Reconstruction Using Insurance. In the event of the damage or destruction of the Premises, Tenant shall forthwith notify Landlord and diligently repair or reconstruct the same to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the casualty shall be used for the repair or reconstruction of the Premises pursuant to reasonable disbursement controls in favor of Landlord. If such proceeds are insufficient for such purposes, Tenant shall provide the required additional funds.
Appears in 7 contracts
Samples: Lease and Security Agreement (Sterling House Corp), Lease and Security Agreement (American Retirement Corp), Lease and Security Agreement (Sterling House Corp)
Reconstruction Using Insurance. In the event of the damage or destruction of any portion of the Premises, Tenant shall forthwith notify Landlord and diligently repair or reconstruct the same to a like or better condition than existed prior to such damage or destruction. Any net insurance proceeds payable with respect to the casualty shall be used for the repair or reconstruction of the Premises applicable Facility pursuant to reasonable disbursement controls in favor of Landlord. If such proceeds are insufficient for such purposes, Tenant shall provide the required additional funds.
Appears in 5 contracts
Samples: Master Lease and Security Agreement (Balanced Care Corp), Master Lease and Security Agreement (American Retirement Corp), Master Lease and Security Agreement (Balanced Care Corp)
Reconstruction Using Insurance. In the event of the damage or destruction of the Premises, Tenant shall forthwith notify Landlord and diligently repair or reconstruct the same to a like or better condition than existed prior to such damage or destruction, to the extent legally permitted to do so. Any net insurance proceeds payable with respect to the casualty shall be used for the repair or reconstruction of the Premises pursuant to reasonable disbursement controls in favor of Landlord. If such proceeds are insufficient for such purposes, Tenant shall provide the required additional funds.
Appears in 2 contracts
Samples: Lease and Security Agreement (Iatros Health Network Inc), Hollyoke (Iatros Health Network Inc)
Reconstruction Using Insurance. In the event of the damage or destruction of the Premises, Tenant shall forthwith notify Landlord and diligently repair or reconstruct the same as nearly as possible to a like or better its value, condition than existed and character immediately prior to such damage or destruction. Any net insurance proceeds payable with respect to the casualty shall be used for the repair or reconstruction of the Premises pursuant to reasonable disbursement controls in favor of Landlord. If such proceeds are insufficient for such purposes, Tenant shall provide the required additional funds.. In the event any such damage or
Appears in 1 contract
Samples: Lease and Security Agreement (Province Healthcare Co)
