Common use of EXCESS PROCEEDS, DEFICIENCY OF PROCEEDS Clause in Contracts

EXCESS PROCEEDS, DEFICIENCY OF PROCEEDS. Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Property (or in the event neither Landlord nor Tenant is required to or elects to repair and restore) shall be paid to Landlord and deposited in the Capital Replacement Fund except for any portion specifically applicable to Tenant's merchandise and inventory. All salvage resulting from any risk covered by insurance shall belong to Landlord. If the costs of restoration or reconstruction exceeds the amount of proceeds received by Landlord or Tenant from insurance, Tenant shall pay for such excess cost of restoration or reconstruction, except that Tenant may petition Landlord for withdrawal from the Capital Replacement Fund to cover some or all of such excess, subject to the approval of Landlord in Landlord's sole and absolute discretion.