Common use of Use of Insurance and Condemnation Proceeds Clause in Contracts

Use of Insurance and Condemnation Proceeds. (a) If all or any portion of the Facilities shall be damaged or destroyed or taken, NICTD shall, as expeditiously as possible, continuously and diligently prosecute, or cause to be prosecuted, repair, reconstruction or replacement thereof until completion. Within one hundred twenty (120) days after the occurrence of an event of damage or destruction to the Facilities or a taking thereof, NICTD, through any Authorized Officer of the NICTD, shall deliver to RDA and the Bond Trustee the written opinion of engineer selected by NICTD and reasonably acceptable to RDA and IFA stating whether or not the conditions set forth above with respect thereto are satisfied. The proceeds of any insurance paid on account of such damage or destruction or taking (other than any rent loss insurance) shall be made available for, and to the extent necessary shall be applied to, the cost of such repair, reconstruction or replacement, or otherwise in accordance with the terms and conditions of this Operating Lease. (b) Proceeds of insurance against damage to or destruction of the Facilities which are paid to the Bond Trustee as described herein shall be held by the Bond Trustee pursuant to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Underlying Lease, the Master Leases, this Operating Lease, the Governance Agreement and such Trust Indenture. Proceeds of any condemnation of the Facilities (or portion thereof) shall be paid to the Bond Trustee and held by the Bond Trustee pursuant to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Ground Lease, the Underlying Lease, the Master Leases, the Governance Agreement and such Trust Indenture.

Use of Insurance and Condemnation Proceeds. (a) If all All insurance proceeds received by the Mortgagor or any portion of the Facilities shall be damaged or destroyed or taken, NICTD shall, as expeditiously as possible, continuously and diligently prosecute, or cause to be prosecuted, repair, reconstruction or replacement thereof until completion. Within one hundred twenty (120) days after the occurrence of an event of damage or destruction to the Facilities or a taking thereof, NICTD, through any Authorized Officer of the NICTD, shall deliver to RDA and the Bond Trustee the written opinion of engineer selected by NICTD and reasonably acceptable to RDA and IFA stating whether or not the conditions set forth above with respect thereto are satisfied. The proceeds of any insurance paid Mortgagee on account of such damage or destruction or taking (other than any rent loss insurance) shall be made available for, and to the extent necessary shall be applied to, the cost of such repair, reconstruction or replacement, or otherwise in accordance with the terms and conditions of this Operating Lease. (b) Proceeds of insurance against damage to or destruction of any Mortgaged Properties and the Facilities which are paid Mortgagor's share of all pro- ceeds of any award for any Mortgaged Properties taken by eminent domain received by the Mortgagee, less the cost, if any, incurred by the Mortgagee with respect thereto, shall be applied to the Bond Trustee as described herein restoration of any damaged Premises or Equipment; provided, however, at the option of the Mortgagee such proceeds may be applied to the payment of the Secured Obligations. If any such proceeds are to be applied to the payment of the cost of repairing, restoring or rebuilding the Mortgaged Properties so damaged or destroyed or taken (the "work"), such proceeds shall be held applied from time to time as the work progresses, subject to such reasonable conditions as may be imposed by the Bond Trustee pursuant Mortgagee to insure the lien-free completion of the work; and, on completion of the work and payment in full therefor, or on any failure on the part of the Mortgagor promptly to commence or continue the work, the amount of any such proceeds then or thereafter in the hands of the Mortgagor or the Mortgagee shall be applied to the applicable Trust Indenture and used by NICTD payment of the Secured Obligations. Nothing herein contained shall prevent the Mortgagee from applying at any time the whole or any part of such proceeds to the curing, either in accordance with the provisions of this Operating Leasewhole or in part, the Underlying Lease, the Master Leases, this Operating Lease, the Governance Agreement and such Trust Indenture. Proceeds of any condemnation Event of the Facilities (or portion thereof) shall be paid to the Bond Trustee and held by the Bond Trustee pursuant to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Ground Lease, the Underlying Lease, the Master Leases, the Governance Agreement and such Trust IndentureDefault.

Use of Insurance and Condemnation Proceeds. (a) If Notwithstanding any other provision of this Mortgage, all or any portion of insurance proceeds recovered by the Facilities shall be damaged or destroyed or taken, NICTD shall, as expeditiously as possible, continuously and diligently prosecute, or cause to be prosecuted, repair, reconstruction or replacement thereof until completion. Within one hundred twenty (120) days after the occurrence of an event Mortgagee on account of damage or destruction to the Facilities or a taking thereof, NICTD, through any Authorized Officer of the NICTD, shall deliver to RDA Mortgaged Premises and the Bond Trustee the written opinion of engineer selected by NICTD and reasonably acceptable to RDA and IFA stating whether or not the conditions set forth above with respect thereto are satisfied. The all proceeds of any insurance paid on account condemnation award recovered by the Mortgagee for any building or equipment taken or damaged, less the cost, if any, to the Mortgagee of such damage or destruction or taking recovery and of paying out such proceeds (other than any rent loss insurance) shall including attorneys' fees and costs allocable to inspecting the work and the plans and specifications therefor), shall, upon the written request of the Mortgagor, be made available for, and applied by the Mortgagee to the extent necessary shall be applied to, payment of the cost of such repairrepairing, reconstruction restoring or replacementrebuilding the improvements on the Mortgaged Premises so damaged or destroyed or of the portion or portions of the Mortgaged Premises not so taken (hereinafter referred to as the "work") and shall be paid out from time to time to the Mortgagor as the work progresses, but subject to the Mortgagee's standard requirements for construction loans of similar nature and subject to the following conditions: (a) There shall be no Event of Default under this Mortgage or otherwise in accordance with any of the terms other Loan Documents; and conditions of this Operating Lease.MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FINANCING STATEMENT (FIXTURE FILING) (b) Proceeds The request for any payment after the work has been completed shall be accompanied by a copy of insurance against damage any certificate or certificates required by law to or destruction render occupancy of the Facilities which are paid Mortgaged Premises legal. Upon the completion of the work and payment in full therefore, or upon any failure on the part of the Mortgagor promptly to commence or continue the work, or at any time upon request by the Mortgagor, the Mortgagee may, at its option, either apply the amount of any such proceeds then or thereafter in the hands of the Mortgagee to the Bond Trustee as described herein shall be held by payment of the Bond Trustee pursuant Mortgage Indebtedness or any portion thereof, whether or not then due and payable, or remit such amount to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Underlying Lease, the Master Leases, this Operating Lease, the Governance Agreement and such Trust Indenture. Proceeds of any condemnation of the Facilities (or portion thereof) shall be paid to the Bond Trustee and held by the Bond Trustee pursuant to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Ground Lease, the Underlying Lease, the Master Leases, the Governance Agreement and such Trust IndentureMortgagor.

Use of Insurance and Condemnation Proceeds. (a) If Notwithstanding any other provision of this Mortgage, all or any portion of insurance proceeds recovered by the Facilities shall be damaged or destroyed or taken, NICTD shall, as expeditiously as possible, continuously and diligently prosecute, or cause to be prosecuted, repair, reconstruction or replacement thereof until completion. Within one hundred twenty (120) days after the occurrence of an event Mortgagee on account of damage or destruction to the Facilities or a taking thereof, NICTD, through any Authorized Officer of the NICTD, shall deliver to RDA Mortgaged Premises and the Bond Trustee the written opinion of engineer selected by NICTD and reasonably acceptable to RDA and IFA stating whether or not the conditions set forth above with respect thereto are satisfied. The all proceeds of any insurance paid on account condemnation award recovered by the Mortgagee for any building or equipment taken or damaged, less the cost, if any, to the Mortgagee of such damage or destruction or taking recovery and of paying out such proceeds (other than any rent loss insurance) shall including attorneys' fees and costs allocable to inspecting the work and the plans and specifications therefor), shall, upon the written request of the Mortgagor, be made available for, and applied by the Mortgagee to the extent necessary shall be applied to, payment of the cost of such repairrepairing, reconstruction restoring or replacementrebuilding the improvements on the Mortgaged Premises so damaged or destroyed or of the portion or portions of the Mortgaged Premises not so taken (hereinafter referred to as the "work") and shall be paid out from time to time to the Mortgagor as the work progresses, but subject to the Mortgagee's standard requirements for construction loans of similar nature and subject to the following conditions: (a) There shall be no Event of Default under this Mortgage or otherwise in accordance with any of the terms and conditions of this Operating Lease.other Loan Documents; and (b) Proceeds The request for any payment after the work has been completed shall be accompanied by a copy of insurance against damage any certificate or certificates required by law to or destruction render occupancy of the Facilities which are paid Mortgaged Premises legal. Upon the completion of the work and payment in full therefore, or upon any failure on the part of the Mortgagor promptly to commence or continue the work, or at any time upon request by the Mortgagor, the Mortgagee may, at its option, either apply the amount of any such proceeds then or thereafter in the hands of the Mortgagee to the Bond Trustee as described herein shall be held by payment of the Bond Trustee pursuant Mortgage Indebtedness or any portion thereof, whether or not then due and payable, or remit such amount to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating LeaseMortgagor. MORTGAGE, the Underlying Lease, the Master Leases, this Operating Lease, the Governance Agreement and such Trust Indenture. Proceeds of any condemnation of the Facilities (or portion thereof) shall be paid to the Bond Trustee and held by the Bond Trustee pursuant to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Ground Lease, the Underlying Lease, the Master Leases, the Governance Agreement and such Trust Indenture.SECURITY AGREEMENT AND ASSIGNMENT OF RENTS

Use of Insurance and Condemnation Proceeds. (a) If all or any portion of the Facilities shall be damaged or destroyed or taken, NICTD shall, as expeditiously as possible, continuously and diligently prosecute, or cause to be prosecuted, repair, reconstruction or replacement thereof until completion. Within one hundred twenty (120) days after the occurrence of an event of damage or destruction to the Facilities or a taking thereof, NICTD, through any Authorized Officer of the NICTD, shall deliver to RDA and the Bond Trustee the written opinion of an engineer selected by NICTD and reasonably acceptable to RDA and IFA stating whether or not the conditions set forth above with respect thereto are satisfied. The proceeds of any insurance paid on account of such damage or destruction or taking (other than any rent loss insurance) shall be made available for, and to the extent necessary shall be applied to, the cost of such repair, reconstruction or replacement, or otherwise in accordance with the terms and conditions of this Operating Ground Lease. (b) Proceeds of insurance against damage to or destruction of the Facilities which are paid to the Bond Trustee as described herein shall be held by the Bond Trustee pursuant to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Ground Lease, the Underlying Lease, the Master Leases, this the Operating Lease, the Governance Agreement and such Trust Indenture. Proceeds of any condemnation of the Facilities (or portion thereof) shall be paid to the Bond Trustee and held by the Bond Trustee pursuant to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Ground Lease, the Underlying Lease, the Master Leases, the Operating Lease, the Governance Agreement and such the applicable Trust Indenture.

Use of Insurance and Condemnation Proceeds. (a) If Notwithstanding any other provision of this Mortgage, all or any portion of insurance proceeds recovered by the Facilities shall be damaged or destroyed or taken, NICTD shall, as expeditiously as possible, continuously and diligently prosecute, or cause to be prosecuted, repair, reconstruction or replacement thereof until completion. Within one hundred twenty (120) days after the occurrence of an event Mortgagee on account of damage or destruction to the Facilities or a taking thereof, NICTD, through any Authorized Officer of the NICTD, shall deliver to RDA Mortgaged Premises and the Bond Trustee the written opinion of engineer selected by NICTD and reasonably acceptable to RDA and IFA stating whether or not the conditions set forth above with respect thereto are satisfied. The all proceeds of any insurance paid on account condemnation award recovered by the Mortgagee for any building or equipment taken or damaged, less the cost, if any, to the Mortgagee of such damage or destruction or taking recovery and of paying out such proceeds (other than any rent loss insurance) shall including attorneys' fees and costs allocable to inspecting the work and the plans and specifications therefor), shall, upon the written request of the Mortgagor, be made available for, and applied by the Mortgagee to the extent necessary shall be applied to, payment of the cost of such repairrepairing, reconstruction restoring or replacementrebuilding the improvements on the Mortgaged Premises so damaged or destroyed or of the portion or portions of the Mortgaged Premises not so taken (hereinafter referred to as the "work") and shall be paid out from time to time to the Mortgagor as the work progresses, but subject to the Mortgagee's standard requirements for construction loans of similar nature and subject to the following conditions: OPEN-END MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS (a) There shall be no Event of Default under this Mortgage or otherwise in accordance with any of the terms and conditions of this Operating Lease.other Loan Documents; and (b) Proceeds The request for any payment after the work has been completed shall be accompanied by a copy of insurance against damage any certificate or certificates required by law to or destruction render occupancy of the Facilities which are paid Mortgaged Premises legal. Upon the completion of the work and payment in full therefore, or upon any failure on the part of the Mortgagor promptly to commence or continue the work, or at any time upon request by the Mortgagor, the Mortgagee may, at its option, either apply the amount of any such proceeds then or thereafter in the hands of the Mortgagee to the Bond Trustee as described herein shall be held by payment of the Bond Trustee pursuant Mortgage Indebtedness or any portion thereof, whether or not then due and payable, or remit such amount to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Underlying Lease, the Master Leases, this Operating Lease, the Governance Agreement and such Trust Indenture. Proceeds of any condemnation of the Facilities (or portion thereof) shall be paid to the Bond Trustee and held by the Bond Trustee pursuant to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Ground Lease, the Underlying Lease, the Master Leases, the Governance Agreement and such Trust IndentureMortgagor.

Use of Insurance and Condemnation Proceeds. (a) If Notwithstanding any other provision of this Mortgage, all or any portion of insurance proceeds recovered by the Facilities shall be damaged or destroyed or taken, NICTD shall, as expeditiously as possible, continuously and diligently prosecute, or cause to be prosecuted, repair, reconstruction or replacement thereof until completion. Within one hundred twenty (120) days after the occurrence of an event Mortgagee on account of damage or destruction to the Facilities or a taking thereof, NICTD, through any Authorized Officer of the NICTD, shall deliver to RDA Mortgaged Premises and the Bond Trustee the written opinion of engineer selected by NICTD and reasonably acceptable to RDA and IFA stating whether or not the conditions set forth above with respect thereto are satisfied. The all proceeds of any insurance paid on account condemnation award recovered by the Mortgagee for any building or equipment taken or damaged, less the cost, if any, to the Mortgagee of such damage or destruction or taking recovery and of paying out such proceeds (other than any rent loss insurance) shall including attorneys' fees and costs allocable to inspecting the work and the plans and specifications therefor), shall, upon the written request of the Mortgagor, be made available for, and applied by the Mortgagee to the extent necessary shall be applied to, payment of the cost of such repairrepairing, reconstruction restoring or replacementrebuilding the improvements on the Mortgaged Premises so damaged or destroyed or of the portion or portions of the Mortgaged Premises not so taken (hereinafter referred to as the "work") and shall be paid out from time to time to the Mortgagor as the work progresses, but subject to the Mortgagee's standard requirements for construction loans of similar nature and subject to the following conditions: (a) There shall be no Event of Default under this Mortgage or otherwise in accordance with any of the terms and conditions of this Operating Lease.other Loan Documents; and (b) Proceeds The request for any payment after the work has been completed shall be accompanied by a copy of insurance against damage any certificate or certificates required by law to or destruction render occupancy of the Facilities which are paid Mortgaged Premises legal. Upon the completion of the work and payment in full therefore, or upon any failure on the part of the Mortgagor promptly to commence or continue the work, or at any time upon request by the Mortgagor, the Mortgagee may, at its option, either apply the amount of any such proceeds then or thereafter in the hands of the Mortgagee to the Bond Trustee as described herein shall be held by payment of the Bond Trustee pursuant Mortgage Indebtedness or any portion thereof, whether or not then due and payable, or remit such amount to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating LeaseMortgagor. OPEN-END MORTGAGE, the Underlying Lease, the Master Leases, this Operating Lease, the Governance Agreement and such Trust Indenture. Proceeds of any condemnation of the Facilities (or portion thereof) shall be paid to the Bond Trustee and held by the Bond Trustee pursuant to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Ground Lease, the Underlying Lease, the Master Leases, the Governance Agreement and such Trust Indenture.SECURITY AGREEMENT AND ASSIGNMENT OF RENTS

Use of Insurance and Condemnation Proceeds. (a) If In the event that the Improvements, or any portion thereof, are ever demolished, destroyed or damaged by fire or other casualty, or in the event that all or any portion of the Facilities Property is ever taken by an action in eminent domain or sold in lieu thereof, or in the event that any Property is ever damaged by public works or construction on or near the Property, then Borrower shall promptly give Lender written notice of such destruction, taking, sale or damage, and Lender shall be damaged or destroyed or taken, NICTD shall, as expeditiously as possible, continuously and diligently prosecute, or entitled at its election either to cause such proceeds to be prosecutedapplied against the Loan or to require Borrower to repair and restore the Improvements. In the event that Lender elects to require Borrower to repair and restore the Improvements, repair, reconstruction any amounts that may become payable or replacement thereof until completion. Within one hundred twenty (120) days after the occurrence of an event of damage or destruction awarded to the Facilities or a taking thereof, NICTD, through any Authorized Officer of the NICTD, shall deliver to RDA and the Bond Trustee the written opinion of engineer selected by NICTD and reasonably acceptable to RDA and IFA stating whether or not the conditions set forth above Borrower with respect thereto are satisfied. The proceeds of any insurance paid on account of thereto, less reasonable expenses incurred in collecting such damage sums (referred to herein as "Net Insurance or destruction or taking (other than any rent loss insuranceCondemnation Proceeds") shall be made available fordelivered to Lender, and to the extent necessary shall be applied to, the cost of to such repair, reconstruction rebuilding or replacement, or otherwise restoration in accordance with the terms plans and conditions of this Operating Lease. (b) specifications therefor approved by Lender, such amounts to be disbursed as determined by Lender in its sole and absolute discretion. Net Insurance or Condemnation Proceeds of insurance against damage to or destruction of the Facilities which are paid to the Bond Trustee as described herein shall be held by Lender after the Bond Trustee pursuant to payment of all costs and expenses incurred in repairing, rebuilding and restoring the applicable Trust Indenture and used by NICTD Property in accordance with this Section 3.2 shall be applied to the reduction of the Indebtedness in such order and manner as Lender shall determine. In the event that the Net Insurance or Condemnation Proceeds are not applied to the repair, rebuilding or restoration of the Property pursuant to the provisions of this Operating LeaseSection 3.2, then such Net Insurance or Condemnation Proceeds shall be applied to the Underlying Lease, the Master Leases, this Operating Lease, the Governance Agreement and such Trust Indenture. Proceeds of any condemnation reduction of the Facilities (or portion thereof) Indebtedness in such order and manner as Lender shall be paid determine and, to the Bond Trustee extent that any portion of the Indebtedness then remains unpaid, Lender may, at its option, declare the outstanding Indebtedness to be immediately due and held by the Bond Trustee pursuant to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Ground Lease, the Underlying Lease, the Master Leases, the Governance Agreement and such Trust Indenturepayable.

Use of Insurance and Condemnation Proceeds. (a) If Notwithstanding any other provision of this Mortgage, all or any portion of insurance proceeds recovered by the Facilities shall be damaged or destroyed or taken, NICTD shall, as expeditiously as possible, continuously and diligently prosecute, or cause to be prosecuted, repair, reconstruction or replacement thereof until completion. Within one hundred twenty (120) days after the occurrence of an event Mortgagee on account of damage or destruction to the Facilities or a taking thereof, NICTD, through any Authorized Officer of the NICTD, shall deliver to RDA Mortgaged Premises and the Bond Trustee the written opinion of engineer selected by NICTD and reasonably acceptable to RDA and IFA stating whether or not the conditions set forth above with respect thereto are satisfied. The all proceeds of any insurance paid on account condemnation award recovered by the Mortgagee for any building or equipment taken or damaged, less the cost, if any, to the Mortgagee of such damage or destruction or taking recovery and of paying out such proceeds (other than any rent loss insurance) shall including attorneys' fees and costs allocable to inspecting the work and the plans and specifications therefor), shall, upon the written request of the Mortgagor, be made available for, and applied by the Mortgagee to the extent necessary shall be applied to, payment of the cost of such repairrepairing, reconstruction restoring or replacementrebuilding the improvements on the Mortgaged Premises so damaged or destroyed or of the portion or portions of the Mortgaged Premises not so taken (hereinafter referred to as the "work") and shall be paid out from time to time to the Mortgagor as the work progresses, but subject to the Mortgagee's standard requirements for construction loans of similar nature and subject to the following conditions: MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FINANCING STATEMENT (FIXTURE FILING) (a) There shall be no Event of Default under this Mortgage or otherwise in accordance with any of the terms and conditions of this Operating Lease.other Loan Documents; and (b) Proceeds The request for any payment after the work has been completed shall be accompanied by a copy of insurance against damage any certificate or certificates required by law to or destruction render occupancy of the Facilities which are paid Mortgaged Premises legal. Upon the completion of the work and payment in full therefore, or upon any failure on the part of the Mortgagor promptly to commence or continue the work, or at any time upon request by the Mortgagor, the Mortgagee may, at its option, either apply the amount of any such proceeds then or thereafter in the hands of the Mortgagee to the Bond Trustee as described herein shall be held by payment of the Bond Trustee pursuant Mortgage Indebtedness or any portion thereof, whether or not then due and payable, or remit such amount to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Underlying Lease, the Master Leases, this Operating Lease, the Governance Agreement and such Trust Indenture. Proceeds of any condemnation of the Facilities (or portion thereof) shall be paid to the Bond Trustee and held by the Bond Trustee pursuant to the applicable Trust Indenture and used by NICTD in accordance with the provisions of this Operating Lease, the Ground Lease, the Underlying Lease, the Master Leases, the Governance Agreement and such Trust IndentureMortgagor.