Definition of Tenant Insurance Payment


Tenant Insurance Payment means the Tenant Insurance Payment as defined in Paragraph 16(b).
Sample 1

Examples of Tenant Insurance Payment in a sentence

Net Proceeds, Restoration Award and Tenant Insurance Payment (the aggregate of which being herein defined as the "RESTORATION FUND") shall be disbursed by the Trustee in accordance with the following conditions: a.
In the event that any damage or destruction shall occur at such time as Tenant shall not have maintained third-party insurance in accordance with Paragraph 14(a)(i),(iv) or (v), Tenant shall pay to the Trustee the amount of the proceeds that would have been payable had such insurance program been in effect (the "Tenant Insurance Payment").
To the extent available, any Restoration Award resulting from a Taking, and any Net Proceeds of insurance (supplemented if applicable by the Tenant Insurance Payment) (collectively referred to herein as the "Restoration Fund") shall be used to pay for the Restoration of the Premises as described in Section 13(d) or Section 14(e) above, whichever shall then apply.
In the event that any damage or destruction shall occur at such time as Tenant shall not have maintained third-party insurance in accordance with Paragraph 14(a)(i),(iv),(v) or (vi), Tenant shall pay to the Trustee the amount of the proceeds that would have been payable had such insurance program been in effect (the "Tenant Insurance Payment").
Nothing herein shall affect or reduce Tenant's liability to Landlord or any remedy of Landlord due to any failure of Tenant to timely pay the Tenant Insurance Payment as required above.