Common use of Disbursement Conditions Clause in Contracts

Disbursement Conditions. Lender may, at Lender’s option, condition disbursement of any insurance proceeds or Condemnation Proceeds in excess of the Restoration Threshold on Lender’s approval of plans and specifications of an independent architect licensed in the state in which the Properties are located, having at least five (5) years of experience as an architect and reasonably satisfactory to Lender (an “Approved Architect”), any and all material contractors, subcontractors and materialmen engaged in the Restoration and the contracts and subcontracts under which they have been engaged, contractor’s cost estimates, architect’s certificates, waivers of liens, sworn statements of mechanics and materialmen and such other evidence of costs, percentage completion of construction, application of payments, and satisfaction of liens as Lender may reasonably require. Lender shall not be obligated to disburse insurance proceeds or Condemnation Proceeds more frequently than once every calendar month. If insurance proceeds or Condemnation Proceeds are applied to the payment of the Obligations, any such application of proceeds to principal shall not extend or postpone the due dates of the monthly payments due under the Note or otherwise under the Loan Documents, or change the amounts of such payments. Any amount of insurance proceeds remaining in Lender’s possession after full and final payment and discharge of all Obligations shall be refunded to Borrowers or otherwise paid in accordance with applicable law. If any Individual Property is sold at foreclosure or if Lender acquires title to such Individual Property, Lender shall have all of the right, title and interest of Borrowers in and to any insurance policies and unearned premiums thereon and in and to the proceeds resulting from any damage to such Individual Property prior to such sale or acquisition, and to any Condemnation Proceeds.

Disbursement Conditions. With respect to any casualty or condemnation above the Restoration Threshold, Lender may, at Lender’s 's option, condition disbursement of any insurance proceeds or Condemnation Proceeds in excess of the Restoration Threshold on Lender’s 's approval of plans and specifications of an independent architect licensed in the state in which the Properties are affected Individual Property is located, having at least five (5) years of experience as an architect and reasonably satisfactory to Lender (an “"Approved Architect”"), any and all material contractors, subcontractors and materialmen engaged in the Restoration and the contracts and subcontracts under which they have been engaged, contractor’s 's cost estimates, architect’s 's certificates, waivers of liens, sworn statements of mechanics and materialmen and such other evidence of costs, percentage completion of construction, application of payments, and satisfaction of liens as Lender may reasonably require. Lender shall not be obligated to disburse insurance proceeds or Condemnation Proceeds more frequently than once every calendar month. If insurance proceeds or Condemnation Proceeds are applied to the payment of the Obligations, any such application of proceeds to principal shall not extend or postpone the due dates of the monthly payments due under the Note or otherwise under the Loan Documents, or change the amounts of such payments. Any amount of insurance proceeds remaining in Lender’s 's possession after full and final payment and discharge of all Obligations shall be refunded to Borrowers or otherwise paid in accordance with applicable law. If any Individual Property is sold at foreclosure or if Lender acquires title to any such Individual Property, Lender shall have all of the right, title and interest of Borrowers the related Borrower in and to any insurance policies and unearned premiums thereon and in and to the proceeds resulting from any damage to such Individual Property prior to such sale or acquisition, and to any Condemnation Proceeds.

Disbursement Conditions. Lender may, at Lender’s option, condition disbursement of any insurance proceeds or Condemnation Proceeds in excess of the Restoration Threshold on Lender’s approval of plans and specifications of an independent architect licensed in the state in which the Properties are affected Individual Property is located, having at least five (5) years of experience as an architect and reasonably satisfactory to Lender (an “Approved Architect”), any and all material contractors, subcontractors and materialmen engaged in the Restoration and the contracts and subcontracts under which they have been engaged, contractor’s cost estimates, architect’s certificates, waivers of liens, sworn statements of mechanics and materialmen and such other evidence of costs, percentage completion of construction, application of payments, and satisfaction of liens as Lender may reasonably require. Lender shall not be obligated to disburse insurance proceeds or Condemnation Proceeds more frequently than once every calendar month. If insurance proceeds or Condemnation Proceeds are applied to the payment of the Obligations, any such application of proceeds to principal shall not extend or postpone the due dates of the monthly payments due under the Note or otherwise under the Loan Documents, or change the amounts of such payments. Any amount of insurance proceeds remaining in Lender’s possession after full and final payment and discharge of all Obligations shall be refunded to Borrowers Borrower or otherwise paid in accordance with applicable law. If any the affected Individual Property is sold at foreclosure or if Lender acquires title to such the affected Individual Property, Lender shall have all of the right, title and interest of Borrowers Borrower in and to any insurance policies and unearned premiums thereon and in and to the proceeds resulting from any damage to such Individual the Property prior to such sale or acquisition, and to any Condemnation Proceeds.