Insurance Casualty Condemnation. Seller agrees that it will keep the Property insured against casualty until the Closing Date under its existing insurance policies or replacement policies with the same coverage as existing at the date of execution hereof. Such policies shall be terminated by Seller at the Closing Date. In the event that, prior to the Closing Date, all or any portion of the Property shall be destroyed by fire or other casualty, or taken by condemnation or exercise of the right of eminent domain, or if proceedings therefor shall be instituted or threatened and the amount of any such damage or condemnation exceeds $100,000, then Buyer may, within ten (10) days of its receipt of notice of such event, elect to terminate this Agreement by written notice to Seller and Escrow Agent. If the damage or condemnation is equal to or less than $100,000 or if the damage or condemnation exceeds $100,000 but Buyer does not terminate this Agreement, then the parties shall proceed to close the transaction contemplated hereby, in which event any insurance or condemnation proceeds (excluding rental loss proceeds attributable to the period prior to the Closing Date) shall inure to the benefit of Buyer and shall be assigned by Seller to Buyer at close of Escrow. In the event the parties proceed to close the transaction contemplated hereby, Seller shall pay any required deductible applicable to such insurance coverage, or the Purchase Price shall be reduced by the amount of any such deductible.
Insurance Casualty Condemnation. The Lessee agrees to procure and maintain, or cause to be procured and maintained, the insurance coverage required pursuant to the Mortgage Loan Documents and/or applicable HUD Requirements, including HUD Notices H 04-01 and H 04-15. Insurance proceeds and the proceeds of any condemnation award or other compensation paid by reason of a conveyance in lieu of the exercise of such power, with respect to the Leased Premises or any portion thereof shall be applied in accordance with the terms of the Mortgage Loan Documents and applicable HUD Program Requirements. The decision to repair, reconstruct, restore or replace the Leased Premises following a casualty or condemnation shall be subject to the terms of the Mortgage Loan Documents and applicable HUD Requirements.
Insurance Casualty Condemnation. (i) The MLP Parties acknowledge and agree that, following the Closing, any Subject Insurance Policies shall be terminated or modified to exclude coverage of all or any portion of the Tank Assets by VRLP or any of its Affiliates, and, as a result, the MLP Parties shall be obligated at or before Closing to obtain at their sole cost and expense replacement insurance, including insurance required by any third party to be maintained for or by the Tank Assets. Notwithstanding the foregoing, VRLP acknowledges that initially such insurance described in the preceding sentence may be maintained under an umbrella policy of Valero Energy Corporation with OLP as a named insured (and for which OLP shall reimburse Valero Energy Corporation for its proportionate cost), but the OLP agrees that it will endeavor in good faith to obtain insurance in its own name if commercially and economically practicable. Each of the MLP Parties further acknowledges and agrees that the MLP Parties may need to provide to certain Governmental Authorities and third parties evidence of such replacement or substitute insurance coverage for the continued operations of the Tank Assets. If any claims are made or losses occur prior to the Closing Date that relate solely to the Tank Assets and such claims, or the claims associated with such losses, properly may be made against the policies retained by VRLP or its Affiliates after the Closing, then VRLP shall use its Best Efforts so that the MLP Parties can file, notice, and otherwise continue to pursue these claims pursuant to the terms of such policies; provided, however, nothing in this Agreement shall require VRLP to maintain or to refrain from asserting claims against or exhausting any retained policies.
(A) VRLP shall give the MLP Parties prompt notice of (i) any fire or other casualty affecting the Tank Assets (a "Casualty") between the Effective Date and the Closing Date and (ii) any actual, pending or proposed Taking of all or any portion of the Tank Assets.
(B) In the event the Tank Assets (or any material portion thereof) suffers a Casualty subsequent to the Effective Date, but prior to the Closing Date, VRLP shall elect either (i) to repair or make adequate provision for the repair of such Tank Assets prior to Closing or (ii) to provide the MLP Parties with a credit against the Cash Amount in an amount agreed upon by VRLP and the MLP Parties to represent the reduction in the value of the Tank Assets by reason of the Casualty, taking into a...
Insurance Casualty Condemnation. AND RESTORATION ---------------
Insurance Casualty Condemnation. RESTORATION 76 ARTICLE VII. RESERVE FUNDS 80
Insurance Casualty Condemnation. 50 Section 5.1 Insurance............................................................................ 50
Insurance Casualty Condemnation. Tenant agrees to procure and maintain, or cause to be procured and maintained, the insurance coverage required pursuant to the HUD Loan Documents and/or applicable HUD Requirements, including HUD Notices H 04-01 and H 04-15. Insurance proceeds and the proceeds of any condemnation award or other compensation paid by reason of a conveyance in lieu of the exercise of such power, with respect to the Premises, or any portion thereof, shall be applied in accordance with the terms of the HUD Loan Documents and applicable HUD Program Requirements. The decision to repair, reconstruct, restore or replace the Premises following a casualty or condemnation shall be subject to the terms of the HUD Loan Documents and applicable HUD Requirements. Notwithstanding the foregoing, under no circumstances shall Tenant be required to repair, reconstruct, restore or replace the Premises if the insurance proceeds and/or the proceeds of any condemnation award or other compensation paid by reason of a conveyance in lieu of the exercise of such power are not fully made available to Tenant.
Insurance Casualty Condemnation. 76 Section 6.1 Insurance..................................................................................76 Section 6.2 Casualty....................................................................................80 Section 6.3 Condemnation..........................................................................80 Section 6.4 Restoration...............................................................................81 ARTICLE 7 RESERVE FUNDS..............................................................................86 Section 7.1 Development Rent Funds.........................................................86 7.1.1 Deposits of Development Rent Funds...........................................86 7.1.2 Release of Development Rent Funds.............................................86 Section 7.2 Tax and Insurance Escrow........................................................86 7.2.1 Tax Funds and Insurance Funds.....................................................86 7.2.2 Disbursements from Tax Funds and Insurance Funds...................87 Section 7.3 Replacements and Replacement Reserve.................................88 7.3.1 Replacement Reserve Funds..........................................................88 7.3.2 Disbursements from Replacement Reserve Subaccount................88 7.3.3 Balance in the Replacement Reserve Subaccount.........................88 7.3.4 Release of Replacement Reserve Funds........................................88 Section 7.4 Rollover Reserve.....................................................................89 7.4.1 Deposits to Rollover Reserve Funds..............................................89 7.4.2 Withdrawal of Rollover Reserve Funds.........................................89 7.4.3 Release of Rollover Reserve Funds..............................................90 Section 7.5 Excess Cash Reserve Funds.....................................................90 7.5.1 Deposits to Excess Cash Reserve Funds........................................90 7.5.2 Release of Excess Cash Funds.......................................................90 Section 7.6 Intentionally omitted................................................................90 Section 7.7 Condominium Common Charges Reserve...............................90 7.7.1 Deposits of Condominium Charge Funds......................................91 7.7.2 Release of Condominium Common Charge Funds.......................91 Section 7.8 Reserve Funds, Generally...........................
Insurance Casualty Condemnation. RESTORATION 61 RESERVE FUNDS 71 CASH MANAGEMENT AGREEMENT 81
Insurance Casualty Condemnation. Section 12.01. A. Tenant shall, at its own cost and expense, maintain comprehensive public liability (containing the so-called "occurrence clause") against claims for personal injury, death and property damage occurring in or about the Premises; such insurance shall afford minimum protection of two million ($2,000,000.00) dollars combined single limit for bodily injury and one million ($1,000,000.00) dollars for property damage liability in any one occurrence. Landlord shall be named as an additional named insured under this public liability insurance policy.
