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.
Appears in 6 contracts
Samples: Mortgage and Security Agreement, Mortgage and Security Agreement (250 West 57th St Associates L.L.C.), Agreement (60 East 42nd Street Associates L.L.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 LenderLxxxxx, including the waiver of Prepayment Premium. If Borrower Bxxxxxxx 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.
Appears in 2 contracts
Samples: Multi State Mortgage and Security Agreement (CNL Hotels & Resorts, Inc.), Trust, Security Agreement and Fixture Filing (CNL Hotels & Resorts, Inc.)
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 and the waiver of Prepayment PremiumPremium shall likewise be waived. 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.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Cornerstone Realty Income Trust Inc), Mortgage and Security Agreement (Cornerstone Realty Income Trust Inc)
Application of Award. Lender shall have the right to apply any Award, subject to Section 3.08(d), in the same manner as per provided in Section 3.07 for insurance proceeds held by LenderXxxxxx, including the waiver of Prepayment Premium. If Borrower Xxxxxxxx receives any Award, Borrower shall promptly deliver them such Award 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 funds, and Lender may dispose of these proceeds as provided in this Section.
Appears in 1 contract
Samples: Trust and Security Agreement (Hines Real Estate Investment Trust Inc)
