Excess Proceeds Upon Termination Clause Samples

Excess Proceeds Upon Termination. In the event this Lease shall be terminated pursuant to the provisions of Section 18.4.1, Casualty Proceeds shall be paid to Landlord and held in trust by Landlord, and such Casualty Proceeds shall be payable to, and shall be applied as follows and in this order: (i) to Tenant or Landlord, as applicable, to pay for the reasonable costs of razing the Project Improvements and clearing the Land of debris in accordance with this Lease and all Applicable Law, to the extent either Landlord or Tenant actually does perform such work, (ii) to Landlord, to pay any outstanding Rent (and establishing a reserve to pay any that cannot then be determined), (iii) to Landlord, to pay to release from the Leased Premises and from any interest of Landlord hereunder any Mechanic’s Liens caused by Tenant or arising out of work performed with respect to the Leased Premises by, or in satisfaction of any obligation of, Tenant hereunder, (iv) to a Permitted Project Financing Holder, any outstanding amounts due under any Permitted Project Financing, (v) to Tenant, one hundred percent (100%) of the insurable replacement cost value of the Personal Property, and (vi) the remainder to Tenant.