Insurance and Condemnation Proceeds. If insurance or condemnation proceeds are paid to Lender, the Principal Balance shall be reduced by the amount of the proceeds not applied to restoration or repair of the damaged Property and the available loan funds shall be recalculated. At the same time, the Principal Limit also shall be reduced by the amount of the proceeds applied to reduce the Principal Balance.
Appears in 5 contracts
Samples: Equity Conversion Loan Agreement, Equity Conversion Mortgage Loan Agreement, Loan Agreement
Insurance and Condemnation Proceeds. If insurance or condemnation proceeds are paid to Lender, the Principal Balance shall be reduced by the amount of the proceeds not applied to restoration or repair of the damaged Property and the available loan funds shall be recalculatedProperty. At the same time, the The Principal Limit also shall be reduced by the amount of the proceeds applied to reduce the Principal Balance.
Appears in 4 contracts
Samples: Mortgage Loan Agreement, Conversion Mortgage Loan Agreement Fixed Interest Rate, Mortgage Loan Agreement
Insurance and Condemnation Proceeds. If insurance or condemnation proceeds are paid to the Lender, the Principal Balance shall be reduced by the amount of the proceeds not applied to restoration or repair of the damaged Property and the available loan funds shall be recalculated. At the same time, the Principal Limit also shall be reduced by the amount of the proceeds applied to reduce the Principal Balance.
Appears in 1 contract
Insurance and Condemnation Proceeds. If insurance or condemnation proceeds are paid to Lender, the Principal Balance shall be reduced by the amount of the proceeds not applied to restoration or repair of the damaged Property and the available loan funds shall be recalculated. At the same time, the Principal Limit also shall be reduced by the amount of the proceeds pro- ceeds applied to reduce the Principal Balance.
Appears in 1 contract
Samples: Conversion Loan Agreement
Insurance and Condemnation Proceeds. If insurance or condemnation proceeds are paid to the Lender, the Principal Balance shall be reduced by the amount of the proceeds not applied to restoration or repair of the damaged Property and the available loan funds shall be recalculatedProperty. At the same time, the The Principal Limit also shall be reduced by the amount of the proceeds applied to reduce the Principal Balance.
Appears in 1 contract
