Common use of Property of Lessor Clause in Contracts

Property of Lessor. Except as otherwise provided for herein, all insurance proceeds in the hands of Lessor or its permanent lender or lenders at the time of the termination of this agreement, and all insurance proceeds thereafter received by Lessor or its permanent lender or lenders under any policy or insurance required to be procured and maintained by Lessor pursuant to the terms of this agreement, shall be the sole and exclusive property of the Lessor, subject to the rights of the Lessor’s permanent lender or lenders.

Property of Lessor. Except as otherwise provided for herein, all insurance proceeds in the hands of Lessor or its permanent lender or lenders at the time of the termination of this agreement, and all insurance proceeds thereafter received by Lessor or its permanent lender or lenders under any policy or insurance required to be procured and maintained by Lessor pursuant to the terms of this agreement, shall be the sole and exclusive property of the Lessor, subject to the rights of the Lessor’s permanent lender or lenders.. Lessor Lessee