Use of Insurance and Condemnation Proceeds Sample Clauses

Use of Insurance and Condemnation Proceeds. Notwithstanding any other provision of this Mortgage, all insurance proceeds recovered by the Mortgagee on account of damage or destruction to the Mortgaged Premises and all proceeds of any condemnation award recovered by the Mortgagee for any building or equipment taken or damaged, less the cost, if any, to the Mortgagee of such recovery and of paying out such proceeds (including attorneys' fees and costs allocable to inspecting the work and the plans and specifications therefor), shall, upon the written request of the Mortgagor, be applied by the Mortgagee to the payment of the cost of repairing, restoring or rebuilding the improvements on the Mortgaged Premises so damaged or destroyed or of the portion or portions of the Mortgaged Premises not so taken (hereinafter referred to as the "work") and shall be paid out from time to time to the Mortgagor as the work progresses, but subject to the Mortgagee's standard requirements for construction loans of similar nature and subject to the following conditions:
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Use of Insurance and Condemnation Proceeds. (a) If all or any portion of the Facilities shall be damaged or destroyed or taken, NICTD shall, as expeditiously as possible, continuously and diligently prosecute, or cause to be prosecuted, repair, reconstruction or replacement thereof until completion. Within one hundred twenty (120) days after the occurrence of an event of damage or destruction to the Facilities or a taking thereof, NICTD, through any Authorized Officer of NICTD, shall deliver to RDA and the Bond Trustee the written opinion of an engineer selected by NICTD and reasonably acceptable to RDA and IFA stating whether or not the conditions set forth above with respect thereto are satisfied. The proceeds of any insurance paid on account of such damage or destruction or taking (other than any rent loss insurance) shall be made available for, and to the extent necessary shall be applied to, the cost of such repair, reconstruction or replacement, or otherwise in accordance with the terms and conditions of this Ground Lease.
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Use of Insurance and Condemnation Proceeds. In the event that the Improvements, or any portion thereof, are ever demolished, destroyed or damaged by fire or other casualty, or in the event that all or any portion of the Property is ever taken by an action in eminent domain or sold in lieu thereof, or in the event that any Property is ever damaged by public works or construction on or near the Property, then Borrower shall promptly give Lender written notice of such destruction, taking, sale or damage, and Lender shall be entitled at its election either to cause such proceeds to be applied against the Loan or to require Borrower to repair and restore the Improvements. In the event that Lender elects to require Borrower to repair and restore the Improvements, any amounts that may become payable or awarded to Borrower with respect thereto, less reasonable expenses incurred in collecting such sums (referred to herein as "Net Insurance or Condemnation Proceeds") shall be delivered to Lender, to be applied to such repair, rebuilding or restoration in accordance with the plans and specifications therefor approved by Lender, such amounts to be disbursed as determined by Lender in its sole and absolute discretion. Net Insurance or Condemnation Proceeds held by Lender after the payment of all costs and expenses incurred in repairing, rebuilding and restoring the Property in accordance with this Section 3.2 shall be applied to the reduction of the Indebtedness in such order and manner as Lender shall determine. In the event that the Net Insurance or Condemnation Proceeds are not applied to the repair, rebuilding or restoration of the Property pursuant to the provisions of this Section 3.2, then such Net Insurance or Condemnation Proceeds shall be applied to the reduction of the Indebtedness in such order and manner as Lender shall determine and, to the extent that any portion of the Indebtedness then remains unpaid, Lender may, at its option, declare the outstanding Indebtedness to be immediately due and payable.
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Use of Insurance and Condemnation Proceeds. Notwithstanding any provisions to the contrary contained herein or in the Transaction Documents, the parties hereto agree that any and all insurance (except as relating to personal injury or death) and condemnation proceeds (for this section, collectively the “Proceeds”) will: be used first, to repair or restore the particular property the damage, injury or condemnation of which gave rise to payment of such Proceeds (or, if such Proceeds are insufficient to repair or restore all such property, to the repair or restoration of each property in the same proportion as the damage, injury or condemnation of each property gave rise to payment of such Proceeds); then, to the extent any funds remain, to pay down the Board Loan; then, to the extent any funds remain, to pay down the B of M Loan, and; then, to the extent any funds remain, to be returned to Borrower; provided however, if any such property cannot reasonably be repaired, then the Proceeds with respect to damage, injury or condemnation of such property shall be paid (up to the full amount then owed), to such of the B of M or the Board loan as has the higher lien priority as to such property, with any excess remaining after both loans and all other amounts due to B of M and Board under the Transaction Documents are paid in full, going to the Borrower.
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Use of Insurance and Condemnation Proceeds. Notwithstanding any provisions to the contrary contained in this Agreement or in any of the Loan Documents, the parties agree that any and all insurance and/or condemnation proceeds will be used first to repair or reinstate the Development. If there are any remaining proceeds, or if the amounts are insufficient to repair or reinstate the Development, or if the Development cannot be repaired or reinstated, then the proceeds will be used to pay off the Loans in order of the priority of the Loan Documents specified in this Agreement.
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Use of Insurance and Condemnation Proceeds. (a) (i) All ------------------------------------------ insurance proceeds, condemnation awards or other compensation paid as a result of a Casualty Event shall be deposited by the Agent into the Insurance Account, provided, that proceeds of business interruption insurance and other payments -------- received for interruption of operations shall be deposited by the Agent into the Operating Account. (ii) If the Company (or any Affiliate thereof), the Agent or any Lender receives any of the proceeds, awards, compensation or other payments referred to in the preceding sentence (such proceeds, awards, compensation or other payments, collectively, "Casualty Proceeds"), the Company (or such ----------------- Affiliate), the Agent or such Lender, as the case may be, shall promptly deliver such Casualty Proceeds to the Agent for deposit into the Insurance Account or the Operating Account (as provided in the preceding sentence); provided, that, -------- the foregoing sentence shall not apply to any Casualty Proceeds remitted to the Company pursuant to Section 9.27(c). (iii) The Agent shall be entitled to deduct --------------- from any amount of Casualty Proceeds received by the Agent the reasonable cost, if any, to the Agent of recovering and of paying out such Casualty Proceeds (including attorney's fees and costs allocable to determining whether or not the conditions to remittance of such Casualty Proceeds as provided in Section ------- 9.27(c) have been satisfied). -------
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Related to Use of Insurance and Condemnation Proceeds

  • Insurance and Condemnation Proceeds (a) Subject to Landlord's rights under this Paragraph 4, and so long as no Event of Default shall have occurred and be continuing, Tenant shall be entitled to use all casualty insurance and condemnation proceeds payable with respect to the Leased Property during the Term for the restoration and repair of the Leased Property or any remaining portion thereof. Except as provided in the last sentence of subparagraph 9.(r) and the last sentence of subparagraph 9.(s), all insurance and condemnation proceeds received with respect to the Leased Property (including proceeds payable under any insurance policy covering the Leased Property which is maintained by Tenant) shall be paid to Landlord and applied as follows: (i) First, such proceeds shall be used to reimburse Landlord for any costs and expenses, including Attorneys' Fees, incurred in connection with the collection of such proceeds. (ii) Second, the remainder of such proceeds (the "Remaining Proceeds"), shall be held by Landlord as Escrowed Proceeds and applied to reimburse Tenant for the actual cost of the repair, restoration or replacement of the Leased Property. However, any Remaining Proceeds not needed for such purpose shall be applied by Landlord as Qualified Payments after Tenant notifies Landlord that they are not needed for repairs, restoration or replacement. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, then Landlord shall be entitled to receive and collect insurance or condemnation proceeds payable with respect to the Leased Property, and either, at the discretion of Landlord, (A) hold such proceeds as Escrowed Proceeds until paid to Tenant as reimbursement for the actual and reasonable cost of repairing, restoring or replacing the Leased Property when Tenant has completed such repair, restoration or replacement, or (B) apply such proceeds (net of the deductions described in clause (i) above) as Qualified Payments.

  • Use of Insurance Proceeds The Contractor shall immediately use any payment received from insurance coverages to remediate civil or environmental damages, and to repair or replace any damaged or destroyed Materials. If an insurance company withholds payment on a claim, the Contractor shall assume the Costs of repair or replacement.

  • Insurance and Condemnation (i) The Issuer shall do or cause to be done all things that it may accomplish with a reasonable amount of cost or effort to cause each of the POAs for each Resort to (A) maintain one or more policies of “all-risk” property and general liability insurance with financially sound and reputable insurers, providing coverage in scope and amount which (x) satisfies the requirements of the declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction; and (B) apply the proceeds of any such insurance policies in the manner specified in the relevant declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA. For the avoidance of doubt, the parties hereto acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POAs in accordance with the respective declaration (or any similar charter document) relating to each Timeshare Property Regime.

  • Insurance and Condemnation Awards Unless and until the Discharge of Senior Obligations has occurred, the Designated Senior Representative and the Senior Secured Parties shall have the sole and exclusive right, subject to the rights of the Grantors under the Senior Debt Documents, (a) to be named as additional insured and loss payee under any insurance policies maintained from time to time by any Grantor, (b) to adjust settlement for any insurance policy covering the Shared Collateral in the event of any loss thereunder and (c) to approve any award granted in any condemnation or similar proceeding affecting the Shared Collateral. Unless and until the Discharge of Senior Obligations has occurred, all proceeds of any such policy and any such award, if in respect of the Shared Collateral, shall be paid (i) first, prior to the occurrence of the Discharge of Senior Obligations, to the Designated Senior Representative for the benefit of Senior Secured Parties pursuant to the terms of the Senior Debt Documents, (ii) second, after the occurrence of the Discharge of Senior Obligations, to the Designated Second Priority Representative for the benefit of the Second Priority Debt Parties pursuant to the terms of the applicable Second Priority Debt Documents and (iii) third, if no Second Priority Debt Obligations are outstanding, to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. If any Second Priority Representative or any Second Priority Debt Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, it shall pay such proceeds over to the Designated Senior Representative in accordance with the terms of Section 4.02.

  • Insurance Casualty and Condemnation 38 Section 6.1. Insurance Coverage...............................................38 Section 6.2. Condemnation.....................................................45

  • Insurance of Collateral; Condemnation Proceeds (a) Each Borrower shall maintain insurance with respect to the Collateral, covering casualty, hazard, theft, malicious mischief, flood and other risks, in amounts, with endorsements and with insurers (with a Best’s Financial Strength Rating of at least A- VII, unless otherwise approved by Agent) reasonably satisfactory to Agent. All proceeds under each policy shall be payable to Agent. From time to time upon request, Borrowers shall deliver to Agent the originals or certified copies of its insurance policies and updated flood plain searches. Unless Agent shall agree otherwise, each policy shall include reasonably satisfactory endorsements (i) showing Agent as loss payee; (ii) requiring 30 days prior written notice to Agent in the event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower fails to provide and pay for any insurance, Agent may, at its option, but shall not be required to, procure the insurance and charge Borrowers therefor. Each Borrower agrees to deliver to Agent, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, Borrowers may settle, adjust or compromise any insurance claim, as long as the proceeds are delivered to Agent (and with respect to Real Estate and Equipment related to a Capex Loan, the terms and amount are reasonably satisfactory to Agent). If an Event of Default exists, only Agent shall be authorized to settle, adjust and compromise such claims.

  • Condemnation Awards and Insurance Proceeds Mortgagor assigns all awards and compensation to which it is entitled for any condemnation or other taking, or any purchase in lieu thereof, to Mortgagee and authorizes Mortgagee to collect and receive such awards and compensation and to give proper receipts and acquittances therefor, subject to the terms of the Credit Agreement. Mortgagor assigns to Mortgagee all proceeds of any insurance policies insuring against loss or damage to the Mortgaged Property, subject to the terms of the Credit Agreement. Mortgagor authorizes Mortgagee to collect and receive such proceeds and authorizes and directs the issuer of each of such insurance policies to make payment for all such losses directly to Mortgagee, instead of to Mortgagor and Mortgagee jointly, subject to the terms of the Credit Agreement.

  • Insurance/Condemnation Proceeds No later than the fifth Business Day following the date of receipt by any Loan Party or any of its Subsidiaries, or Collateral Agent as lender loss payee, of any Net Proceeds from insurance or any condemnation, taking, or other casualty, Lead Borrower shall prepay the Loans in an aggregate amount equal to such Net Proceeds; provided, that (i) so long as no Default or Event of Default shall have occurred and be continuing, (ii) Lead Borrower has delivered Administrative Agent prior written notice of Lead Borrower’s intention to apply the Reinvestment Amounts to the costs of replacement of the properties or assets that are the subject of such condemnation, taking, or other casualty or the cost of purchase or construction of other assets useful in the business of the Loan Parties or their Subsidiaries reinvested within twelve (12) months (or within 18 (eighteen) months following receipt thereof if a contractual commitment to reinvest is entered into within twelve (12) months following receipt thereof) following the date of the receipt of such Net Proceeds, (iii) the monies are held in a Deposit Account in which Collateral Agent has a perfected first-priority security interest, and (iv) the Loan Parties and their Subsidiaries complete such replacement, purchase, or construction within twelve (12) months after the initial receipt of such monies (or within eighteen (18) months following receipt thereof if a contractual commitment to reinvest is entered into within twelve (12) months following receipt thereof), the Loan Parties and their Subsidiaries shall have the option to apply such monies, in an aggregate amount not to exceed $2,500,000 in any Fiscal Year, to the costs of replacement of the assets that are the subject of such condemnation, taking, or other casualty or the costs of purchase or construction of other assets useful in the business of the Loan Parties and their Subsidiaries unless and to the extent that such applicable period shall have expired without such replacement, purchase, or construction being made or completed, in which case, any amounts remaining in the cash collateral account shall be paid to Administrative Agent and applied in accordance with Section 2.14(a).

  • Casualty and Condemnation The Borrowers will (a) furnish to the Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with the applicable provisions of this Agreement and the Collateral Documents.

  • Casualty Insurance The Lessor ☐ The Lessee ☐ The Parties (jointly) shall be responsible for obtaining and maintaining casualty insurance for the Premises for losses against fire.

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