Common use of Excess Proceeds Clause in Contracts

Excess Proceeds. Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Leased Property (or in the event neither Landlord nor Tenant is required or elects to repair and restore) shall be paid to Tenant, upon completion of any such repair and restoration except as otherwise specifically provided below in this Article XV. All salvage resulting from any risk covered by insurance shall belong to Landlord except to the extent relating to Tenant's Personal Property.

Excess Proceeds. Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Leased Property (or in the event neither Landlord nor Tenant is required or elects to repair and restore) shall be paid to Tenant, Tenant upon completion of any such repair and restoration except as otherwise specifically provided below in this Article XV. All salvage resulting from any risk covered by insurance shall belong to Landlord except to the extent relating to Tenant's Personal Property.