Application of Proceeds and Awards. The Mortgagee may, at its option, apply all amounts recovered under any insurance policy required to be maintained by the Mortgagor hereunder and all awards received by it on account of any Taking in any one or more of the following ways:
Application of Proceeds and Awards. The Beneficiary may, at its option, apply all amounts recovered under any insurance policy required to be maintained by the Trustor hereunder and all awards received by it on account of any Taking in any one or more of the following ways:
Application of Proceeds and Awards. The Grantee may, at its option, apply all amounts recovered under any insurance policy required to be maintained by the Grantor hereunder and all awards received by it on account of any Taking in any one or more of the following ways:
Application of Proceeds and Awards. The Beneficiary shall apply all amounts recovered under any insurance policy required to be maintained by the Grantor hereunder and all awards received by the Beneficiary on account of any Taking as provided in the Credit Agreement.
Application of Proceeds and Awards. Subject to any applicable requirements of the Financing Order, the Credit Agreement and the Revolver Intercreditor Agreement, all amounts recovered under any insurance policy required to be maintained by the Trustor hereunder and all awards received by it on account of any Taking shall be deposited in a Lockbox Account maintained by the Trustor to be applied pursuant to the provisions of the Credit Agreement. Notwithstanding the foregoing provisions of this Section 2.3 to the contrary (but subject to the provisions of Section 2.4), and if each of the following conditions is satisfied, the Beneficiary, upon request of the Trustor, may apply up to $5,000,000 of insurance proceeds or condemnation awards received by it toward the restoration or replacement of the affected Collateral, to the extent necessary for the restoration or replacement thereof; provided that:
Application of Proceeds and Awards. Subject to any applicable requirements of the Financing Order, the Credit Agreement and the Revolver Intercreditor Agreement, all amounts recovered under any insurance policy required to be maintained by the Mortgagor hereunder and all awards received by it on account of any Taking shall be deposited in a Lockbox Account maintained by the Mortgagor to be applied pursuant to the provisions of the Credit Agreement. Notwithstanding the foregoing provisions of this Section 2.3 to the contrary (but subject to the provisions of Section 2.4), and if each of the following conditions is satisfied, the Mortgagee, upon request of the Mortgagor, may apply up toward $2,500,000 of insurance proceeds or condemnation awards received by it to the restoration or replacement of the affected Collateral, to the extent necessary for the restoration or replacement thereof; provided, that:
Application of Proceeds and Awards. If the any of the Improvements are damaged or destroyed by fire or other casualty, Lessor shall repair or restore the Improvements and the net insurance proceeds (the “Net Proceeds”) (after deducting only Lessor’s reasonable costs and expenses, if any and including reasonable attorney fees, in collecting the same) shall be applied to the restoration or repair of the Improvements provided (a) that no Event of Default then exists hereunder, (b) the loss does not occur in the 12-month period preceding the expiration of the Lease Term and Lessor’s independent consultant certifies that the restoration of the Improvements can be completed at least 90 days prior to the expiration of the Lease Term, and (c) Lessee deposits with Lessor an amount, in cash, which Lessor, in its reasonable discretion, determines is necessary, in addition to the Net Proceeds, to pay in full the cost of the restoration or repair. Notwithstanding the foregoing, it shall be a condition precedent to any disbursement of insurance proceeds held by Lessor hereunder that Lessor shall have approved (X) all plans and specifications for any proposed repair or restoration, (Y) the construction schedule and (Z) the architect’s and general contractor’s contract for all restoration that exceeds $50,000.00 in the aggregate. Lessor may establish other reasonable, customary and standard conditions that may be necessary to assure that the work is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof. Lessee’s deposits made pursuant to this subparagraph shall be used before the Net Proceeds for that restoration or repair. If the Net Proceeds are made available for restoration or repair, that work shall be completed by Lessee in an expeditious and diligent fashion, and in compliance with all applicable laws, rules and regulations.”
Application of Proceeds and Awards. Subject to any applicable requirements of the Financing Order, the Credit Agreement and the Revolver Intercreditor Agreement, all amounts recovered under any insurance policy required to be maintained by the Grantor hereunder and all awards received by it on account of any Taking shall be deposited in a Lockbox Account maintained by the Grantor to be applied pursuant to the provisions of the Credit Agreement. Notwithstanding the foregoing provisions of this Section 2.3 to the contrary (but subject to the provisions of Section 2.4), and if each of the following conditions is satisfied, the Grantee, upon request of the Grantor, may apply up to $2,500,000 of insurance proceeds or condemnation awards received by it toward the restoration or replacement of the affected Collateral, to the extent necessary for the restoration or replacement thereof; provided that:
Application of Proceeds and Awards. Except to the extent otherwise required under the Leases in effect from time to time, to the extent a Party is required to commence the repair and restoration as aforesaid or under Section 5.6 hereof and/or under any Lease, all insurance proceeds or condemnation awards, respectively, shall be paid over to such Party to be used in connection therewith and shall be so used by such Party.
Application of Proceeds and Awards. The Mortgagee shall be entitled to receive any proceeds of insurance as provided in the Credit Agreement, and the Mortgagee shall apply all amounts recovered under any insurance policy required to be maintained by the Mortgagor and all awards received by it on account of any taking in accordance with the Credit Agreement.
