Common use of Casualty Occurrences Clause in Contracts

Casualty Occurrences. (a) Losses, if any, with respect to any Property under any property damage policies required to be carried under Section 2.8(c) shall be adjusted with the insurance companies, including the filing of appropriate proceedings, as follows: (x) so long as no Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, and provided that the Lessee is required by the Operative Documents, or has agreed, to repair the damage to the applicable Property, such losses shall be adjusted by the Lessee, and (y) if any Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, or if the Lessee is not required to, and has not agreed, to repair the damage to the applicable Property, such losses shall be adjusted by the Administrative Agent. The party which shall be entitled to adjust losses may appear in any proceeding or action to negotiate, prosecute, adjust or appeal any claim for any award, compensation or insurance payment on account of any Casualty; provided, that the Construction Agent shall pay all expenses thereof; subject to Section 5.4 hereof. At the request of the party entitled to adjust any such losses, and at the Construction Agent's sole cost and expense (subject to Section 5.4 hereof), the other party shall participate in any such proceeding, action, negotiation, prosecution or adjustment. The parties hereto agree that this Construction Agency Agreement shall control the rights of the parties hereto in and to any such award, compensation or insurance payment relating to any Casualty affecting any Property during the Interim Lease Term for such Property.

Casualty Occurrences. (a) Losses, if any, In the event of a Casualty with respect to any the Construction Period Property, insurance awards for losses with respect to the Construction Period Property under any property damage policies builder’s risk insurance or, to the extent required hereby, insurance for earthquake or flood, required to be carried under Section 2.8(c) hereunder, shall be adjusted with the insurance companies, including the filing of appropriate proceedings, as follows: (xi) so long as no Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, and provided that the Lessee is required by the Operative Documents, or has agreed, to repair the damage to the applicable Property, such insurance awards for losses shall be adjusted by the LesseeConstruction Agent (or, if such insurance awards relate to a Force Majeure Event, adjusted jointly by the Construction Agent and the Lessor) for payment to the Agent and shall be available to reimburse the Construction Agent for the continued construction of the Construction Period Property in accordance with the Operative Agreements, and (yii) if any Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, or if the Lessee is not required to, and has not agreed, to repair the damage to the applicable Property, such losses shall be adjusted by the Administrative Agent. The party which shall be entitled to adjust losses may appear in any proceeding or action to negotiate, prosecute, adjust or appeal any claim for any award, compensation or insurance payment on account of any Casualty; provided, that the Construction Agent shall pay all expenses thereof; , subject to Section 5.4 hereofhereof and Section 11.6 of the Participation Agreement. At the request of the party entitled to adjust any such losses, and at the Construction Agent's ’s sole cost and expense (subject to Section 5.4 hereofhereof and Section 11.6 of the Participation Agreement), the other party shall participate in any such proceeding, action, negotiation, prosecution or adjustment. The parties hereto agree that this Construction Agency Agreement shall control the rights of the parties hereto in and to any such award, compensation or insurance payment relating to any Casualty affecting any the Property during the Interim Lease Term for such PropertyConstruction Period.

Casualty Occurrences. (a) Losses, if any, In the event of a Casualty with respect to any the Property during the Construction Period, insurance awards for losses under any property damage policies builder’s risk insurance or, to the extent required hereby, insurance for earthquake or flood, required to be carried under Section 2.8(c) hereunder, shall be adjusted with the insurance companies, including the filing of appropriate proceedings, as follows: (xi) so long as no Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, and provided that the Lessee is required by the Operative Documents, or has agreed, to repair the damage to the applicable Property, such insurance awards for losses shall be adjusted by the LesseeConstruction Agent (or, if such insurance awards relate to a Force Majeure Event, adjusted jointly by the Construction Agent and the Lessor) for payment to the Agent and shall be available to reimburse the Construction Agent for the continued construction in accordance with the Operative Agreements, and (yii) if any Lease Event of Default or Construction Agency Agreement Event of Default shall have occurred and be continuing, or if the Lessee is not required to, and has not agreed, to repair the damage to the applicable Property, such losses shall be adjusted by the Administrative Agent. The party which shall be entitled to adjust losses may appear in any proceeding or action to negotiate, prosecute, adjust or appeal any claim for any award, compensation or insurance payment on account of any Casualty; provided, that the Construction Agent shall pay all reasonable expenses thereof; , subject to Section 5.4 hereofhereof and Section 11.6 of the Participation Agreement. At the request of the party entitled to adjust any such losses, and at the Construction Agent's ’s sole cost and expense (subject to Section 5.4 hereofhereof and Section 11.6 of the Participation Agreement), the other party shall participate in any such proceeding, action, negotiation, prosecution or adjustment. The parties hereto agree that this Construction Agency Agreement shall control the rights of the parties hereto in and to any such award, compensation or insurance payment relating to any Casualty affecting any the Property during the Interim Lease Term for such PropertyConstruction Period.