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. 5.13.1 Any fire and casualty insurance and other insurance policies maintained by Sellers or their Affiliates with respect to the Companies (“Sellers’ Insurance Policies”) may be cancelled by such Seller or Affiliate as of the Closing Date, and any refunded premiums shall be retained by such Seller or Affiliate. Buyer will be responsible for acquiring and placing its own insurance with respect to the Companies for periods after the Closing. Buyer acknowledges and agrees that (i) the Sellers’ Insurance Policies, (ii) all claims under such Sellers’ Insurance Policies for casualties occurring prior to the Closing, including without limitation, any such claims relating to or arising out of damage to any improvements on the Company Real Property, Riverboats (barges) and Hotel resulting from or relating to Hurricane Xxxx including the damage described below (“Pre-Existing Claims”), and (iii) all insurance proceeds related to Pre-Existing Claims shall be retained by Sellers; provided that Sellers shall not enter into any settlement with any insurance companies that will give such insurance companies any right, title or interest in the Property.
5.13.2 The Companies’ insurance carriers are currently undertaking certain investigations and diagnostic studies in connection with the damage to the Riverboats and barges and other improvements on the Property. Within ninety (90) days after the Closing, Sellers and the Companies’ applicable insurance companies will: (a) complete such insurance investigation; (b) remove and salvage the barges, the proceeds of which shall be used to pay liabilities of the Companies; (c) remove the Riverboat “Pride of Lake Xxxxxxx” from the parking lot where it presently resides and place it back into the canal; (d) remove and scrap the 14 barges to allow for the movement of the Riverboats to the Port of Orange; (e) scrap and remove the barges from the Company Real Property; (f) dredge as is necessary and appropriate to accomplish the foregoing removals; and (g) perform such other remediation, repair and removal as is necessary and appropriate to accomplish all of the foregoing in the reasonable opinion of Sellers and the insurance companies and as required by any Governmental Entity having jurisdiction over such action pursuant to and consistent with the removal and salvage Contracts provided by the Seller to the Buyer prior to the execution of this Agreement. In the event the Companies’ insurance companies and/or the relevant Governmental ...
Insurance Casualty Condemnation. AND RESTORATION ---------------
Insurance Casualty Condemnation. 50 Section 5.1 Insurance............................................................................ 50
Insurance Casualty Condemnation. RESTORATION 76 ARTICLE VII. RESERVE FUNDS 80
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. Insurance 117 Section 6.2. Casualty 123 Section 6.3. Condemnation 124 Section 6.4. Restoration 124 Section 7.1. Intentionally Omitted. 129 Section 7.2. Tax and Insurance Escrow Fund 000 Xxxxxxx 0.0. FF&E Reserve Account 130 Section 7.4. Ground Rent Funds 132 Section 7.5. Ground Lease Estoppel Reserve Amount 133 Section 7.6. Reserve Funds, Generally 134
Insurance Casualty Condemnation. Section 6.1 Insurance. Casualty. Condemnation. Restoration.
Insurance Casualty Condemnation. Lessee shall procure and maintain, or cause to be procured and maintained, all insurance coverage required under the Loan Documents and/or Program Obligations. All proceeds from an insurance or condemnation claim or award, or other compensation paid by reason of a conveyance in lieu of the exercise of such rights, with respect to the Healthcare Facility or the Project shall be applied in accordance with the terms of the Loan Documents and Program Obligations. Any decision to repair, reconstruct, restore or replace the Healthcare Facility following a casualty or condemnation action shall be subject to the terms of the Loan Documents and Program Obligations. On an annual basis, Lessee shall provide to Lender a certification that it is in compliance with HUD’s professional liability insurance requirements.
