Common use of Use of Insurance Proceeds Clause in Contracts

Use of Insurance Proceeds. In case the buildings, improvements or fixtures required to be insured in subparagraph 27.a above or any part thereof shall be destroyed or damaged by fire or such other casualty required to be insured against, then and as often as the same shall happen, all proceeds of such insurance, including the interest therein of Lessor and the interest therein of Lessee shall be made available for and used with all reasonable dispatch by Lessee in rebuilding, repairing, replacing or otherwise reinstating the buildings, improvements or fixtures so destroyed or damaged in a good and substantial manner according to the plan and elevation thereof or according to such modified plan for the same or substitute buildings, improvements or fixtures as shall be approved in writing by the Lessor in accordance with paragraphs 12 and 13 above. If the available insurance proceeds shall be insufficient for rebuilding, repairing, replacing or otherwise reinstating such buildings, improvements or fixtures in the manner provided in this paragraph above, then Lessor shall provide the balance of all funds required to completely rebuild, repair, replace or otherwise reinstate such buildings, improvements or fixtures; provided, however, that Lessee shall be responsible for any deductible amounts or self-insured retentions and if Lessee fails to carry the types and amounts of insurance required by Section 27(a), then Lessee shall be responsible for any shortfall.

Use of Insurance Proceeds. In case the buildings, improvements or fixtures required to be insured in subparagraph 27.a Section VIII.A.1 above or any part thereof shall be destroyed or damaged by fire or such other casualty required to be insured against, then and as often as the same shall happen, all proceeds of such insurance, including the interest therein of Lessor Landlord and the balance of the interest therein of Lessee Tenant after deducting such amount of the interest of any Beneficiary in Tenant’s insurance proceeds as provided in Section VIII.A.2.c above and excluding the proceeds of any rental value, or use and occupancy insurance of Tenant, shall be made available for and used with all reasonable dispatch by Lessee Tenant in rebuilding, repairing, replacing or otherwise reinstating the buildings, improvements or fixtures so destroyed or damaged in a good and substantial manner according to the plan and elevation thereof thereof, or according to such modified plan for the same or substitute buildings, improvements or fixtures as shall be approved in writing by the Lessor Landlord in accordance with paragraphs 12 and 13 Article VI above. If the available insurance proceeds shall be insufficient for rebuilding, repairing, replacing or otherwise reinstating such buildings, improvements or fixtures in the manner provided in this paragraph above, then Lessor Tenant shall provide the balance of all funds required to completely rebuild, repair, replace or otherwise reinstate such buildings, improvements or fixtures; provided, however, that Lessee shall be responsible for any deductible amounts or self-insured retentions and if Lessee fails to carry the types and amounts of insurance required by Section 27(a), then Lessee shall be responsible for any shortfall.

Use of Insurance Proceeds. In case the buildings, improvements or fixtures required to be insured in subparagraph 27.a Section VIII.A.1 above or any part thereof shall be destroyed or damaged by fire or such other casualty required to be insured against, then and as often as the same shall happen, all proceeds of such insurance, including the interest therein of Lessor Landlord and the balance of the interest therein of Lessee Tenant after deducting such amount of the interest of any Beneficiary in Tenant’s insurance proceeds as provided in section VIII.A.2.c above and excluding the proceeds of any rental value, or use and occupancy insurance of Tenant, shall be made available for and used with all reasonable dispatch by Lessee Tenant in rebuilding, repairing, replacing or otherwise reinstating the buildings, improvements or fixtures so destroyed or damaged in a good and substantial manner according to the plan and elevation thereof thereof, or according to such modified plan for the same or substitute buildings, improvements or fixtures as shall be approved in writing by the Lessor Landlord in accordance with paragraphs 12 and 13 Article VI above. If the available insurance proceeds shall be insufficient for rebuilding, repairing, replacing or otherwise reinstating such buildings, improvements or fixtures in the manner provided in this paragraph above, then Lessor Tenant shall provide the balance of all funds required to completely rebuild, repair, replace or otherwise reinstate such buildings, improvements or fixtures; provided, however, that Lessee shall be responsible for any deductible amounts or self-insured retentions and if Lessee fails to carry the types and amounts of insurance required by Section 27(a), then Lessee shall be responsible for any shortfall.