Property Insurance Proceeds. All proceeds (except business interruption not allocated to rent expenses) payable by reason of any property loss or damage to the Leased Property, or any portion thereof, under any property policy of insurance required to be carried hereunder shall be paid to Facility Mortgagee or to an escrow account held by a third party depositary reasonably acceptable to Landlord and Tenant (pursuant to an escrow agreement acceptable to the parties and intended to implement the terms hereof) and made available to Tenant upon request for the reasonable costs of preservation, stabilization, emergency restoration, business interruption, reconstruction and repair, as the case may be, of any damage to or destruction of the Leased Property, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rents due by Tenant hereunder; and provided, further, that if the total amount of proceeds payable net of the applicable deductibles is One Hundred Fifty Thousand Dollars ($150,000) or less, and, if no Event of Default has occurred and is continuing, the proceeds shall be paid to Tenant and, subject to the limitations set forth in this Article XIV used for the repair of any damage to the Leased Property, it being understood and agreed that Tenant shall have no obligation to rebuild any Tenant Capital Improvement, provided that the Leased Property is rebuilt in a manner reasonably satisfactory to Landlord. Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Leased Property to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction shall be provided to Tenant. All salvage resulting from any risk covered by insurance for damage or loss to the Leased Property shall belong to Landlord. Tenant shall have the right to prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Article XIV and any final settlement with the insurance company shall be subject to Landlord’s consent, such consent not to be unreasonably withheld.
Property Insurance Proceeds. All proceeds from the Property Insurance shall be applied, in the first instance, to satisfy the Operator’s obligation to pay the City or Agreement Administrator under this Agreement (if not otherwise satisfied by the Operator), and shall otherwise be applied to restore the Heliport or compensate the City or Agreement Administrator for its Loss or Damage.
Property Insurance Proceeds. All proceeds payable by reason of any property loss or damage to the Golf Courses, or any portion thereof, under any property policy of insurance required to be carried hereunder or otherwise maintained by Owner shall be paid to Owner or as otherwise agreed between Owner and Fee Mortgagee and, subject to the limitations set forth in this Article XI, used for the repair of any damage to or restoration or reconstruction of the Golf Courses, provided that the Golf Courses are rebuilt in a manner that is substantially the same condition as existed immediately prior to the applicable casualty or otherwise reasonably satisfactory to Owner. Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Golf Courses to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality or otherwise to Owner’s reasonable satisfaction shall be paid to Owner.
Property Insurance Proceeds. All proceeds (except business interruption not allocated to rent expenses) payable by reason of any property loss or damage to the Leased Property, or any portion thereof, under any property policy of insurance required to be carried hereunder shall be paid to Facility Mortgagee or to an escrow account held by a third party depositary reasonably acceptable to Landlord and Tenant (pursuant to an escrow agreement acceptable to the parties and intended to implement the terms hereof) and made available to Tenant upon request for payment or reimbursement to Tenant of the reasonable costs of preservation, stabilization, emergency restoration, business interruption, reconstruction and repair, as the case may be, of any damage to or destruction of the Leased Property, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rents due by Tenant hereunder; and provided, further, that if the total amount of proceeds payable net of the applicable deductibles is (i) Two Million Five Hundred Thousand Dollars ($2,500,000) or less (which amount shall be subject to Renewal Term Increase on the commencement of each Renewal Term) if there are more than twenty-four months remaining in the then current Term, or (ii) One Hundred Fifty Thousand Dollars ($150,000) or less if there twenty-four (24) months or less remaining in the then current Term (provided, however, in the event that at the time of such determination there remain unexercised Renewal Terms available to Tenant under Section 1.4, then notwithstanding the requirement set forth in Section 1.4 that restricts Tenant from providing a Renewal Notice more than eighteen (18) months prior to the expiration of the then current Term, but subject to all other terms and conditions applicable thereto, Tenant shall have the right to provide a Renewal Notice to Landlord concurrently with any request by Tenant to retain proceeds under this Section 14.1, in which case the applicable thresholds under subclauses (i) and (ii) shall be deemed to include such Renewal Term), and in either case, if no Event of Default has occurred and is continuing, the proceeds shall be paid to, and shall remain with, Tenant and, subject to the limitations set forth in this Article XIV used for the repair of any damage to the Leased Property, it being understood and agreed that Tenant shall have no obligation to rebuild any Tenant Capital Improvement, prov...
Property Insurance Proceeds. All proceeds (except business interruption not allocated to rent expenses) payable by reason of any property loss or damage to the Leased Property, or any portion thereof, under any property policy of insurance required to be carried hereunder shall be paid to Facility Mortgagee or to Landlord and made available to Tenant upon request for the reasonable costs of preservation, stabilization, emergency restoration, business interruption, reconstruction and repair, as the case may be, of any damage to or destruction of the Leased Property, or any portion thereof; provided, however, that if the total amount of proceeds payable net of the applicable deductibles is $2,500,000 or less, and, if no Event of Default has occurred and is continuing, the proceeds shall be paid to Tenant and, subject to the limitations set forth in this Article XIV used for the repair of any damage to the Leased Property. Tenant shall have no obligation to rebuild any TCI CLEC Extensions, any TCI ILEC Extensions or any Long Haul TCI, provided that the Leased Property is rebuilt in a manner reasonably satisfactory to Landlord. Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Leased Property to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction shall be provided to Tenant. All salvage resulting from any risk covered by insurance for damage or loss to the Leased Property shall belong to Landlord. Tenant shall have the right to prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Article XIV and any final settlement with the insurance company shall be subject to Landlord’s consent, such consent not to be unreasonably withheld.
Property Insurance Proceeds. The Seller undertakes to direct the relevant insurer to pay to the Guarantor any insurance payments made under any insurance policy in effect maintained by that Seller covering all risks of physical loss or damage to a Mortgaged Property in respect of a Loan and its Related Security included in the Portfolio which applies if the related Borrower fails to maintain such an insurance policy. The Guarantor (or the Cash Manager on its behalf), will forthwith deposit such insurance proceeds into the GDA Account (or, as applicable, the Standby GDA Account) and credit such insurance proceeds to the Principal Ledger on the GDA Account (or, as applicable, the Standby GDA Account).
Property Insurance Proceeds. All insurance proceeds shall be promptly used, to the extent necessary, for the reconstruction, repair, or replacement of the Project, so that the Project shall be restored to a condition comparable to the condition prior to the loss or damage (hereinafter referred to as "Reconstruction Work").
Property Insurance Proceeds. In the event a casualty occurs with respect to any of the Tangible Assets after the date hereof and repairs have not been completed prior to Closing, or in the event a casualty occurs with respect to any of the properties or improvements thereon encumbered by a Mortgage Loan after the date hereof 116 and, in either event, MONY is the loss payee with respect to insurance covering such casualty, MONY agrees to assign such insurance claims to AUSA Life at the Closing and to deliver to AUSA Life at the Closing any insurance proceeds that have not been disbursed to effect repairs with respect to any such properties.
Property Insurance Proceeds. During the Term, all sums payable for loss and damage to the Leased Premises arising out of casualties covered by the fire and extended coverage policies shall be used for the reconstruction, repair, or replacement of the damage (hereinafter referred to as "Reconstruction Work"), to a condition substantially comparable to its condition prior to the loss or damage and shall be payable directly to Tenant, provided that the proceeds must be used to rebuild the Leased Premises. Without limitation the Tenant will be required to advance any equity required in addition to the insurance proceeds to complete the Reconstruction Work and if such requirements are not met the Tenant shall be in default of this Lease. If, in the judgment of the Architect, the insurance proceeds are insufficient to perform the Reconstruction Work, Tenant shall provide additional funds required to complete such Reconstruction Work.
Property Insurance Proceeds. All proceeds from the Prope1iy Insurance shall be applied, in the first instance, to satisfy the Operator’s obligation to pay the City or Agreement Administrator under this Agreement (if not otherwise satisfied by the Operator), and shall otherwise be applied to restore the Heliport or compensate the City or Agreement Administrator for its Loss or Damage.
