Common use of Disbursement of Award Clause in Contracts

Disbursement of Award. Subject to the terms hereof, Landlord, Tenant and any Hotel Mortgagee shall transfer any part of the Award received by them, respectively, together with severance and other damages awarded for the taken Leased Improvements and any deficiency Landlord or Tenant has agreed to pay, to an escrow agent reasonably satisfactory to all parties pursuant to an escrow agreement that is reasonably satisfactory to all parties, for the purpose of funding the cost of the repair or restoration. Landlord may require, at its option, prior to advancement of such Award and other amounts to the escrow agent, (i) approval of plans and specifications by an architect satisfactory to Landlord (which approval shall not be unreasonably withheld or delayed), (ii) general contractors' estimates, (iii) architect's certificates, (iv) unconditional lien waivers of general contractors, if available, and (v) evidence of approval by all governmental authorities and other regulatory bodies whose approval is required. Obligations under this Section 11.3 to disburse the Award and such other amounts shall be subject to (x) the collection thereof and (y) the release of such Award by the applicable Hotel Mortgagee. Tenant's obligation to restore the Leased Property shall be subject to the availability of the Award to fund the cost of such repair or restoration upon its compliance with this Section 11.3.

Disbursement of Award. Subject to the terms hereof, Landlord, Tenant and any Hotel Facility Mortgagee shall transfer any part of the Award received by them, respectively, together with severance and other damages awarded for the taken Leased Improvements and any deficiency Landlord or Tenant has agreed to pay, to an escrow agent reasonably satisfactory to all parties pursuant to an escrow agreement that is reasonably satisfactory to all parties, for the purpose of funding the cost of the repair or restoration. Landlord may require, at its option, prior to advancement of such Award and other amounts to the escrow agent, (i) approval of plans and specifications by an architect satisfactory to Landlord (which approval shall not be unreasonably withheld or delayed), (ii) general contractors' estimates, (iii) architect's certificates, (iv) unconditional lien waivers of general contractors, if available, and (v) evidence of approval by all governmental authorities and other regulatory bodies whose approval is required. Obligations under this Section 11.3 to disburse the Award and such other amounts shall be subject to (x) the collection thereof and (y) the release of such Award by the applicable Hotel Facility Mortgagee. Tenant's obligation to restore the Leased Property shall be subject to the availability of the Award to fund the cost of such repair or restoration upon its compliance with this Section 11.3.