Application to Restoration. If an Insured Casualty or Condemnation occurs where (i) the loss is in an aggregate amount less than the fifteen percent (15%) of the unpaid Principal; (ii) in the reasonable judgment of Lender, the Property can be restored within six (6) months, and prior to six (6) months before the Stated Maturity Date and prior to the expiration of the rental or business interruption insurance with respect thereto, to the Property’s pre-existing condition and utility as existed immediately prior to such Insured Casualty or Condemnation and to an economic unit not less valuable and not less useful than the same was immediately prior to the Insured Casualty or Condemnation, and after such restoration will adequately secure the Debt; (iii) less than (x) thirty percent (30%), in the case of an Insured Casualty or (y) fifteen percent (15%), in the case of a Condemnation, of the rentable area of the Improvements has been damaged, destroyed or rendered unusable as a result of such Insured Casualty or Condemnation; (iv) Leases demising in the aggregate at least sixty-five percent (65%) of the total rentable space in the Property and in effect as of the date of the occurrence of such Insured Casualty or Condemnation remain in full force and effect during and after the completion of the Restoration (hereinafter defined); and (v) no Event of Default shall have occurred and be then continuing, then the Proceeds or the Award, as the case may be (after reimbursement of any expenses incurred by Lender), shall be applied to reimburse Borrower for the cost of restoring, repairing, replacing or rebuilding the Property (the “Restoration”), in the manner set forth herein. Borrower shall commence and diligently prosecute such Restoration. Notwithstanding the foregoing, in no event shall Lender be obligated to apply the Proceeds or Award to reimburse Borrower for the cost of Restoration unless, in addition to satisfaction of the foregoing conditions, both (x) Borrower shall pay (and if required by Lender, Borrower shall deposit with Lender in advance) all costs of such Restoration in excess of the net amount of the Proceeds or the Award made available pursuant to the terms hereof; and (y) Lender shall have received evidence reasonably satisfactory to it that during the period of the Restoration, the Rents will be at least equal to the sum of the operating expenses and Debt Service and other reserve payments required hereunder, as reasonably determined by Lender.
Application to Restoration. The following provisions shall apply in connection with the Restoration of the Property and Improvements:
Application to Restoration. 59 7.4.2 APPLICATION TO DEBT................................60 7.4.3 PROCEDURE FOR APPLICATION TO RESTORATION...........60
Application to Restoration. If any Casualty covered by any of the Policies or Condemnation occurs where the Operating Tenant has not terminated the Operating Lease as to any such Individual Property in accordance with the provisions of Sections 6.2 and 6.3 above, and if:
Application to Restoration. If an Insured Casualty or a Condemnation occurs where:
Application to Restoration. If an Insured Casualty or Condemnation occurs where (i) the loss is in an aggregate amount less than the 25% of the unpaid Principal,
Application to Restoration. 72 8.4.2 Application to Debt.....................................73 8.4.3 Procedure for Application to Restoration................73 8.4.4 Anchor Lease; REA.......................................74
Application to Restoration. If Lender elects or is required herein to apply the Net Proceeds to the Restoration Costs, Borrower shall deposit with Lender such additional amounts of money as may be necessary so that the Net Proceeds and such additional monies (collectively, “Restoration Funds”) will be sufficient, in the reasonable judgment of Lender, to pay all Restoration Costs during such restoration. Such Restoration Funds will be advanced by Lender from time to time as the restoration work progresses upon the written request of Borrower subject to compliance by Borrower with such reasonable and customary construction advance requirements and conditions as Lender shall impose, including those terms and conditions set forth in Section 2.06(c). Lender shall not be required to apply Restoration Funds as aforesaid unless it reasonably determines that the amount thereof remaining after payment of the amount requested will be sufficient to pay the Restoration Costs in full, and Borrower shall promptly deposit with Lender the amount of any deficiency, to be held and disbursed by Lender as Restoration Funds in accordance with the provisions of this Section 2.06. Upon completion of such restoration to the satisfaction of Lender and the payment of the Restoration Costs in full, the balance of any Restoration Funds not required to be disbursed shall (i) in the case of a Damage, be disbursed to Borrower or as Borrower may direct and (ii) in the case of a Condemnation, be applied to the payment of the Secured Obligations in such order as Lender may determine until the same have been paid in full and then to Borrower or as Borrower may direct.
Application to Restoration. If an Insured Casualty or Condemnation occurs where (i) the loss is in an aggregate amount less than the fifteen percent (15%) of the unpaid Principal; (ii) in the reasonable judgment of Lender, the Property can be restored within nine (9) months, and prior to six (6) months before the Stated Maturity Date and prior to the expiration of the rental or business interruption insurance with respect thereto, to the Property's pre-existing condition and utility as existed immediately prior to such Insured Casualty or Condemnation and to an economic unit not less valuable and not less useful than the same was immediately prior to the Insured Casualty 60
Application to Restoration. If Bank elects to apply the Net Proceeds to the Restoration Costs, Grantor shall deposit with Bank such additional amounts of money as may be necessary so that the Net Proceeds and such additional monies (collectively, "Restoration Funds") will be sufficient, in the reasonable judgment of Bank, to pay all Restoration Costs during such restoration. Provided that no Event of Default shall have occur-red and be continuing or exist, such Restoration Funds will be advanced by Bank from time to time as the restoration work progresses upon the written request of Grantor subject to compliance by Grantor with such reasonable requirements and conditions as Bank shall impose, such requirements and conditions to be substantially equivalent to those imposed by Bank for advances of loan proceeds under the Loan Agreement and to include those terms and conditions set forth in Section 2.06(c). Bank shall not be required to apply Restoration Funds as aforesaid unless they reasonably determine that the amount thereof remaining after payment of the amount requested will be sufficient to pay the Restoration Costs in full, and Grantor shall promptly deposit with Bank the amount of any deficiency, to be held and disbursed by Bank as Restoration Funds in accordance with the provisions of this Section 2.06. Upon completion of such restoration to the satisfaction of Bank and the payment of the Restoration Costs in full, the balance of any Restoration Funds not required to be disbursed shall (i) in the case of a Damage, be disbursed to Grantor or as Grantor may direct and (ii) in the case of a Condemnation, be applied to the payment of the Secured Obligations in such order as Bank may determine (but on a pro rata basis among the Note) until the same have been paid in full and then to Grantor or as Grantor may direct.
