loss of rents and/or business interruption insurance # with loss payable to ; # covering all risks required to be covered by the insurance provided for in [Subsection 6.1(a)(2)(i), (iv) and (vi) through (viii)])])]; # in an amount equal to 100% of the projected net operating income plus fixed expenses from the Property (on an actual loss sustained basis) for a period continuing until the Restoration of the Property is completed; the amount of such business interruption/loss of rents insurance shall be determined prior to the Closing Date and at least once each year thereafter based on ’s determination of the net operating income plus fixed expenses for the Property for an eighteen (18) month period and # containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and the Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. To the extent that insurance proceeds are payable to pursuant to this Subsection (the “Rent Loss Proceeds”) and is
Rental loss and/or Business Interruption/Extra Expense # with loss payable to the Agent; # covering all risks required to be covered by the insurance provided for in subsection # above; # containing an extended period of indemnity endorsement which provides that after the physical loss to any Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months from the date that such Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and # written on an “Actual Loss Sustained” basis or with a period of indemnity of not less than eighteen (18) months, covering Gross Income from Operations, and notwithstanding that the policy may expire at the end of such period. The amount of such business income insurance shall be determined prior to the date hereof and at least once each year thereafter based on the Insured Borrower’s reasonable estimates of the Gross Income from Operations for the succeeding eighteen (18) month period. Notwithstanding anything to the contrary in Section 2.6 hereof, all proceeds payable to the Agent pursuant to this subsection shall be held by the Agent and shall be applied at the Agent’s sole discretion to # the obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note or # Operating Expenses Approved by the Agent; provided, however, that nothing herein contained shall be deemed to relieve any Borrower of its obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in the Note and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance;
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.