Proceeds and Awards. In the event of any loss described in Section 15.1(b), Seller shall either (i) at the Closing pay to Buyer all sums paid to Seller by reason of such destruction less any costs and expenses incurred by Seller in collecting same, or (ii) commit, use, or apply such sums (less any costs and expenses incurred by Seller in collecting same) to repair, restore or replace such damaged or taken Assets. To the extent the insurance proceeds, condemnation awards or other payments are not committed, used or applied by Seller prior to the Closing Date to repair, restore or replace such damaged or taken Assets, Seller shall at the Closing pay to Buyer all sums paid to Seller by reason of such destruction or taking, less any costs and expenses incurred by Seller in collecting same. In addition and to the extent such proceeds, awards or payments have not been committed, used or applied by Seller in repair, restoration or replacement as aforesaid, Seller shall assign, transfer and set over unto Buyer, without recourse against Seller, all of the right, title and interest of Seller in and to any claims against third parties with respect to the event or circumstance causing such loss and any unpaid insurance proceeds, condemnation awards or other payments arising out of such destruction or taking, less any costs and expenses incurred by Seller in collecting same. Any such funds which have been committed by Seller for repair, restoration or replacement as aforesaid shall be paid by Seller for such purposes or, at Seller's option, delivered to Buyer upon Seller's receipt from Buyer of adequate assurance and indemnity from Buyer that Seller shall incur no liability or expense as a result of such commitment. Notwithstanding anything to the contrary in this Section 15.2, Seller shall not be obligated to carry or maintain, and shall have no obligation or liability to Buyer for its failure to carry or maintain, any insurance coverage with respect to any of the Assets, except as required by Section 8.1(b).
Proceeds and Awards. All right, title and interest of Mortgagor in and to all awards, payments and proceeds, and the right to receive them, either before or after any foreclosure hereunder, as a result of any temporary or permanent damage to, taking of or decrease in the value of the Mortgaged Property by reason of casualty, condemnation or otherwise.
Proceeds and Awards. Provided that Tenant is not in default under the terms of the Lease (beyond any applicable cure periods), Lender agrees that, notwithstanding any provision hereof to the contrary, the terms of the Lease shall continue to govern with respect to the disposition of any insurance proceeds or eminent domain awards.
Proceeds and Awards. All estate, right, title and interest of the Mortgagor, if any, in, to, under or derived from all proceeds of any Transfer, financing, refinancing or conversion into cash or liquidated claims, whether voluntary or involuntary, of any of the Mortgaged Property, including all Insurance Proceeds, Awards and title insurance proceeds under any title insurance policy now or hereafter held by the Mortgagor, and all rights, dividends and other claims of any kind whatsoever (including damage, secured, unsecured, priority and bankruptcy claims) now or hereafter relating to any of the Mortgaged Property, all of which the Mortgagor hereby irrevocably directs be paid to the Mortgagee to the extent provided hereunder, to be held, applied and disbursed as provided in this Mortgage. GRANTING CLAUSE X.
Proceeds and Awards. All estate, right, title and interest of the Mortgagor in, to, under or derived from all proceeds of any Transfer, financing, refinancing or conversion into cash or liquidated claims, whether voluntary or involuntary, of any of the Mortgaged Property, including all Insurance Proceeds and Awards, all title insurance proceeds under any title insurance policy now or hereafter held by the Mortgagor, and all rights, dividends and other claims of any kind whatsoever (including damage, secured, unsecured, priority and bankruptcy claims) now or hereafter relating to any of the Mortgaged Property, all of which the Mortgagor hereby irrevocably directs be paid to the Mortgagee to the extent provided hereunder, to be held, applied and disbursed as provided in this Mortgage. GRANTING CLAUSE IX
Proceeds and Awards. All estate, right, title and interest of the Grantor in, to, under or derived from all proceeds of any sale, transfer, financing, refinancing or conversion into cash or liquidated claims, whether voluntary or involuntary, of any of the Trust Property, including all insurance proceeds, all awards, all title insurance proceeds under any title insurance policy now or hereafter held by the Grantor, and all rights, dividends and other claims of any kind whatsoever (including damage, secured, unsecured, priority and bankruptcy claims) now or hereafter relating to any of the Trust Property, all of which the Grantor hereby irrevocably directs be paid to the Beneficiary to the extent a Prepayment Event occurs in accordance with the terms of the Credit Agreement. Granting Clause X.
Proceeds and Awards. Notwithstanding anything contained in the Lease to the contrary, as between Sublandlord and Subtenant only, all insurance proceeds (other than those proceeds paid out on insurance obtained by Subtenant) or condemnation awards received by Sublandlord under the Lease shall be deemed to be the property of Sublandlord.
Proceeds and Awards. All estate, right, title and interest of Mortgagor in, to, under or derived from all proceeds of any sale, transfer, taking by Condemnation (or any proceeding or purchase in lieu thereof), whether voluntary or involuntary, of any of the Subject Property described above, including all Insurance Proceeds and awards and title insurance proceeds, now or hereafter relating to any of the Subject Property, all of which Mortgagor hereby irrevocably directs be paid to Mortgagee to the extent provided hereunder, to be held, applied and disbursed as provided in this Leasehold Mortgage.
Proceeds and Awards. Whenever Tenant shall be required to carry out any work of demolition, restoration, repair, replacement or rebuilding pursuant to this Lease after fire or other casualty loss or a condemnation, Landlord or a depository designated by Landlord shall be entitled to receive the applicable insurance proceeds and condemnation award or awards for reimbursement to the Tenant for the required work, to be disbursed by Landlord in its reasonable discretion; provided, however, that Landlord shall be entitled to apply all or any portion of such proceeds to cure Tenant's defaults hereunder prior to the commencement of such work and Landlord shall be entitled to any surplus thereof.
Proceeds and Awards. Seller, following any such Casualty or Condemnation, shall diligently pursue any and all claims for insurance proceeds or Condemnation awards with respect to such Casualty or Condemnation. At Closing, Seller shall assign and turn over to Purchaser all of the insurance proceeds or Condemnation awards, as applicable, net of the reasonable costs of collection of the same and net of the reasonable costs of any repairs made by Seller out of such proceeds or awards and net of reasonable costs (or, if such proceeds or awards have not been paid or awarded, all of its right to receive the same net of such amounts) including any business interruption insurance pertaining to periods after the Closing for such Casualty or Condemnation, provided that (i) Purchaser and Seller shall jointly file and prosecute the adjustment, compromise or settlement of any claim for any insurance proceeds or Condemnation awards and shall keep Seller informed of such matters, and (ii) the parties shall proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price except for a credit to Purchaser in the amount of the applicable insurance deductible.
