Common use of Use of Insurance Proceeds Clause in Contracts

Use of Insurance Proceeds. In case such buildings, fixtures or other improvements, or any part thereof, shall be destroyed or damaged by fire or other casualty herein required to be insured against, then, and as often as the same shall happen, all proceeds of such insurance, including the interest therein of Sublessor, shall be available to and used with all reasonable dispatch by Sublessee in rebuilding, repairing or otherwise reinstating such buildings, fixtures and other improvements in a good and substantial manner according to the plan and elevation thereof, or according to such modified plan for the same or substitute buildings, fixtures and other improvements as shall be approved in writing by the parties hereto, and in case such proceeds shall be insufficient in amount to so rebuild, repair or reinstate such buildings, fixtures and other improvements, Sublessee shall make up the deficiency for such purpose out of Sublessee's own funds; PROVIDED, HOWEVER, that if such loss shall occur in the last ten (10) years of the term of this Sublease and such insurance proceeds shall be insufficient for rebuilding, repairing or otherwise reinstating such buildings, fixtures and other improvements as aforesaid, then Sublessee, in lieu of making up the deficiency, may request in writing to Sublessor within thirty (30) days after such destruction, damage or casualty, that Sublessee, at its own expense, be allowed to promptly remove from the subleased premises all remains of such buildings, fixtures, and other improvements and all debris resulting from such casualty and to restore the land to good and orderly condition and even grade. If approved in writing by Sublessor, and only after such prompt removal and restoration by Sublessee, then Sublessee shall be relieved of all further obligations hereunder with respect to such buildings, fixtures and other improvements.

Use of Insurance Proceeds. In case such buildings, fixtures or other improvements, If all or any part thereof, of the Building shall be destroyed or damaged by fire or other casualty herein (including any casualty for which insurance was not obtained or obtainable) of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, Tenant shall give to Landlord notice thereof within seventy-two (72) hours after such casualty occurs, except that no notice shall be required to if the estimated cost of repairs, alterations, restorations, replacements and rebuilding (collectively, “Restoration”) shall be insured againstless than Five Million and 00/100 Dollars ($5,000,000) (as such amount shall be increased as provided in Section 7.02(a)). Tenant shall, thenwhether or not such damage or destruction shall have been insured, and as often as the same shall happenwhether or not insurance proceeds, all proceeds of such insurance, including the interest therein of Sublessorif any, shall be available sufficient for the purpose of such Restoration, with reasonable diligence (subject to Unavoidable Delays) repair, alter, restore, replace and used rebuild (collectively, “Restore”) the same as nearly as possible using an Approved C/CM, either (x) in accordance with all reasonable dispatch by Sublessee in rebuilding, repairing or otherwise reinstating such buildings, fixtures and the Design Guidelines (including any portion thereof relating to signage visible from the exterior of the Building but excluding any other improvements in a good and substantial manner according portion thereof relating to the plan interior of the Building) and elevation to the same primary use and to the same quality, height, bulk and setback of the Building existing immediately prior to such occurrence, based on plans and specifications prepared by Tenant and approved by Landlord in accordance with the provisions of Section 11.02 or (y) subject to Sections 11.02(e) and (f), in accordance with the Construction Documents. Landlord in no event shall be obligated to Restore the Building or any portion thereof or to pay any of the costs or expenses thereof. If Tenant shall fail or neglect to Restore with reasonable diligence (subject to Unavoidable Delays) the Building or the portion thereof so damaged or destroyed, or according having so commenced such Restoration, shall fail to such modified plan for continue to prosecute the same or substitute buildings, fixtures and other improvements as shall be approved with reasonable diligence (subject to Unavoidable Delays) in writing by accordance with the parties heretoterms of this Lease, and in either case such proceeds failure or neglect continues for sixty (60) days after notice from Landlord or if prior to the completion of any such Restoration by Tenant, this Lease shall expire or be terminated for any reason, Landlord, upon notice to Tenant, may, but shall not be required to, complete such Restoration at Tenant’s expense. Each such Restoration shall be insufficient done in amount accordance with the provisions of this Lease. In any case where this Lease shall expire or be terminated prior to so rebuildthe completion of Restoration, repair or reinstate such buildingsTenant shall account to Landlord for all amounts spent in connection with any Restoration which was undertaken and shall pay over to Landlord, fixtures and other improvements, Sublessee shall make up the deficiency for such purpose out of Sublessee's own funds; PROVIDED, HOWEVER, that if such loss shall occur in the last within ten (10) years days after demand, the remainder, if any, of the term Restoration Funds previously received by it in respect of work required, in Landlord’s reasonable judgment, to complete the Restoration. Tenant’s obligations under this Section 8.01 shall survive the expiration or termination of this Sublease and such insurance proceeds shall be insufficient for rebuilding, repairing or otherwise reinstating such buildings, fixtures and other improvements as aforesaid, then Sublessee, in lieu of making up the deficiency, may request in writing to Sublessor within thirty (30) days after such destruction, damage or casualty, that Sublessee, at its own expense, be allowed to promptly remove from the subleased premises all remains of such buildings, fixtures, and other improvements and all debris resulting from such casualty and to restore the land to good and orderly condition and even grade. If approved in writing by Sublessor, and only after such prompt removal and restoration by Sublessee, then Sublessee shall be relieved of all further obligations hereunder with respect to such buildings, fixtures and other improvementsLease.

Use of Insurance Proceeds. In case such the buildings, improvements or fixtures or other improvements, required to be insured in Section 6.1 or any part thereof, thereof shall be destroyed or damaged by fire or such other casualty herein required to be insured against, then, then and as often as the same shall happen, all proceeds of such insurance, including the interest therein of Sublessor, insurance shall be available to for and used with all reasonable dispatch by Sublessee the Lessee in rebuilding, repairing repairing, replacing or otherwise reinstating such the buildings, improvements or fixtures and other improvements so destroyed or damaged in a good and substantial manner according to the plan and elevation thereof, or according to such modified plan for the same or substitute buildings, fixtures and other improvements as shall be approved in writing by the parties heretounder Section 4.2(a), and in case such to pay the rent due the Lessor. If the available insurance proceeds shall be insufficient for rebuilding, repairing, replacing or otherwise reinstating such buildings, improvements or fixtures in amount the manner provided in this section above, then the Lessee shall provide the balance of all funds required to so completely rebuild, repair repair, replace or otherwise reinstate such buildings, fixtures improvements or fixtures. Lessee shall undertake promptly to reinstate the building or buildings, or portions thereof, so destroyed or damaged according to the original plan and other improvementselevation thereof, Sublessee or according to such modified plan as shall make up the deficiency for such purpose out of Sublessee's own funds; PROVIDED, HOWEVER, that if such loss be approved by Lessor pursuant to Section 4.2(a). If a casualty under this Section 6.1 shall occur in the last ten (10) years of the term Term of this Sublease and such insurance proceeds Lease, the Lessee shall be insufficient for rebuilding, repairing or otherwise reinstating such have the option of notifying the Lessor that the Lessee does not intend to rebuild the buildings, improvements, or fixtures and other improvements so destroyed, but rather elects to terminate the Lease as aforesaidof the date of the casualty, then Sublessee, in lieu of making up the deficiency, may request in writing to Sublessor within by giving Lessor written notice at least thirty (30) days after such destruction, damage or the date of the casualty, that Sublesseeand then Lessee will, at its own expense, be allowed pay all real property taxes and any assessments then outstanding and shall pay over all insurance proceeds to the Lessor, except if requested by Lessor, Lessee shall use the insurance proceeds to promptly remove from the subleased premises Premises, all remains of such buildings, improvements and trade fixtures, and other improvements and all debris resulting from such casualty and to restore the land Land then remaining to good good, orderly and orderly sanitary condition and even grade. If approved in writing by Sublessor, and only after such prompt removal upon so doing the Lessee shall then surrender any remaining balance of the insurance proceeds (if any), surrender this Lease and restoration by Sublessee, then Sublessee Lessee shall be relieved of further performance under this Lease. If the available insurance proceeds shall be insufficient, then Lessee shall provide the balance of all further obligations hereunder with respect funds required to such remove from the Premises, all buildings, fixtures improvements and other improvementstrade fixtures, and restore the Land then remaining to good, orderly and sanitary condition and even grade.

Use of Insurance Proceeds. In case such buildingsIf prior to full payment of the Bonds (or provision for payment thereof having been made in accordance with the provisions of the Trust Agreement) and full payment of the State Assistance Amount, fixtures or other improvements, or any part thereof, the Project shall be destroyed (in whole or in part) or damaged by fire fire, flood, windstorm or other casualty herein required to be insured against, then, and as often as the same shall happen, all proceeds of such insurance, including the interest therein of Sublessor, shall be available to and used with all reasonable dispatch by Sublessee in rebuilding, repairing or otherwise reinstating such buildings, fixtures and other improvements in a good and substantial manner according to the plan and elevation thereof, or according to such modified plan extent that the claim for the same or substitute buildings, fixtures and other improvements as shall be approved in writing by the parties hereto, and in case such proceeds shall be insufficient in amount to so rebuild, repair or reinstate such buildings, fixtures and other improvements, Sublessee shall make up the deficiency for such purpose out of Sublessee's own funds; PROVIDED, HOWEVER, that if such loss shall occur in the last ten (10) years of the term of this Sublease and such insurance proceeds shall be insufficient for rebuilding, repairing or otherwise reinstating such buildings, fixtures and other improvements as aforesaid, then Sublessee, in lieu of making up the deficiency, may request in writing to Sublessor within thirty (30) days after such destruction, damage or casualty, that Sublessee, at its own expense, be allowed to promptly remove from the subleased premises all remains of such buildings, fixtures, and other improvements and all debris resulting from such casualty destruction or damage is in excess of $100,000, the TDD Bonds Beneficiary shall promptly give written notice thereof to the Director, the Borrower, the Trustee and the TDD Trustee. All Net Proceeds of insurance policies resulting from claims for such losses in excess of $100,000 shall, so long as the Bonds shall be outstanding, but subject to the provisions of the Senior Mortgage, be paid to and held by the Trustee in the Collateral Proceeds Account, whereupon, unless the TDD Bonds Beneficiary shall have elected to exercise its option to prepay all amounts due under this Loan Agreement pursuant to the provisions of Section 10.2(a) of this Loan Agreement, (i) the TDD Bonds Beneficiary shall proceed to repair, rebuild or restore the land to good property damaged or destroyed with such changes, alterations and orderly condition modifications (including the substitution and even grade. If approved in writing addition of other property) as may be desired by Sublessorthe TDD Bonds Beneficiary and as will not make the Project unsuitable for the Project Purposes, and only after (ii) the Trustee will disburse moneys in the Collateral Proceeds Account to or upon the direction of the TDD Bonds Beneficiary for payment of the costs of such prompt removal and restoration by Sublesseerepair, then Sublessee rebuilding or restoration, either on completion thereof or, if the TDD Bonds Beneficiary shall so request, as the work progresses. Any such disbursements shall be relieved made pursuant to the procedures set forth in Section 3.3 of all further obligations hereunder this Loan Agreement for disbursement of moneys in the Project Fund, including, but not limited to, the requirement that the TDD Bonds Beneficiary obtain the written approval of the Director and the approval, or deemed approval, of the Borrower with respect to each disbursement. In the event the moneys in the Collateral Proceeds Account are not sufficient to pay in full the costs of such buildingsrepair, fixtures rebuilding or restoration, the TDD Bonds Beneficiary nonetheless shall complete the work and other improvementspay the costs thereof from its own resources. The TDD Bonds Beneficiary shall not, by reason of the payment of such excess costs, be entitled to any reimbursement from the Director or any diminution in or postponement of the amounts payable under Section 4.3 of this Loan Agreement.

Use of Insurance Proceeds. In case such the buildings, improvements or fixtures or other improvements, required to be insured in Section 6.1 or any part thereof, thereof shall be destroyed or damaged by fire or such other casualty herein required to be insured against, then, then and as often as the same shall happen, all proceeds of such insurance, including the interest therein of Sublessor, insurance shall be available to for and used with all reasonable dispatch by Sublessee the Lessee in rebuilding, repairing repairing, replacing or otherwise reinstating such the buildings, improvements or fixtures and other improvements so destroyed or damaged in a good and substantial manner according to the plan and elevation thereof, or according to such modified plan for the same or substitute buildings, fixtures and other improvements as shall be approved in writing by the parties heretounder Section 4.1(a), and in case such to pay the rent due the Lessor. If the available insurance proceeds shall be insufficient for rebuilding, repairing, replacing or otherwise reinstating such buildings, improvements or fixtures in amount the manner provided in this section above, then the Lessee shall provide the balance of all funds required to so completely rebuild, repair repair, replace or otherwise reinstate such buildings, fixtures improvements or fixtures. Lessee shall undertake promptly to reinstate the building or buildings, or portions thereof, so destroyed or damaged according to the original plan and other improvementselevation thereof, Sublessee or according to such modified plan as shall make up the deficiency for such purpose out of Sublessee's own funds; PROVIDED, HOWEVER, that if such loss be approved by Lessor pursuant to Section 4.1(a). If a casualty under this Section 6.1 shall occur in the last ten (10) years of the term Term of this Sublease and such insurance proceeds Lease, the Lessee shall be insufficient for rebuilding, repairing or otherwise reinstating such have the option of notifying the Lessor that the Lessee does not intend to rebuild the buildings, improvements, or fixtures and other improvements so destroyed, but rather elects to terminate the Lease as aforesaidof the date of the casualty, then Sublessee, in lieu of making up the deficiency, may request in writing to Sublessor within by giving Lessor written notice at least thirty (30) days after such destruction, damage or the date of the casualty, that Sublesseeand then Lessee will, at its own expense, be allowed pay all real property taxes and any assessments then outstanding and shall pay over all insurance proceeds to the Lessor, except if requested by Lessor, Lessee shall use the insurance proceeds to promptly remove from the subleased premises Premises, all remains of such buildings, improvements and trade fixtures, and other improvements and all debris resulting from such casualty and to restore the land Land then remaining to good good, orderly and orderly sanitary condition and even grade. If approved in writing by Sublessor, and only after such prompt removal upon so doing the Lessee shall then surrender any remaining balance of the insurance proceeds (if any), surrender this Lease and restoration by Sublessee, then Sublessee Lessee shall be relieved of further performance under this Lease. If the available insurance proceeds shall be insufficient, then Lessee shall provide the balance of all further obligations hereunder with respect funds required to such remove from the Premises, all buildings, fixtures improvements and other improvementstrade fixtures, and restore the Land then remaining to good, orderly and sanitary condition and even grade.

Use of Insurance Proceeds. In case such buildings, fixtures or other improvements, Section 8.01. If all or any part thereof, of the Building shall be destroyed or damaged in whole or in part by fire or other casualty herein (including any casualty for which insurance was not obtained or obtainable) of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, Tenant shall give to Landlord immediate notice thereof, except that no notice shall be required to if the estimated cost of repairs, alterations, restorations, replacements and rebuilding (collectively, "Restoration") shall be insured against, thenless than $250,000 (as such amount shall be increased as provided in Section 7.02(a)), and as often as the same Tenant shall, whether or not such damage or destruction shall happenhave been insured, all proceeds of such insuranceand whether or not insurance proceeds, including the interest therein of Sublessorif any, shall be available sufficient for the purpose of such Restoration, with reasonable diligence (subject to Unavoidable Delays) repair, alter, restore, replace and used with all reasonable dispatch by Sublessee in rebuildingrebuild (collectively, repairing or otherwise reinstating such buildings"Restore") the same, fixtures and other improvements in a good and substantial manner according at least to the plan extent of the value and elevation thereofas nearly as possible to the condition, or according quality and class of the Building existing immediately prior to such modified plan for occurrence, with such changes or alterations as Tenant, with the same or substitute buildingsconsent of Landlord, fixtures and other improvements as which consent shall not be approved unreasonably withheld, shall elect to make, provided that, after the Restoration, the Building is in writing by substantial conformity with the parties heretoMaster Development Plan, and in case such proceeds shall be insufficient in amount to so rebuildthe Design Guidelines, repair or reinstate such buildingsthe Declaration of Restrictions (if applicable) and, fixtures and other improvements, Sublessee shall make up the deficiency for such purpose out of Sublessee's own funds; PROVIDED, HOWEVER, that if such loss shall occur in the last event such Restoration is commenced within ten (10) years after the date the Building has been Substantially Completed and, insofar as the Restoration relates to the exterior of the term Building, the Construction Documents. Landlord in no event shall be obligated to Restore the Building or any portion thereof or to pay any of the costs or expenses thereof. If Tenant shall fail or neglect to Restore with reasonable diligence (subject to Unavoidable Delays) the Building or the portion thereof so damaged or destroyed, or having so commenced such Restoration, shall fail to complete the same with reasonable diligence (subject to Unavoidable Delays) in accordance with the terms of this Sublease and Lease, or if prior to the completion of any such insurance proceeds Restoration by Tenant, this Lease shall expire or be terminated for any reason, Landlord may, but shall not be required to, complete such Restoration at Tenant's expense. Each such Restoration shall be insufficient done in accordance with the provisions of this Lease. In any case where this Lease shall expire or be terminated prior to the completion of Restoration, Tenant shall account to Landlord for rebuildingall amounts spent in connection with any Restoration which was undertaken and shall pay over to Landlord, repairing or otherwise reinstating such buildings, fixtures and other improvements as aforesaid, then Sublessee, in lieu of making up the deficiency, may request in writing to Sublessor within thirty ten (3010) days after such destructiondemand, damage the remainder, if any, of the Restoration Funds previously received by it. Tenant's obligations under the next to last (penultimate) sentence of this Section 8.01 shall survive the expiration or casualty, that Sublessee, at its own expense, be allowed to promptly remove from the subleased premises all remains termination of such buildings, fixtures, and other improvements and all debris resulting from such casualty and to restore the land to good and orderly condition and even grade. If approved in writing by Sublessor, and only after such prompt removal and restoration by Sublessee, then Sublessee shall be relieved of all further obligations hereunder with respect to such buildings, fixtures and other improvementsthis Lease.