Common use of Authorized Payment Clause in Contracts

Authorized Payment. All sums payable for loss and damage arising out of the casualties covered by the property insurance policies shall be payable directly to SAMP, subject to its obligations to the Lender, unless the cost of the Reconstruction Work (as defined below) exceeds fifty percent (50%) of the Certified Cost of Lessee Improvements (as adjusted for inflation over the Term pursuant to Section 3.21) in which case $1,000,000 shall be held in escrow by the Insurance Trustee pending (i) SAMP's completion of the Restoration Work in accordance with Section 9.l0(a) or (ii) SAMP's clearing of the Leased Property in accordance with Section 9.10(b), at which time such amount shall be paid to SAMP. If at the time any such proceeds become payable there is a Leasehold Mortgage, the Lender having the highest lien priority shall serve as the Insurance Trustee, but if there is no Leasehold Mortgage at that time, or if the Lender refuses to serve as Insurance Trustee, the Insurance Trustee shall be such commercial bank or trust company as shall be designated by SAMP and approved by the City Manager, which approval shall not be unreasonably withheld or delayed (the "Insurance Trustee").

Authorized Payment. All sums payable for loss and damage arising out of the casualties covered by the property insurance policies shall be payable directly to SAMP, subject to its obligations to the Lender, unless the cost of the Reconstruction Work (as defined below) exceeds fifty percent (50%) of the Certified Cost of Lessee Improvements (as adjusted for inflation over the Term pursuant to Section 3.21) in which case $1,000,000 shall be held in escrow by the Insurance Trustee pending (i) SAMP's completion of the Restoration Work in accordance with Section 9.l0(a) or (ii) SAMP's clearing of the Leased Property in accordance with Section 9.10(b), at which time such amount shall be paid to SAMP. If at the time any such proceeds become payable there is a Leasehold Mortgage, the Lender having the highest lien priority shall serve as the Insurance Trustee, but if there is no Leasehold Mortgage at that time, or if the Lender refuses to serve as Insurance Trustee, the Insurance Trustee shall be such commercial bank or trust company as shall be designated by SAMP and approved by the City ManagerCity, which approval shall not be unreasonably withheld or delayed (the "Insurance Trustee").

Authorized Payment. All sums payable for loss and damage arising out of the casualties covered by the property insurance policies shall be payable directly to SAMPJoePC, subject to its obligations to the Lender, unless the cost of the Reconstruction Work (as defined below) exceeds fifty percent (50%) of the Certified Cost of Lessee JoePC Improvements (as adjusted for inflation over the Term pursuant to Section 3.21) in which case $1,000,000 shall be held in escrow by the Insurance Trustee pending (i) SAMP's JoePC’s completion of the Restoration Work in accordance with Section 9.l0(a9.10(a) or (ii) SAMP's JoePC’s clearing of the Leased Property in accordance with Section 9.10(b), at which time such amount shall be paid to SAMPJoePC. If at the time any such proceeds become payable there is a Leasehold Mortgage, the Lender having the highest lien priority shall serve as the Insurance Trustee, but if there is no Leasehold Mortgage at that time, or if the Lender refuses to serve as Insurance Trustee, the Insurance Trustee shall be such commercial bank or trust company as shall be designated by SAMP JoePC and approved by the City ManagerCity, which approval shall not be unreasonably withheld or delayed (the "“Insurance Trustee"”).