Common use of Grantor's Obligations; Proceedings Clause in Contracts

Grantor's Obligations; Proceedings. Grantor, promptly upon obtaining knowledge of any pending or threatened institution of any proceedings for the condemnation of the Security Property, or of any right of eminent domain which would materially adversely affect the use and operation of the Security Property as required hereunder, will notify Beneficiary of the threat or pendency thereof. If an Event of Default shall have occurred and be continuing, Beneficiary may participate in any such proceedings (if so directed in writing by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class), and Grantor from time to time will execute and deliver to Beneficiary all instruments as may be required to permit such participation. Grantor shall, at its expense, diligently prosecute any such proceedings, and, if an Event of Default shall have occurred and be continuing, (i) shall deliver to Beneficiary copies of all papers served in connection therewith and shall consult and cooperate with Beneficiary, its attorneys and agents, in the carrying on and defense of any such proceedings and (ii) shall not adjust, settle or compromise any such proceedings without Beneficiary’s consent, to be given or withheld by Beneficiary in accordance with the written instructions of the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class. Grantor shall recover and apply the Net Loss Proceeds in connection with any condemnation or eminent domain or deed in lieu thereof in accordance with the terms of the Indenture, including depositing such Net Loss Proceeds into the Collateral Account.

Grantor's Obligations; Proceedings. Grantor, promptly upon obtaining knowledge of any pending or threatened institution of any proceedings for the condemnation of the Security Mortgaged Property, or of any right of eminent domain which would materially adversely affect the use and operation of the Security Mortgaged Property as required hereunder, will notify Beneficiary Mortgagee of the threat or pendency thereof. If an Event of Default shall have occurred and be continuing, Beneficiary Mortgagee may participate in any such proceedings (if so directed in writing by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class)) in any such proceedings, and Grantor from time to time will execute and deliver to Beneficiary Mortgagee all instruments as may be required to permit such participation. Grantor shall, at its expense, diligently prosecute any such proceedings, and, if an Event of Default shall have occurred and be continuing, (i) shall deliver to Beneficiary Mortgagee copies of all papers served in connection therewith and shall consult and cooperate with BeneficiaryMortgagee, its attorneys and agents, in the carrying on and defense of any such proceedings and (ii) shall not adjust, settle or compromise any such proceedings without BeneficiaryMortgagee’s consent, to be given or withheld by Beneficiary Mortgagee in accordance with the written instructions of the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class. Grantor shall recover and apply the Net Loss Proceeds in connection with any condemnation or eminent domain or deed in lieu thereof in accordance with the terms of the Indenture, including depositing such Net Loss Proceeds into the Collateral Account.

Grantor's Obligations; Proceedings. Grantor, promptly upon obtaining knowledge of any pending or threatened institution of any proceedings for the condemnation of the Security Mortgaged Property, or of any right of eminent domain which would materially adversely affect the use and operation of the Security Mortgaged Property as required hereunder, will notify Beneficiary Mortgagee of the threat or pendency thereof. If an Event of Default shall have occurred and be continuing, Beneficiary Mortgagee may participate in any such proceedings (if so directed in writing by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class)) participate in any such proceedings, and Grantor from time to time will execute and deliver to Beneficiary Mortgagee all instruments as may be required to permit such participation. Grantor shall, at its expense, diligently prosecute any such proceedings, and, if an Event of Default shall have occurred and be continuing, (i) shall deliver to Beneficiary Mortgagee copies of all papers served in connection therewith and shall consult and cooperate with BeneficiaryMortgagee, its attorneys and agents, in the carrying on and defense of any such proceedings and (ii) shall not adjust, settle or compromise any such proceedings without BeneficiaryMortgagee’s consent, to be given or withheld by Beneficiary Mortgagee in accordance with the written instructions of the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class. Grantor shall recover and apply the Net Loss Proceeds in connection with any condemnation or eminent domain or deed in lieu thereof in accordance with the terms of the Indenture, including depositing such Net Loss Proceeds into the Collateral Account.