Common use of Assignment and Subrogation Clause in Contracts

Assignment and Subrogation. (a) If the Insurer pays the Ascertained Net Loss on the Payment Date or as provided in Section 4 of this Article 11, the Insurer shall be subrogated to all the Named Insured's rights of recovery therefor against any person or organization and the Named Insured shall execute and deliver such instruments and papers and do whatever else is reasonably requested by insurer to evidence such subrogation; provided, however, in no event, shall Named Insured be obligated to pay any monies or any expenses in connection therewith unless reimbursed by Insurer. Named insured shall knowingly do nothing to prejudice such rights. Named Insured shall also assign (without recourse) all of its rights and interest under the Loan Documents (including any causes of action arising thereunder) and Lease to Insurer at Insurer's request without charge. Named Insured shall have no rights to any monies collected by Insurer regardless of whether such amounts exceed the Ascertained Net Loss. Insurer shall have no liability to Named Insured or any Authorized Agent of Named Insured or contractor of Named Insured for amounts advanced by such person to cover defaults by Tenant or Owner prior to the Claim Date (other than Protective Advances which shall be paid by Insurer on the Claim Date). (b) Subject to subsection (a) of this Section, if Insurer pays Monthly Payments to Named Insured, then Named Insured hereby grants Insurer an equitable interest in all Named Insured's rights and interest under the Loan Documents and Lease equal to the amount paid by Insurer together with Named Insured's rights to recover interest, fees and attorneys fees and costs to collect said amounts. Named Insured and Insurer shall cooperate to enforce their respective rights and interests under the Loan Documents and Lease. Neither Insurer nor Named Insured may release or otherwise adversely affect the rights of the other under this subsection (b) by settling, compromising or otherwise altering the obligations of the Owner, Tenant or any other person under the Loan Documents or Lease. If Insurer elects to pay Monthly Payments to Named Insured, Insurer shall not rely on Named Insured for (i) the maintenance, insuring, repair, restoration or upkeep of the Property, including, without limitation, the payment of real estate taxes, assessments or any other charges with respect to the Property and (ii) the enforcement of any right or remedy under the Loan Documents or Lease against Owner or Tenant. In no event shall Insurer's obligation to make Monthly Payments be affected by reason of the foregoing. The Sunset Date shall remain unchanged.

Assignment and Subrogation. (a) If the Insurer pays the Ascertained Net Loss on the Payment Date or as provided in Section 4 of this Article 11II, the Insurer shall be subrogated to all the Named Insured's rights of recovery therefor against any person or organization and the Named Insured shall execute and deliver such instruments and papers and do whatever else is reasonably requested by insurer Insurer to evidence such subrogation; provided, however, in no event, shall Named Insured be obligated to pay any monies or incur any expenses in connection therewith unless reimbursed by Insurer. Named insured Insured shall knowingly do nothing to prejudice such rights. Named Insured shall also assign (without recourse) all of its rights and interest under the Loan Documents (including any causes of action arising thereunder) and Lease to Insurer at Insurer's request without charge. Named Insured shall have no rights to any monies collected by Insurer regardless of whether such amounts exceed the Ascertained Net Loss. Insurer shall have no liability to Named Insured or any Authorized Agent of Named Insured or contractor of Named Insured for amounts advanced by such person to cover defaults by Tenant or Owner prior to the Claim Date (other than Protective Advances which shall be paid by Insurer on the Claim Date). (b) Subject to subsection (a) of this Section, if Insurer pays Monthly Payments to Named Insured, then Named Insured hereby grants Insurer an equitable interest in all Named Insured's rights and interest under the Loan Documents and Lease equal to the amount paid by Insurer together with Named Insured's rights to recover interest, fees and attorneys fees and costs to collect said amounts. Named Insured and Insurer shall cooperate to enforce their respective rights and interests under the Loan Documents and Lease. Neither Insurer nor Named Insured may release or otherwise adversely affect the rights of the other under this subsection (b) by settling, compromising or otherwise altering the obligations of the Owner, Tenant or any other person under the Loan Documents or Lease. If Insurer elects to pay Monthly Payments to Named Insured, Insurer shall not rely on Named Insured for (i) the maintenance, insuring, repair, restoration or upkeep of the Property, including, without limitation, the payment of real estate taxes, assessments or any other charges with respect to the Property and (ii) the enforcement of any right or remedy under the Loan Documents or Lease against Owner or Tenant. In no event shall Insurer's obligation to make Monthly Payments be affected by reason of the foregoing. The Sunset Date shall remain unchanged.