Common use of Notice; Repair Obligation Clause in Contracts

Notice; Repair Obligation. If any Project shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrowers shall give prompt notice thereof to Agent. Following the occurrence of a Casualty, Borrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the same to be of at least equal value and of substantially the same character as prior to such damage or destruction, all to be effected in accordance with applicable law.

Appears in 2 contracts

Samples: Loan Agreement (CareTrust REIT, Inc.), Loan Agreement (Ensign Group, Inc)

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Notice; Repair Obligation. If any Project of the Projects shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrowers Borrower shall give prompt notice thereof to Administrative Agent. Following the occurrence of a Casualty, BorrowersBorrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the same to be of at least equal value and of substantially the same character as prior to such damage or destruction, all to be effected in accordance with applicable law.

Appears in 2 contracts

Samples: Loan Agreement (Summit Healthcare REIT, Inc), Loan Agreement (Cornerstone Core Properties REIT, Inc.)

Notice; Repair Obligation. If any the Project shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrowers Borrower shall give prompt notice thereof to Administrative Agent. Following the occurrence of a Casualty, BorrowersBorrower, regardless of whether subject to Administrative Agent making available the applicable insurance proceeds are availableproceeds, shall promptly proceed to restore, repair, replace or rebuild the same to be of at least equal value and of substantially the same character as prior to such damage or destruction, all to be effected in accordance with applicable law.

Appears in 1 contract

Samples: Loan Agreement (NorthStar Healthcare Income, Inc.)

Notice; Repair Obligation. If any Project shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrowers Borrower shall give prompt notice thereof to Administrative Agent. Following the occurrence of a Casualty, BorrowersBorrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the same to be of at least equal value and of substantially the same character as prior to such damage or destruction, all to be effected in accordance with applicable law.

Appears in 1 contract

Samples: Loan Agreement (Cornerstone Core Properties REIT, Inc.)

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Notice; Repair Obligation. If any Project shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrowers shall give prompt notice thereof to Administrative Agent. Following the occurrence of a Casualty, Borrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the same to be of at least equal value and of substantially the same character as prior to such damage or destruction, all to be effected in accordance with applicable lawLaw.

Appears in 1 contract

Samples: Loan Agreement (American Realty Capital Healthcare Trust Inc)

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