Common use of Damage, Destruction, Condemnation; Use of Proceeds Clause in Contracts

Damage, Destruction, Condemnation; Use of Proceeds. If (a) the Personal Property or any portion thereof is destroyed, in whole or in part, or is damaged by fire or other casualty, or (b) title to, or the temporary use of, the Personal Property or any part thereof or the interest of Lessee or Lessor in the Personal Property or any part thereof will be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, Lessee and Lessor will cause the Net Proceeds of any insurance claim or condemnation award to be applied to the prompt replacement, repair, restoration, modification or improvement of the Personal Property, unless Lessee has exercised its option to purchase the Personal Property pursuant to Section 31. Any balance of the Net Proceeds remaining after such work has been completed will be paid to Xxxxxx.

Damage, Destruction, Condemnation; Use of Proceeds. If (a) the Personal Property Equipment or any portion thereof is destroyed, in whole or in part, or is damaged by fire or other casualty, or (b) title to, or the temporary use of, the Personal Property Equipment or any part thereof or the interest of Lessee or Lessor in the Personal Property Equipment or any part thereof will be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, Lessee and Lessor will cause the Net Proceeds of any insurance claim or condemnation award to be applied to the prompt replacement, repair, restoration, modification or improvement of the Personal PropertyEquipment, unless Lessee has exercised its option to purchase the Personal Property Equipment pursuant to Section 3131 hereof. Any balance of the Net Proceeds remaining after such work has been completed will be paid to Xxxxxx.

Damage, Destruction, Condemnation; Use of Proceeds. If (a) the Personal Property or any portion thereof is destroyed, in whole or in part, or is damaged by fire or other casualty, or (b) title to, or the temporary use of, the Personal Property or any part thereof or the interest of Lessee or Lessor in the Personal Property or any part thereof will be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, Lessee and Lessor will cause the Net Proceeds of any insurance claim or condemnation award to be applied to the prompt replacement, repair, restoration, modification or improvement of the Personal Property, unless Lessee has exercised its option to purchase the Personal Property pursuant to Section 31. Any balance of the Net Proceeds remaining after such work has been completed will be paid to XxxxxxLessee.

Damage, Destruction, Condemnation; Use of Proceeds. If (a) the Personal Property Equipment or any portion thereof is destroyed, in whole or in part, or is damaged by fire or other casualty, or (b) title to, or the temporary use of, the Personal Property Equipment or any part thereof or the interest of Lessee or Lessor in the Personal Property Equipment or any part thereof will be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, Lessee and Lessor will cause the Net Proceeds of any insurance claim or condemnation award to be applied to the prompt replacement, repair, restoration, modification or improvement of the Personal PropertyEquipment, unless Lessee has exercised its option to purchase the Personal Property Equipment pursuant to Section 3131 hereof. Any balance of the Net Proceeds remaining after such work has been completed will be paid to XxxxxxLessee.

Damage, Destruction, Condemnation; Use of Proceeds. If (a) the Personal Property Equipment or any portion thereof is destroyed, in whole or in part, or is damaged by fire or other casualty, or (b) title to, or the temporary use of, the Personal Property Equipment or any part thereof or the interest of Lessee or Lessor in the Personal Property Equipment or any part thereof will be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, Lessee and Lessor will cause the Net Proceeds of any insurance claim or condemnation award to be applied to the prompt replacement, repair, restoration, modification or improvement of the Personal PropertyEquipment, unless Lessee has exercised its option to purchase the Personal Property Equipment pursuant to Section 31. Any balance of the Net Proceeds remaining after such work has been completed will be paid to Xxxxxx.

Damage, Destruction, Condemnation; Use of Proceeds. If (a) the Personal Property Equipment or any portion thereof is destroyed, in whole or in part, or is damaged by fire or other casualty, or (b) title to, or the temporary use of, the Personal Property Equipment or any part thereof or the interest of Lessee or Lessor in the Personal Property Equipment or any part thereof will be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, Lessee and Lessor will cause the Net Proceeds of any insurance claim or condemnation award to be applied to the prompt replacement, repair, restoration, modification or improvement of the Personal PropertyEquipment, unless Lessee has exercised its option to purchase the Personal Property Equipment pursuant to Section 31. Any balance of the Net Proceeds remaining after such work has been completed will be paid to XxxxxxLessee.