Common use of RECONSTRUCTION NOT COVERED BY INSURANCE Clause in Contracts

RECONSTRUCTION NOT COVERED BY INSURANCE. If during the Term, the Property is totally or materially destroyed from a risk not covered by the insurance described in Article 15, whether or not such damage or destruction renders the Property Unsuitable For Its Primary Intended Use, Tenant shall restore the Property to substantially the same condition as existed immediately before the damage or destruction. Tenant shall have the right to use proceeds from the Capital Replacement Fund to perform such work, subject to the conditions set forth in Section 12.4 hereof.

Appears in 16 contracts

Samples: Lease (Golf Trust of America Inc), Lease (Golf Trust of America Inc), Lease (Golf Trust of America Inc)

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RECONSTRUCTION NOT COVERED BY INSURANCE. If during the Term, the Property is totally or materially destroyed from a risk not covered by the insurance described in Article 15VII, whether or not such damage or destruction renders the Property Unsuitable For Its Primary Intended Use, Tenant Borrower shall restore the Property to substantially the same condition as existed immediately before the damage or destruction. Tenant Borrower shall have the right to use proceeds from the Capital Replacement Fund to perform such work, subject to the conditions set forth in Section 12.4 Article IX hereof.

Appears in 2 contracts

Samples: Loan Agreement (Gta-Ib, LLC), Loan Agreement (Golf Trust of America Inc)

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RECONSTRUCTION NOT COVERED BY INSURANCE. If during the Term, the Property is totally or materially destroyed damaged from a risk not covered by the insurance described in Article 15, whether or not and such damage or destruction renders does not render the Property Unsuitable For Its Primary Intended Use, Tenant shall restore the Property to substantially the same condition as existed immediately before the damage or destruction. destruction and Tenant shall have the right to may use proceeds from the Capital Replacement Fund to perform such work, subject to the conditions set forth in Section 12.4 hereof.12.4

Appears in 1 contract

Samples: Lease (Golf Trust of America Inc)

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