Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to any Individual Property and the Net Proceeds shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, and provided no Event of Default shall have occurred and remain uncured, the Net Proceeds will be disbursed by Lender to Borrower. Promptly after receipt of the Net Proceeds, Borrower shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. If any Net Proceeds are received by Borrower and may be retained by Borrower pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Lender and shall be segregated from other funds of Borrower to be used to pay for the cost of Restoration in accordance with the terms hereof.
Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Property and the Net Proceeds shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, and provided (a) no Event of Default shall have occurred and remain uncured and (b) the Casualty or Condemnation shall have occurred prior to the Maturity Date, the Net Proceeds will be disbursed by Lender to Borrower. Promptly after receipt of the Net Proceeds, Borrower shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. If any Net Proceeds are received by Borrower and may be retained by Borrower pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Lender and shall be segregated from other funds of Borrower to be used to pay for the cost of Restoration in accordance with the terms hereof.
Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Property, Borrower’s and Operating Company’s right, title and interest in and to all Proceeds are, except as otherwise herein provided, hereby assigned to Agent and all Net Proceeds shall, except as otherwise herein provided, be paid to Agent. Borrower shall, in good faith and in a commercially reasonable manner, file and prosecute or cause Operating Company to file an prosecute the adjustment, compromise or settlement of any claim for Proceeds and, subject to Borrower’s right to receive the direct payment of any Net Proceeds as herein provided, will cause and shall cause Operating Company to cause the same to be paid directly to Agent to be held and applied in accordance with the provisions of this Agreement. Except upon the occurrence and during the continuance of a Monetary Default or an Event of Default or during a Trigger Period, Borrower may settle any insurance claim with respect to Net Proceeds which do not exceed the Restoration Threshold. Whether or not a Monetary Default or an Event of Default or a Trigger Period shall have occurred and be continuing, Agent shall have the right to approve, such approval not to be unreasonably withheld, any settlement which would in Agent’s reasonable judgment result in Net Proceeds which exceed the Restoration Threshold and Borrower shall and shall cause Operating Company to deliver or cause to be delivered to Agent all instruments reasonably requested by Agent to permit such approval. Borrower shall pay all reasonable out-of-pocket costs, fees and expenses incurred by Agent on behalf of Lenders (including all reasonable attorneys’ fees and expenses, the reasonable fees of insurance experts and adjusters and reasonable costs incurred in any litigation or arbitration), and interest thereon at the Default Rate to the extent not paid within fifteen (15) Business Days after delivery of a request for reimbursement by Agent, accompanied by reasonable back-up documentation, in connection with the settlement of any claim for Proceeds and the seeking and obtaining of any payment on account thereof in accordance with the foregoing provisions. If any Proceeds are received by Borrower or Operating Company and may be retained by Borrower or Operating Company pursuant to this Section 5.3.1, such Proceeds shall, until the completion of the related Work, be held in trust for Agent, subject to the rights of parties benefited by Article 3A of the New York Lien Law (and Borrower sh...
Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Property and the Net Proceeds shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, and provided no Event of Default shall have occurred and remain uncured, the Net Proceeds will be disbursed by Lender to Borrower. Promptly after receipt of the Net Proceeds, Borrower shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement.
Minor Casualty or Condemnation. If prior to Closing, (i) condemnation proceedings are commenced against all or any portion of the Property, and such proceedings do not materially adversely affect the continued operation of the Property in substantially the same manner as the Property is operated on the Contract Date, or (ii) the Property is damaged by fire or other casualty to the extent that the cost of repairing such damage is reasonably estimated by Seller and Purchaser, each acting reasonably and in good faith, to be five percent (5%) of the Purchase Price, or less, then this Agreement shall continue in full force and effect and the Purchase Price shall not be reduced except as hereinafter set forth, but Purchaser shall be entitled to an assignment of all of the proceeds payable to Seller of fire or other casualty insurance (other than those proceeds expended by or on behalf of Seller prior to Closing to restore the Property), all business interruption or rent loss insurance proceeds (if any) payable with respect to the period from and after Closing, and all condemnation awards payable to Seller (other than any portion of the award in respect of income lost prior to Closing or expended by or on behalf of Seller prior to Closing to restore the Property), as the case may be, and Seller shall have no obligation to repair or restore the Property; provided, however, that in the case of any insured casualty, the Purchase Price shall be reduced by the "deductible" applied by the applicable Seller's insurer with respect to such fire or casualty and not paid by Seller prior to Closing.
Minor Casualty or Condemnation. Notwithstanding anything to the contrary herein, provided no Event of Default has occurred and is continuing, if a Casualty or Condemnation has occurred to the Mortgaged Property and the costs of completing the Restoration shall be less than the Restoration Threshold, the Net Proceeds will be disbursed directly to Grantor to be used for the Restoration of the Mortgaged Property. Promptly after receipt of the Net Proceeds, Grantor shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Mortgage. If any Net Proceeds are received by Grantor and may be retained by Grantor pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Agent and shall be segregated from other funds of Grantor to be used to pay for the cost of Restoration in accordance with the terms hereof. To the extent that a Restoration is undertaken, Grantor shall have (A) commenced with such Restoration within one hundred and twenty (120) days of the date of the Casualty (or promptly after the applicable claim has been settled with the insurer(s) if such claim has not been settled within ninety (90) days after the date of the Casualty or Condemnation), (B) thereafter proceeded continuously and diligently with the Restoration and (C) completed such Restoration on or before the earliest to occur of (i) the date which is three (3) months prior to the Termination Date (as the same may be extended), (ii) a date which is eighteen (18) months after such Casualty or Condemnation, and (iii) such time as may be required under applicable law in order to repair and restore the Mortgaged Property as required hereby.
Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Property and the Net Proceeds shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, and provided the conditions set forth in Sections 5.3.2(a)(i) through (ix) below have been met, the Net Proceeds will be disbursed by Agent to Borrower. If any Net Proceeds are received by Borrower and may be held by Borrower pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Agent for the ratable benefit of Lenders and shall be segregated from other funds of Borrower to be used to pay for the cost of Restoration in accordance with the terms hereof.
Minor Casualty or Condemnation. Notwithstanding anything to the contrary contained herein, if a Casualty or Condemnation has occurred to any Property, then the Net Proceeds will be disbursed by Lender to Borrower if the Net Proceeds shall be less than the Restoration Threshold and the costs of completing the Restoration of the affected Property shall be less than the Restoration Threshold, and provided the conditions set forth in Sections 5.3.2(a)(i) through (ix) below have been met. If any Net Proceeds are received by Borrower and may be held by Borrower pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Lender and shall be segregated from other funds of Borrower to be used to pay for the cost of Restoration in accordance with the terms hereof. To the extent that any of the provisions of this Section 5.3.1 conflict with the terms of any Leased Fee Lease, such provisions shall not apply with respect to any Casualty or Condemnation.
Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Property and the Net Proceeds shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than Restoration Threshold, and provided the conditions set forth in Section 5.3.2(a)(i), (vi), (vii), (xii) below have been met, the Net Proceeds shall be paid directly to Borrower. Promptly after receipt of the Net Proceeds, Borrower shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. If any Net Proceeds are received by Borrower and may be retained by Borrower pursuant to the terms hereof, such Net Proceeds shall, until completion of the
Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Improvements and the Net Proceeds shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, and provided no Event of Default shall have occurred and remain uncured, the Net Proceeds will be disbursed by Agent to Borrower. As soon as reasonably practicable after receipt of the Net Proceeds (but in no event later than sixty (60) days after such Casualty or Condemnation, whichever the case may be, occurs) Borrower shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. Notwithstanding the foregoing, if Borrower elects to convert the Property to condominium form of ownership in accordance with Section 4.1.37, from and after the Condominium Conversion, Agent's rights and obligations with respect to this Section 5.3.1 shall be subject to the terms of the declaration of condominium.
