upon the completion of and payment for such repairs or restorations by the Tenant, the balance of any and all the Insurance Proceeds held on deposit. It is expressly agreed that if this Lease shall be terminated for Xxxxxx's default at any time prior to release or payment to Lessee of any of the Insurance Proceeds as provided in this Section 8.02(c), all of the Insurance Proceeds not therefore paid to Lessee shall be the sole property of Lessor and shall be delivered by the Landlord shall be paid over Escrow Agent to the Tenant. In the event that the moneys received from all Insurance Proceeds are insufficient for the purpose of paying for all repairs and restorations, the Tenant shall nevertheless be required to make such repairs and restorations at its own cost and expenseLessor.

Payment of Insurance Proceeds. All insurance proceeds paid with respect to any damage or destruction of If the Property shall be paid to Landlord. Subject to the provisions of paragraph 13 hereof and the terms and provisions of the Mortgage, Landlord agrees to pay over (or caused to be paid over) to Tenant, from time to time, for disbursement through a customary construction escrow with a national title insurance company reasonably acceptable to Landlord and upon submission to such title insurance company of documentation, including, without limitation, sworn statements and partial and final lien waivers, as such company deems necessary to issue its interim endorsements to Landlord's title policy, insuring against mechanic's lien claims arising from such repair and/or restoration, and upon the following terms, any moneys which may be received by Landlord from insurance provided by Tenant; but in no event to any extent or in any sum exceeding the amount actually collected by Landlord upon the loss; provided, however, that Landlord before paying such monies over to Tenant shall be entitled to reimburse itself therefrom to the extent, if any, of the necessary and proper expenses paid or incurred by Landlord in the collection of such moneys (such net amount being hereafter referred to as the "Insurance Proceeds"). Landlord shall pay to Tenant, as hereinafter provided, the aforesaid Insurance Proceeds, for the purpose of repairs or restoration to be made by Tenant to restore the Demised Premises to a value which shall be not less than its value prior to such fire or other casualty. Prior to the making of any repair Tenant shall furnish Landlord with an estimate of the cost of such repairs, prepared by a licensed architect, reasonably approved by Landlord, and such Insurance Proceeds shall be paid to the Tenant from time to time thereafter in installments as the making of such repairs or restorations progresses upon application to be submitted by Tenant to Landlord showing the cost of labor and material incorporated in such repairs or restorations, or incorporated therein since the last previous application, and paid for by Tenant. If any mechanic's lien is filed against the Demised Premises, Tenant shall not be entitled to receive any further installment until such lien is satisfied or otherwise discharged, unless such lien is to be satisfied out of such further installment and should not have been satisfied out of a previous installment. The amount of any installment to be paid to Tenant shall be such proportion of the total Insurance Proceeds received by Landlord as the cost of labor and materials theretofore incorporated by Tenant in such repairs or restorations, or incorporated therein since the payment of the last previous installment, bears to the total estimated cost of such repairs the Restoration Work is less than the greater of (a) one year's Base Rent or restorations, less (b) ten percent (10%) of Tenant net worth, all insurance proceeds payable as a result of the installment Casualty shall be paid directly to Tenant to be paidused to complete the Restoration Work. Upon Otherwise, all insurance proceeds payable as a result of damage to the Improvements, shall be paid to a bank, trust company of title company, selected by Tenant, subject to the written approval of Landlord (the "Depositary"), to be held in trust or escrow for purpose of paying the cost of the Restoration Work (such funds being referred to as the “Escrowed Funds”). Landlord will fully cooperate with Tenant and promptly execute and deliver any documents required to provide for the disbursement of the insurance proceeds consistent with this Section. The Escrowed Funds will be advanced from time to time in draws (the “Draws”) to Tenant as the Restoration Work progresses upon certified request of Tenant's architect or engineer and receipt by Landlord of (to the extent not previous delivered): (i) copies of the contracts and plans and specifications for the Restoration Work, (ii) a title search indicating that no Construction, Liens have been filed and not discharged, (iii) evidence of available funds equal to the difference between the Escrowed Funds and the sum necessary to complete the Restoration Work, (iv) evidence of the state of completion of the Restoration Work and payment for such repairs or restorations of performance of the Restoration Work in a good and workmanlike manner in accordance with the contracts and plans and specifications through certification by the Tenant's architect or engineer, and (v) customary lien waivers and releases. Within five (5) days of receipt of the balance items set out above, Landlord agrees to execute a consent document reasonably satisfactory to the Depository to release an amount of any and all Insurance Proceeds held the Escrowed Funds requested by the Landlord shall be paid over to the Tenant. In the event that the moneys received from all Insurance Proceeds are insufficient for the purpose of paying for all repairs and restorations, the Tenant shall nevertheless be required to make such repairs and restorations at its own cost and expenseapplicable Draw.