Application of Award. Lender may hold such awards or proceeds and apply such awards or proceeds, after the deduction of Lender’s expenses incurred in the collection of such amounts (including Attorneys’ Fees and Costs) at Lender’s option, to the Restoration or repair of the Mortgaged Property or to the payment of the Indebtedness, with the balance, if any, to Borrower. Unless Lender otherwise agrees in writing, any application of any awards or proceeds to the Indebtedness will not extend or postpone the due date of any monthly installments referred to in the Note or Article IV of this Loan Agreement, or change the amount of such installments. Borrower agrees to execute such further evidence of assignment of any Condemnation awards or proceeds as Lender may require.
Application of Award. Lender may apply any Award in any order it determines (1) to reimburse Lender for all Costs related to collection of the Award and (2) subject to Section 3.08(d) and at Lender’s option, to (A) payment (without any Prepayment Premium) of all or part of the Obligations, whether or not then due and payable, in the order determined by Lender (provided that if any Obligations remain outstanding after this payment, the unpaid Obligations shall continue in full force and effect and Borrower shall not be excused in the payment thereof); (B) the cure of any default under the Documents; or (C)
Application of Award. Lender shall have the right to apply any Award, subject to Section 3.08(d), as per Section 3.07 for insurance proceeds held by Lender, including the waiver of Prepayment Premium. If Borrower receives any Award, Borrower shall promptly deliver them to Lender. Notwithstanding anything in this Instrument or at law or in equity to the contrary, none of the Award paid to Lender shall be deemed trust funds and Lender may dispose of these proceeds as provided in this Section.
Application of Award. Lender may hold such awards or proceeds and apply such awards or proceeds, after the deduction of Lender’s expenses incurred in the collection of such amounts (including Attorneys’ Fees and Costs) at Lender’s option, to the Restoration or Repair of the Mortgaged Property or to the payment of the Indebtedness, with the balance, if any, to Borrower. Unless Lender otherwise agrees in writing, any application of any awards or proceeds to the Indebtedness will not extend or postpone the due date, or change the amount, of any monthly payments referred to in the Note or Article IV of this Loan Agreement. Borrower agrees to execute such further evidence of assignment of any Condemnation awards or proceeds as Lender may require.
Application of Award. Funding Lender may hold such awards or proceeds and apply such awards or proceeds, after the deduction of Funding Lender’s expenses incurred in the collection of such amounts (including Attorneys’ Fees and Costs) at Funding Lender’s option, to the Restoration or repair of the Mortgaged Property or direct that they be applied by the Fiscal Agent to the payment of the Indebtedness, with the balance, if any, to Borrower. Unless Funding Lender otherwise agrees in writing, any application of any awards or proceeds to the Indebtedness will not extend or postpone the due date of any monthly installments referred to in the Project Note or Article IV of this Continuing Covenant Agreement, or change the amount of such installments. Borrower agrees to execute such further evidence of assignment of any Condemnation awards or proceeds as Funding Lender may require.
Application of Award. The Mortgagee shall have the option of treating a total taking or a substantial taking (as hereinafter defined) as an Event of Default and of accelerating the entire indebtedness evidenced by the Note, in which event it shall apply the Mortgagor's entire Award in reduction of such indebtedness (including principal, interest and other sums secured hereby, in such order as the Mortgagee may determine) and shall turn over any balance remaining, if any, to the Person lawfully entitled thereto; or if the Mortgagee shall not so elect to accelerate the indebtedness and apply the Award thereto, then the total Award shall, regardless of amount, be deposited with the Mortgagee or with the Depository, the Mortgagor hereby agreeing to elect that such proceeds be held and disbursed by the Depository in accordance with SECTIONS 2.5.6, 2.5.7, 2.5.8, 2.5.9 and 2.5.10 hereof for restoration required to be made by the Mortgagor. If there be a partial taking, the net proceeds of the Award shall be deposited with the Mortgagee and applied by the Mortgagee in accordance with the provisions of SECTIONS 2.5.6, 2.5.7, 2.5.9 and 2.5.10. Any Award remaining after the completion of such restoration, replacement or rebuilding shall be applied in reduction of the indebtedness (including principal, interest and other sums secured hereby) in such order as the Mortgagee shall determine. A partial taking is substantial only if it materially decreases the fair market FRK11497.A15 285741572 12/05/96 KDF:ac1 value of the Mortgaged Premises and the remainder of the Mortgaged Premises cannot be restored to an economically viable whole.
Application of Award. If this Lease shall terminate pursuant to the provisions of Section 12.01 or Section 12.02 of this Article, Lessor's share of the condemnation award together with any separate award to Lessee shall be apportioned and paid in the following order of priority:
Application of Award. If this Lease shall terminate pursuant to the provisions of Section 9.02 or Section 9.03 of this Article, Xxxxxxxx’s share of the condemnation award together with any separate award to Tenant shall be apportioned and paid in the following order of priority:
Application of Award. The Agent shall be entitled to apply the amount of any Award made with respect to the Premises or for loss of rent, or for Landlord's loss of business beyond the term of the related Lease, in reduction of the Obligations under the Credit Facility. Any part of an Award made for loss of Tenant's business during the remaining term of such Lease, if any, for the taking of Tenant's Personal Property (as defined in such Lease), or for removal and relocation expenses of Tenant in any such proceedings shall be paid over to Tenant. Tenant may also make a claim for any additional award to the extent it does not diminish any portion of the Award due and payable for the account of Landlord.
Application of Award. Lender may hold such awards or proceeds and apply such awards or proceeds, after the deduction of Xxxxxx’s expenses incurred in the collection of such amounts (including Attorneys’ Fees and Costs) at Xxxxxx’s option, (Park at Kensington) to the Restoration or repair of the Mortgaged Property or to the payment of the Indebtedness, with the balance, if any, to Borrower. Unless Lender otherwise agrees in writing, any application of any awards or proceeds to the Indebtedness will not extend or postpone the due date of any monthly installments referred to in the Note or Article IV of this Loan Agreement, or change the amount of such installments. Xxxxxxxx agrees to execute such further evidence of assignment of any Condemnation awards or proceeds as Lender may require.
