Common use of Restoration Work; Disbursement of Proceeds Clause in Contracts

Restoration Work; Disbursement of Proceeds. The following provisions shall apply in the event of any Casualty or Appropriation that does not give rise to a termination of this Lease: (a) All Restoration Work shall be subject to and performed in accordance with the requirements of Section 11 of this Lease. (b) Subject to the provisions of any Leasehold Mortgage which may require that Casualty Proceeds and Awards (collectively, “Proceeds”) be held by the Lender or an insurance trustee for application in accordance with the terms of this Lease, all Proceeds received by or payable to any party with respect to any Casualty or Appropriation, less actual out of pocket third party costs and expenses reasonably incurred in connection with the collection thereof, shall be held by Lessor and, subject to the provisions of Section 17.5(b) above, shall be applied to the costs of the Restoration Work (including the cost of any emergency repairs made by Lessee pursuant to Section 17.8) in accordance with the provisions of this Section 17. (c) All Proceeds shall be disbursed by Lessor in accordance with standard construction loan practices as the Restoration Work progresses. If the Proceeds, less the costs and expenses incurred in connection with the collection thereof, are insufficient to pay the entire cost of the Restoration Work, Lessee shall pay the entire amount of the shortfall. If at any time the amount of the Proceeds held by Lessor, Lender or any insurance trustee pursuant to this Section 17.6 shall be less than the total remaining unpaid cost of the Restoration Work, Lessee shall deposit the amount of the shortfall with Lessor, Lender or such insurance trustee, as applicable, to ensure payment of the shortfall, and such deposit shall be a condition to any subsequent disbursement of Proceeds to Lessee.

Restoration Work; Disbursement of Proceeds. The following provisions shall apply in the event of a Casualty and any Casualty or Appropriation that does not give rise to a termination of this Lease: (a) All Restoration Work shall be subject to and performed in accordance with the requirements of Section 11 of this Lease. (b) Subject to the provisions of any Leasehold Mortgage which may require that Casualty Proceeds and Awards (collectively, “"Proceeds”") be held by the Lender or an insurance trustee for application in accordance with the terms of this Lease, all Proceeds received by or payable to any party with respect to any Casualty or Appropriation, less actual out of pocket third party costs and expenses reasonably incurred in connection with the collection thereof, shall be held by Lessor and, subject to the provisions of Section 17.5(b) above, shall be applied to the costs of the Restoration Work (including including, without limitation, the cost of any emergency repairs made by Lessee pursuant to Section 17.8) in accordance with the provisions of this Section 17. (c) All Proceeds shall be disbursed by Lessor in accordance with standard construction loan practices as the Restoration Work progresses. If the Proceeds, less the costs and expenses incurred in connection with the collection thereof, are insufficient to pay the entire cost of the Restoration Work, Lessee shall pay the entire amount of the shortfall. If at any time the amount of the Proceeds held by Lessor, Lender or any insurance trustee Lessor pursuant to this Section 17.6 shall be less than the total remaining unpaid cost of the Restoration Work, Lessee shall deposit the amount of the shortfall with Lessor, Lender or such insurance trustee, as applicable, Lessor EXHIBIT 10.27 to ensure payment of the shortfall, and such deposit shall be a condition to any subsequent disbursement of Proceeds to Lessee.

Restoration Work; Disbursement of Proceeds. The following provisions shall apply in the event of a Casualty and any Casualty or Appropriation that does not give rise to a termination of this Lease: (a) All Restoration Work shall be subject to and performed in accordance with the requirements of Section 11 of this Lease. (b) Subject to the provisions of any Leasehold Mortgage which may require that Casualty Proceeds and Awards (collectively, “"Proceeds”") be held by the Lender or an insurance trustee for application in accordance with the terms of this Lease, all Proceeds received by or payable to any party with respect to any Casualty or Appropriation, less actual out of pocket third party costs and expenses reasonably incurred in connection with the collection thereof, shall be held by Lessor and, subject to the provisions of Section 17.5(b) above, shall be applied to the costs of the Restoration Work (including including, without limitation, the cost of any emergency repairs made by Lessee pursuant to Section 17.8) in accordance with the provisions of this Section 17. (c) All Proceeds shall be disbursed by Lessor in accordance with standard construction loan practices as the Restoration Work progresses. If the Proceeds, less the costs and expenses incurred in connection with the collection thereof, are insufficient to pay the entire cost of the Restoration Work, Lessee shall pay the entire amount of the shortfall. If at any time the amount of the Proceeds held by Lessor, Lender or any insurance trustee Lessor pursuant to this Section 17.6 shall be less than the total remaining unpaid cost of the Restoration Work, Lessee shall deposit the amount of the shortfall with Lessor, Lender or such insurance trustee, as applicable, Lessor EXHIBIT 10.27 *CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. to ensure payment of the shortfall, and such deposit shall be a condition to any subsequent disbursement of Proceeds to Lessee.