06-B Knox Ground Lease - Laserfiche WebLink

Home Browse Search

Insurance proceeds received by LESSOR on account of any damage to or destruction of the buildings, structures, and equipment on the leased premises, or any part thereof (less the costs, fees, and expenses incurred by LESSOR and LESSEE in the collection thereof, including, without limitation, adjuster's and attorney's fees and expenses), shall be applied as follows: A. Net insurance proceeds as above defined shall be paid to LESSEE or as LESSEE may direct from time to time as Restoration progresses to pay (or reimburse LESSEE for) the cost of Restoration, upon written request of LESSEE to LESSOR accompanied by (1) certificate of a supervising architect or engineer approved by LESSOR, describing in reasonable detail the work and material in question and the cost thereof, stating that the same were necessary or appropriate to the Restoration and constitute a complete part thereof, and that no part of the cost thereof has theretofore been reimbursed, and specifying the additional amount, if any, necessary to complete the Restoration, and (2) an opinion of counsel satisfactory to LESSOR that there exist no mechanics', materialmen's, or similar liens for labor or materials except such, if any, as are discharged by the payment of the amount requested. B. Upon receipt by LESSOR of evidence of the character required by the foregoing clauses (A)(1) and (2) that Restoration has been completed and the cost thereof paid in full, and that there are no mechanics' , materialmen's, or similar liens for labor or materials supplied in connection therewith, the balance, if any, of such proceeds shall be paid to LESSEE or as LESSEE may direct. In the event that LESSEE does not promptly commence Restoration, or after commencement LESSEE does not diligently proceed to the completion of same, LESSOR shall have the right to commence or complete Restoration after LESSOR has given LESSEE thirty (30) days prior written Ground Lease Ae:reement - page 17 ~ I