Common use of Use of Insurance Proceeds Clause in Contracts

Use of Insurance Proceeds. Lender shall make the net insurance proceeds received by it (after reimbursement of Lender's out-of pocket costs of collecting and disbursing the same) available to Borrower to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to the following conditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the insurance proceeds. (b) Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of insurance proceeds and other funds deposited by Borrower with Lender. (c) Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Lender (such approval not to be unreasonably withheld), in accordance with codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination, of any Lease, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be disbursed, at Lender's option, in accordance with Lender's customary disbursement procedures for construction loans. (e) The Casualty shall have occurred more than twelve (12) months prior to the Maturity Date.

Use of Insurance Proceeds. Lender shall make the net insurance proceeds received by it (after reimbursement of Lender's ’s out-of pocket costs of collecting and disbursing the same) available to Borrower Mortgagor to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to the following conditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the insurance proceeds. (b) Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of insurance proceeds and other funds deposited by Borrower Mortgagor with Lender. (c) Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Lender (such approval not to be unreasonably withheld), in accordance with codes and ordinances ordinances, and in accordance with the terms, and within the time requirements in order to prevent termination, of any Lease, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be disbursed, at Lender's ’s option, in accordance with Lender's ’s customary disbursement procedures for construction loans. (e) The Casualty shall have occurred more than twelve (12) months prior to the Maturity Date. (f) No Tenant shall have the right to terminate its Lease or their Leases as a result of the Casualty. If any of these conditions shall not be satisfied, then Lender shall have the right to use the insurance proceeds to prepay the Loan in accordance with the Credit Agreement. If any insurance proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or at the Lender’s discretion, used to prepay the Loan in accordance with the Credit Agreement.

Use of Insurance Proceeds. Lender shall make the net insurance proceeds received by it (after reimbursement of Lender's out-of pocket costs of collecting and disbursing the same) available to Borrower to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to the following conditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the insurance proceeds. (b) Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of insurance proceeds and other funds deposited by Borrower with Lender. (c) Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Lender (such approval not to be unreasonably withheld), in accordance with codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination, of any Lease, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be held in an interest-bearing account and shall be disbursed, at Lender's option, in accordance with Lender's customary disbursement procedures for construction loans. (e) The Casualty shall have occurred more than twelve (12) months prior to the Maturity Date. If any of these conditions shall not be satisfied, then Lender shall have the right to use the insurance proceeds to prepay the Loan in accordance with the Note. If any insurance proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Borrower, or at the Lender's discretion, used to prepay the Loan in accordance with the Note.

Use of Insurance Proceeds. Lender shall make the net insurance proceeds received by it (after reimbursement of Lender's ’s out-of pocket costs of collecting and disbursing the same) available to Borrower to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to the following conditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the insurance proceeds. (b) Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of insurance proceeds and other funds deposited by Borrower with Lender. (c) Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Lender (such approval not to be unreasonably withheld), in accordance with codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination, of the Big Stone Plant Property Lease, the Access and Rail Agreement or any other Lease, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be disbursed, at Lender's ’s option, in accordance with Lender's ’s customary disbursement procedures for construction loans. (e) The Casualty shall have occurred more than twelve (12) months prior to the Maturity Date. If any of these conditions shall not be satisfied, then Lender shall have the right to use the insurance proceeds to prepay the Expansion Loan in accordance with the Note. If any insurance proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Borrower, or at the Lender’s discretion, used to prepay the Expansion Loan in accordance with the Note.

Use of Insurance Proceeds. Lender shall make the net insurance proceeds received by it (after reimbursement of Lender's ’s out-of pocket costs of collecting and disbursing the same) available to Borrower to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to the following conditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the insurance proceeds. (b) Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of insurance proceeds and other funds deposited by Borrower with Lender. (c) Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance accordance, with plans and specifications approved by Lender (such approval not to be unreasonably withheld), in accordance with codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination, of the Big Stone Plant Property Lease; the Access and Rail Agreement or any other Lease, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be disbursed, at Lender's ’s option, in accordance with Lender's ’s customary disbursement procedures for construction loans. (e) The Casualty shall have occurred more than twelve (12) months prior to the Maturity Date. If any of these conditions shall not be satisfied, then Lender shall have the right to use the insurance proceeds to prepay the 2007 Term Loan in accordance with the Note. If any insurance proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Borrower, or at the Lender’s discretion, used to prepay the 2007 Term Loan in accordance with the Note.

Use of Insurance Proceeds. Lender shall make the net insurance proceeds received by it (after reimbursement of Lender's out-of pocket costs of collecting and disbursing the same) available to Borrower to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to the following conditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the insurance proceeds. (b) Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of insurance proceeds and other funds deposited by Borrower with Lender. (c) Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Lender (such approval not to be unreasonably withheld), in accordance with codes and ordinances ordinances, and in accordance with the terms, and within the time requirements in order to prevent termination, of any Lease, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be disbursed, at Lender's option, in accordance with Lender's customary disbursement procedures for construction loans. (e) The Casualty shall have occurred more than twelve (12) months prior to the Maturity Date. If any of these conditions shall not be satisfied, then Lender shall have the right to use the insurance proceeds to prepay the Loan in accordance with the Note. If any insurance proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Borrower, or at the Lender's discretion, used to prepay the Loan in accordance with the Note.

Use of Insurance Proceeds. If the cost of Restoration is less than $250,000 and provided that there is no continuing Event of Default, the insurance proceeds shall be paid directly to Mortgagor for Restoration of the Improvements. If cost of Restoration is greater than $250,000, the Lender shall make the net insurance proceeds received by it (after reimbursement of the Lender's ’s out-of of-pocket costs of collecting and disbursing the same) available to Borrower the Mortgagor to pay the cost of restoration, repair and rebuilding Restoration of the Mortgaged Property, subject to the following conditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the insurance proceeds. (b) The Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding Restoration is and will be equal to or less than the amount of insurance proceeds and other funds deposited by Borrower the Mortgagor with the Lender.; (c) The Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding Restoration can be completed in accordance with plans and specifications approved by the Lender (such approval not to be unreasonably withheldwithheld or delayed), in accordance with applicable codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination, of any Lease, and in any event not less than six (6) months prior to the Maturity Date.; (d) All funds Funds shall be held by the Lender and shall be disbursed, at the Lender's ’s option, in accordance with the Lender's ’s customary disbursement procedures for construction loans.; (ei) The the Casualty shall have occurred more than twelve (12) 12 months prior to the Maturity Date; (e) No Tenant and no group of Tenants (i) whose cumulative monthly rent obligations exceed 15% of the total monthly rental income of the Mortgaged Property or (ii) who lease, in the aggregate more than 24,670 square feet of Net Rentable Area (as defined in the XXXXX Agreement) immediately prior to the Casualty, shall have the right to terminate its Lease or their Leases as a result of the Casualty. If any of these conditions shall not be satisfied, then the Lender shall have the right to use the insurance proceeds to prepay the Obligations without a Prepayment Fee in accordance with the Loan Documents. If any insurance proceeds shall remain after completion of the Restoration of the Mortgaged Property, they shall be disbursed to the Mortgagor, or at the Lender’s discretion, used to prepay the Obligations without a Prepayment Fee in accordance with the Loan Documents.

Use of Insurance Proceeds. Lender shall make the net insurance proceeds received by it (after reimbursement of LenderXxxxxx's out-of pocket costs of collecting and disbursing the same) available to Borrower to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to the following conditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the insurance proceeds. (b) Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of insurance proceeds and other funds deposited by Borrower with Lender. (c) Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Lender (such approval not to be unreasonably withheld), in accordance with codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination, of the Big Stone Plant Property Lease, the Access and Rail Agreement or any other Lease, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be disbursed, at Lender's option, in accordance with LenderXxxxxx's customary disbursement procedures for construction loans. (e) The Casualty shall have occurred more than twelve (12) months prior to the Maturity Date. If any of these conditions shall not be satisfied, then Lender shall have the right to use the insurance proceeds to prepay the Loan in accordance with the Note. If any insurance proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Borrower, or at the Lender's discretion, used to prepay the Loan in accordance with the Note.