Common use of Payment of Clause in Contracts

Payment of. PROCEEDS ON TENANT'S PROPERTY AND CAPITAL ADDITIONS PAID BY TENANT. Notwithstanding any provision herein, all insurance proceeds payable by reason of any loss of or damage to any of Tenant's Personal Property or Capital Additions paid for by Tenant shall be paid to Tenant and Tenant shall hold such insurance in trust to pay the cost of repairing or replacing damaged Tenant's Personal Property or Capital Additions paid for by Tenant; provided, however, that if the damaged Tenant's Personal Property or Capital Additions paid for by Tenant were no longer necessary to Tenant's operations prior to their destruction, Tenant shall not be obligated to repair or replace them.