Adjustment of Insurance Claims. Construction Manager shall adjust all claims with its insurers. However, Construction Manager shall not adjust any liability claims without the prior written consent of the Owner unless the effect of such adjustment shall be to release the Owner and all Indemnitees from all liability with respect to such claims and liabilities asserted therein. Further, Construction Manager shall not adjust any property claims without prior written consent of the Owner unless the effect is to make the Owner whole and protect the Owner's financial interest in the proceeds of the claim.
Adjustment of Insurance Claims. 21 5.3 Application of Insurance Proceeds..................................................................................... 21 5.4 Condemnation Proceeds Payable to Lender............................................................................... 22 5.5 Application of Condemnation Proceeds.................................................................................. 22 5.6 Conditions Applicable if Restoration Permitted........................................................................ 22 Article VI
Adjustment of Insurance Claims. In case of loss covered by policies ------------------------------ of insurance, Lender is hereby authorized, at Lender's option, either (i) to settle and adjust any claim under such policies without the consent of Borrower, or (ii) to allow Borrower to agree with the insurance company or companies on the amount to be paid upon the loss; provided that Borrower may adjust losses aggregating not in excess of $250,000 if such adjustment is carried out in a competent and timely manner, and provided that in any case Lender shall and is hereby irrevocably authorized by Borrower to collect any such insurance proceeds; and the expenses incurred by Lender in the adjustment and collection of insurance proceeds shall be part of the Indebtedness and shall be reimbursed to Lender upon demand, and shall bear interest at the Default Rate.
Adjustment of Insurance Claims. Construction Manager shall adjust all claims with its insurers. However, Construction Manager shall not adjust any liability claims without the prior written consent of the Owner unless the effect of such adjustment shall be to release the Owner and all Indemnitees from all liability with respect to such claims and liabilities asserted therein. Further, Construction Manager shall not adjust any property claims without prior written consent of the Owner unless the effect is to make the Owner whole and protect the Owner’s financial interest in the proceeds of the claim. hall r, an sem name the d an orig ent, the ag Ow inal ent ner and of the may so Article 8 and the General
Adjustment of Insurance Claims. Borrower shall give prompt Notice to Lender of any Casualty or Claim affecting any Obligor or the Collateral. Lender is authorized, at its sole and absolute option, to commence, appear in and prosecute, in its own or Borrower’s name, any action or proceeding relating to any Casualty, and to make proof of loss for and to settle or compromise any Claim in connection therewith. In such case, Lender shall have the right to receive all Insurance Proceeds and may deduct therefrom all of its Expenses. However, so long as no Event of Default has occurred and Borrower is diligently pursuing its rights and remedies with respect to a Claim, Lender will obtain Borrower’s written consent (which consent shall not be unreasonably withheld or delayed) before making proof of loss for or settling or compromising such Claim. Borrower agrees to diligently assert its rights and remedies with respect to each Claim and to promptly pursue the settlement and compromise of each Claim subject to Lender’s approval, which approval shall not be unreasonably withheld or delayed. Within ten (10) days after Borrower’s receipt of any Insurance Proceeds, Borrower shall deliver such awards or proceeds to Lender in the form in which they were received, together with any endorsements or documents that may be necessary to effectively negotiate or transfer the awards or proceeds to Lender. Borrower agrees to execute and deliver from time to time, upon the request of Lender, such further instruments or documents as may be requested by Lender to confirm the grant and assignment to Lender of any Insurance Proceeds.
Adjustment of Insurance Claims. Borrower may adjust, compromise and settle any insurance claim subject to compliance with and satisfaction of all of the following terms and conditions: (a) Lender shall have received prompt written notice from Borrower of any material Casualty to the Security Property; (b) no Noticed Default or Event of Default exists; (c) Borrower shall keep Lender currently advised, in reasonable detail, as to the status of all negotiations and proceedings and shall promptly give to Lender copies of all material documents received or delivered in connection with such negotiations or proceedings; (d) Lender shall be entitled, at Lender’s election, to participate in any negotiations or proceedings if Lender deems it necessary to do so in order to protect Lender’s interest in the Security Property or to prevent Lender’s security for the Indebtedness from being impaired; and (e) any adjustment, compromise or settlement of any claim for a Casualty exceeding Two Million Dollars ($2,000,000) shall be subject to Lender’s prior written approval, which approval shall not be unreasonably withheld. During the existence of a Notice of Default or an Event of Default, Lender shall be entitled, at Lender’s sole option, to either (i) settle and adjust any claim under such policies with the reasonable approval of Borrower, or (ii) allow Borrower to settle or adjust any claim under such policies with the prior written approval of Lender, which approval shall not be unreasonably withheld. Lender shall be and is hereby authorized by Borrower to collect any such Casualty insurance proceeds, and the reasonable costs and expenses incurred by Lender in the collection and adjustment of Casualty insurance proceeds shall constitute Lender Expenses and be secured hereby as part of the Indebtedness, shall be due and payable upon demand and any amount due and payable hereunder to Lender which is not paid within ten (10) Business Days after written demand therefor from Lender shall bear interest from the date of such demand at the Default Rate.
