Common use of Damage Destruction and Restoration Clause in Contracts

Damage Destruction and Restoration. (a) In the event of any damage to or destruction of the Premises and/or Equipment, Borrower shall give prompt written notice to Lender and subject to the terms of (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration, the Condominium Documents, Borrower shall promptly commence and diligently continue to completion the repair, restoration and rebuilding of the Premises and/or Equipment so damaged or destroyed in full compliance with all Legal Requirements and with the provisions of Sections 5.2(e), (f) and (h). Such repair, restoration and rebuilding of the Premises are sometimes hereinafter collectively referred to as the “Work”. Except as expressly permitted under Section 5.2(h), Borrower shall not adjust, compromise or settle any claim for insurance Proceeds without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed so long as no Event of Default exists. Except as set forth in Section 5.2(h), Borrower shall include Lender in all material meetings, conferences, telephone conferences and correspondence with the applicable insurer(s) following any casualty until all of the applicable insurance proceeds are disbursed by such insurer. Subject to Sections 5.2(d) and 5.2(h) of this Agreement and (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration, the Condominium Documents, Lender shall have the option in its sole discretion to apply any insurance Proceeds it may receive pursuant to this Agreement (less any reasonable out-of-pocket costs to Lender of recovering and paying out such Proceeds, including reasonable out-of-pocket attorneys’ fees, costs and expenses) to the payment of the Indebtedness or to allow all or a portion of such Proceeds to be used for the Work. If any insurance Proceeds are applied to reduce the Indebtedness, provided no Event of Default shall have occurred and be continuing, Lender shall apply the same, without any Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, as applicable, in accordance with the provisions of Section 2.7(c) of this Agreement. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, Lender, at its option, may apply any insurance Proceeds to the Indebtedness in such order and priority as Lender deems appropriate in its sole discretion and a Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, as applicable, or Breakage Fee shall be due and payable in accordance with the terms of Section 2.5 in connection with any such prepayment. Notwithstanding anything to the contrary contained in Section 5.6(c) of the Interparty Agreement, in no event shall Borrower be entitled to any portion of the Net Proceeds (as defined in the Triparty Agreement) prior to the payment in full of all amounts that would otherwise be due and payable to Lender under this Section 5.2 but for Section 5.6(c) of Triparty Agreement.

Damage Destruction and Restoration. (a) In the event of any damage to or destruction of the Premises and/or Equipment, Borrower shall give prompt written notice to Lender and subject to the terms of (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration, the Condominium Documents, Borrower shall promptly commence and diligently continue to completion the repair, restoration and rebuilding of the Premises and/or Equipment so damaged or destroyed in full compliance with all Legal Requirements legal requirements and with the provisions of Sections 5.2(eSubsections 3.2(e), (f) and (h), and free and clear from any and all liens and claims other than Permitted Encumbrances. Such repair, restoration and rebuilding of the Premises are sometimes hereinafter collectively referred to as the “Work”. Except as expressly permitted under Section 5.2(hSubsection 3.2(h), Borrower shall not adjust, compromise or settle any claim for insurance Proceeds without the prior written consent of Lender, which such consent shall not to be unreasonably withheld, conditioned delayed or delayed so long as no Event of Default existsconditioned. Except as set forth provided in Section 5.2(hSubsection 3.2(d), Borrower shall include Lender in all material meetings, conferences, telephone conferences and correspondence with the applicable insurer(s) following any casualty until all of the applicable insurance proceeds are disbursed by such insurer. Subject to Sections 5.2(d) and 5.2(h) of this Agreement and (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration, the Condominium Documents, Lender shall have the option in its sole discretion to apply any insurance Proceeds (other than Proceeds of any business interruption insurance) it may receive pursuant to this Agreement (less any reasonable out-of-pocket costs reasonably incurred cost to Lender of recovering and paying out such Proceeds, including reasonable out-of-pocket attorneys’ fees, costs and expenses) to the payment of the Indebtedness or to allow all or a portion of such Proceeds to be used for the Work. If any insurance Proceeds are applied to reduce the Indebtedness, provided no Event of Default shall have occurred and be continuing, Lender shall apply the same, without any Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, as applicablePremium, in accordance with the provisions of Section Subsection 2.7(c) of this Agreement. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, Lender, at its option, may apply any insurance Proceeds to the Indebtedness in such order and priority as Lender deems appropriate in its sole discretion and a Minimum Multiple Fee, Exit Fee Prepayment Premium or Closed Period Prepayment Fee, as applicable, or Breakage Fee Premium shall be due and payable in accordance with the terms of Section 2.5 Subsections 2.5(b) and (c) in connection with any such prepayment. Notwithstanding anything to the contrary contained in Section 5.6(c) of the Interparty Agreement, in no event shall Borrower be entitled to any portion of the Net Proceeds (as defined in the Triparty Agreement) prior to the payment in full of all amounts that would otherwise be due and payable to Lender under this Section 5.2 but for Section 5.6(c) of Triparty Agreement.

Damage Destruction and Restoration. (a) In the event of any damage to or destruction of the Premises and/or EquipmentEquipment whereby the anticipated Work shall exceed $500,000, Borrower shall give prompt written notice to Lender and subject to the terms of (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration, the Condominium Documents, such damage or destruction. Borrower shall promptly commence and diligently continue to completion the repair, restoration and rebuilding of the Premises and/or Equipment so damaged or destroyed destroyed, whether the Work shall be less than, equal or exceed $500,000, in full compliance with all Legal Requirements legal requirements and with the provisions of Sections 5.2(eSubsections 3.2(e), (f) and (h), and free and clear from any and all liens and claims (subject, however, to Borrower's rights under Section 6.5). Notwithstanding the aforesaid, if Lender is required to deliver Proceeds to Borrower under Section 3.2(d) and fails to do so, then Borrower shall be excused from commencing and diligently continuing to completion of the Work until such failure has been cured. Such repair, restoration and rebuilding of the Premises are sometimes hereinafter collectively referred to as the “"Work”". Except as expressly permitted under Section 5.2(hSubsection 3.2(h), Borrower shall not adjust, compromise or settle any claim for insurance Proceeds without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed so long as no Event of Default exists. Except as set forth in Section 5.2(h), Borrower shall include Lender in all material meetings, conferences, telephone conferences and correspondence with the applicable insurer(s) following any casualty until all of the applicable insurance proceeds are disbursed by such insurer. Subject to Sections 5.2(d) and 5.2(h) the provisions of this Agreement and (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration, the Condominium DocumentsSection 3.2(d), Lender shall have the option in its sole discretion to apply any insurance Proceeds it may is entitled to receive pursuant to this Agreement (less any reasonable out-of-pocket costs cost to Lender of recovering and paying out such Proceeds, including reasonable out-of-pocket attorneys’ ' fees, costs and expenses) to the payment of the Indebtedness or to allow all or a portion of such Proceeds to be used for the Work. If any insurance Proceeds are applied to reduce the Indebtedness, provided no Event of Default shall have occurred and be continuing, Lender shall apply the same, without any Minimum Multiple Fee, Exit Prepayment Fee or Closed Period Prepayment Breakage Fee, as applicable, in accordance with the provisions of Section Subsection 2.7(c) of this AgreementAgreement and the portion of the Proceeds applied to reduce the outstanding principal balance of the Loan shall be applied to reduce the Allocated Loan Amount associated with the Individual Mortgaged Property that has suffered the casualty and any remaining Proceeds shall be applied pro-rata to reduce the Allocated Loan Amounts for each other Individual Mortgaged Property. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, Lender, at its option, may apply any insurance Proceeds to the Indebtedness in such order and priority as Lender deems appropriate in its sole discretion and a Minimum Multiple Fee, Exit Prepayment Fee or Closed Period Prepayment Fee or Breakage Fee, as applicable, or Breakage Fee shall be due and payable in accordance with the terms of Section 2.5 Subsections 2.5(b) and (c) in connection with any such prepayment. Notwithstanding anything to the contrary contained in Section 5.6(c) of the Interparty Agreement, in no event shall Borrower be entitled to any portion of the Net Proceeds (as defined in the Triparty Agreement) prior to the payment in full of all amounts that would otherwise be due and payable to Lender under this Section 5.2 but for Section 5.6(c) of Triparty Agreement.

Damage Destruction and Restoration. (a) In the event of any damage to or destruction of the Premises and/or Equipment, Borrower shall give prompt written notice to Lender and subject to the terms of (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration, the Condominium Documents, Borrower shall promptly commence and diligently continue to completion the repair, restoration and rebuilding of the Premises and/or Equipment so damaged or destroyed in full compliance with all Legal Requirements legal requirements and with the provisions of Sections 5.2(eSubsections 3.2(e), (f) and (h), and free and clear from any and all liens and claims other than Permitted Encumbrances. Such repair, restoration and rebuilding of the Premises are sometimes hereinafter collectively referred to as the “Work”. Except as expressly permitted under Section 5.2(hSubsection 3.2(h), Borrower shall not adjust, compromise or settle any claim for insurance Proceeds without the prior written consent of Lender, which such consent shall not to be unreasonably withheld, conditioned delayed or delayed so long as no Event of Default existsconditioned. Except as set forth provided in Section 5.2(hSubsection 3.2(d), Borrower shall include Lender in all material meetings, conferences, telephone conferences and correspondence with the applicable insurer(s) following any casualty until all of the applicable insurance proceeds are disbursed by such insurer. Subject to Sections 5.2(d) and 5.2(h) of this Agreement and (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration, the Condominium Documents, Lender shall have the option in its sole discretion to apply any insurance Proceeds (other than Proceeds of any business interruption insurance) it may receive pursuant to this Agreement (less any reasonable out-of-pocket costs reasonably incurred cost to Lender of recovering and paying out such Proceeds, including reasonable out-of-pocket attorneys’ fees, costs and expenses) to the payment of the Indebtedness or to allow all or a portion of such Proceeds to be used for the Work. If any insurance Proceeds are applied to reduce the Indebtedness, provided no Event of Default shall have occurred and be continuing, Lender shall apply the same, without any Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, as applicablePremium, in accordance with the provisions of Section Subsection 2.7(c) of this AgreementAgreement and the portion of the Proceeds applied to reduce the outstanding principal balance of the Loan shall be applied to reduce the Amortized Allocated Loan Amount associated with the Individual Premises that has suffered the casualty and any remaining Proceeds shall be applied pro-rata to reduce the Amortized Allocated Loan Amounts for each other Individual Premises. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, Lender, at its option, may apply any insurance Proceeds to the Indebtedness in such order and priority as Lender deems appropriate in its sole discretion and a Minimum Multiple Fee, Exit Fee Prepayment Premium or Closed Period Prepayment Fee, as applicable, or Breakage Fee Premium shall be due and payable in accordance with the terms of Section 2.5 Subsections 2.5(b) and (c) in connection with any such prepayment. Notwithstanding anything to the contrary contained in Section 5.6(c) of the Interparty Agreement, in no event shall Borrower be entitled to any portion of the Net Proceeds (as defined in the Triparty Agreement) prior to the payment in full of all amounts that would otherwise be due and payable to Lender under this Section 5.2 but for Section 5.6(c) of Triparty Agreement.

Damage Destruction and Restoration. (a) In the event of any damage to or destruction of the Premises and/or Equipment, Borrower shall, or shall cause Master Tenant or Hotel Manager to, give prompt written notice to Lender and and, subject to the terms of (iLender making insurance Proceeds available to Borrower when and as provided in Section 3.2(d) the Triparty Agreement during the Lease Period and (ii) subsequent or upon retaining insurance Proceeds pursuant to the recordation of the DeclarationSection 3.2(h), the Condominium Documents, Borrower shall promptly commence and diligently continue to completion the repair, restoration and rebuilding of the Premises and/or Equipment so damaged or destroyed in full compliance with all Legal Requirements and with the provisions of Sections 5.2(e3.2(e), (f) and (h), and free and clear from any and all liens and claims, except for Permitted Encumbrances. Such repair, restoration and rebuilding of the Premises are sometimes hereinafter collectively referred to as the “Work”. Except as expressly permitted under Section 5.2(h3.2(h), Borrower shall not, and shall not cause or permit Master Tenant or Hotel Manager to, adjust, compromise or settle any claim for insurance Proceeds without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed so long as no Event of Default exists. Except as set forth in Section 5.2(h), Borrower shall include Lender in all material meetings, conferences, telephone conferences and correspondence with the applicable insurer(s) following any casualty until all of the applicable insurance proceeds are disbursed by such insurer. Subject to Sections 5.2(d3.2(d) and 5.2(h) of this Agreement and (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration, the Condominium Documents3.2(h), Lender shall have the option in its sole discretion to apply any insurance Proceeds it may receive pursuant to this Agreement (less any reasonable out-of-of pocket costs to Lender of recovering and paying out such Proceeds, including reasonable out-of-pocket attorneys’ fees, costs and expenses) to the payment of the Indebtedness or to allow all or a portion of such Proceeds to be used for the Work. If any insurance Proceeds are applied to reduce the Indebtedness, provided no Event of Default shall have occurred and be continuing, Lender shall apply the same, without any Minimum Multiple Fee, Exit Fee Prepayment Premium or Closed Period Prepayment FeePremium, as applicable, in accordance with the provisions of Section 2.7(c) of this Agreement. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, Lender, at its option, may apply any insurance Proceeds to the Indebtedness in such order and priority as Lender deems appropriate in its sole discretion and a Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, as applicable, or Breakage Fee shall be due and payable in accordance with the terms of Section 2.5 in connection with any such prepayment. Notwithstanding anything to the contrary contained in Section 5.6(c) of the Interparty Agreement, in no event shall Borrower be entitled to any portion of the Net Proceeds (as defined in the Triparty Agreement) prior to the payment in full of all amounts that would otherwise be due and payable to Lender under this Section 5.2 but for Section 5.6(c) of Triparty Agreement.

Damage Destruction and Restoration. (a) In the event of any damage to or destruction of the Premises and/or Equipment, Borrower shall give prompt written notice to Lender and subject to the terms of (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration, the Condominium Documents, Borrower shall promptly commence and diligently continue to completion the repair, restoration and rebuilding of the Premises and/or Equipment so damaged or destroyed in full compliance with all Legal Requirements and with the provisions of Sections 5.2(e), (f) and (h). Such repair, restoration and rebuilding of the Premises are sometimes hereinafter collectively referred to as the “Work”. Except as expressly permitted under Section 5.2(h), Borrower shall not adjust, compromise or settle any claim for insurance Proceeds without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed so long as no Event of Default exists. Except as set forth in Section 5.2(h), Borrower shall include Lender in all material meetings, conferences, telephone conferences and correspondence with the applicable insurer(s) following any casualty until all of the applicable insurance proceeds are disbursed by such insurer. Subject to Sections 5.2(d) and 5.2(h) of this Agreement and (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of Agreement, the Declaration, and the Condominium Documents, Lender shall have the option in its sole discretion to apply any insurance Proceeds it may receive pursuant to this Agreement (less any reasonable out-of-pocket costs to Lender of recovering and paying out such Proceeds, including reasonable out-of-pocket attorneys’ fees, costs and expenses) to the payment of the Indebtedness or to allow all or a portion of such Proceeds to be used for the Work. If any insurance Proceeds are applied to reduce the Indebtedness, provided no Event of Default shall have occurred and be continuing, Lender shall apply the same, without any Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Exit Fee, as applicable, in accordance with the provisions of Section 2.7(c) of this Agreement. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, Lender, at its option, may apply any insurance Proceeds to the Indebtedness in such order and priority as Lender deems appropriate in its sole discretion and a Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, and Breakage Fee (as applicable, or Breakage Fee ) shall be due and payable in accordance with the terms of Section 2.5 in connection with any such prepayment. Notwithstanding anything to the contrary contained in Section 5.6(c) of the Interparty Agreement, in no event shall Borrower be entitled to any portion of the Net Proceeds (as defined in the Triparty Agreement) prior to the payment in full of all amounts that would otherwise be due and payable to Lender under this Section 5.2 but for Section 5.6(c) of Triparty Agreement.

Damage Destruction and Restoration. (a) In the event of any damage to or destruction of the Premises and/or EquipmentEquipment which costs Two Hundred Fifty Thousand Dollars ($250,000) or more to repair, Borrower shall give prompt written notice to Lender and subject to the terms of (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration, the Condominium Documents, Lender. Borrower shall promptly commence and diligently continue to completion the repair, restoration and rebuilding of the Premises and/or Equipment so damaged or destroyed in full compliance with all Legal Requirements and with the provisions of Sections 5.2(e3.2(e), (f) and (h), and free and clear from any and all liens and claims and, notwithstanding any of the other terms and conditions of this Agreement, to the same size, character and condition that existed prior to the damage or destruction except for immaterial changes as determined by Lender in its reasonable judgment. Such repair, restoration and rebuilding of the Premises are sometimes hereinafter collectively referred to as the “"Work”". Except as expressly permitted under Section 5.2(h3.2(h), Borrower shall not adjust, compromise or settle any claim for insurance Proceeds which are for amounts of Two Hundred Fifty Thousand Dollars ($250,000) or more, without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed so long as no Event of Default exists. Except as set forth in Section 5.2(h), Borrower shall include Lender in all material meetings, conferences, telephone conferences and correspondence with the applicable insurer(s) following any casualty until all of the applicable insurance proceeds are disbursed by such insurer. Subject to Sections 5.2(d3.2(d) and 5.2(h) of this Agreement and (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration, the Condominium Documents3.2(h), Lender shall have the option in its sole discretion to apply any insurance Proceeds it may receive pursuant to this Agreement (less any reasonable out-of-pocket costs to Lender of recovering and paying out such Proceeds, including reasonable out-of-pocket attorneys’ ' fees, costs and expenses) to the payment of the Indebtedness or to allow all or a portion of such Proceeds to be used for the Work. If any insurance Proceeds are applied to reduce the Indebtedness, provided no Event of Default shall have occurred and be continuing, Lender shall apply the same, without any Minimum Multiple Fee, Exit Fee Prepayment Premium or Closed Period Prepayment FeePremium, as applicable, in accordance with the provisions of Section 2.7(c) of this Agreement. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, Lender, at its option, may apply any insurance Proceeds to the Indebtedness in such order and priority as Lender deems appropriate in its sole discretion and a Minimum Multiple Fee, Exit Fee Prepayment Premium or Closed Period Prepayment FeePremium, as applicable, or Breakage Fee shall be due and payable in accordance with the terms of Section 2.5 in connection with any such prepayment. Notwithstanding anything to the contrary contained in Section 5.6(c) of the Interparty Agreement, in no event shall Borrower be entitled to any portion of the Net Proceeds (as defined in the Triparty Agreement) prior to the payment in full of all amounts that would otherwise be due and payable to Lender under this Section 5.2 but for Section 5.6(c) of Triparty Agreement.