Notice; Restoration. Borrower shall promptly give Lender notice of the actual or threatened commencement of any condemnation or eminent domain proceeding affecting the Property (a “Condemnation”) and shall deliver to Lender copies of any and all papers served in connection with such Condemnation. Following the occurrence of a Condemnation, Borrower, regardless of whether an Award is available, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to the extent practicable to be of at least equal value and of substantially the same character (and to have the same utility) as prior to such Condemnation.
Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.
Notice; Restoration. If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, subject to the requirements of the Senior Loan Documents, Borrower, regardless of whether insurance proceeds are available (unless Lender has breached its obligation (if any) to make such insurance proceeds available pursuant to Section 7.4.1 below), shall promptly proceed to restore, repair, replace or rebuild (or shall cause Owner to 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 (a “Casualty Restoration”), all to be effected in accordance with applicable law. Concurrently with the delivery to Senior Lender of any of the items required under Section 7.4.1 of the Senior Loan Agreement in connection with a Restoration by Owner, Borrower shall cause such items to be concurrently delivered to Lender for Lender’s prior approval.
Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give notice thereof to Lender within five (5)
Notice; Restoration. The Borrower shall or shall cause the Property Owner to give the Agent prompt written notice of the actual or threatened commencement of any Partial Condemnation or Total Condemnation affecting the Mortgaged Property and shall deliver to the Agent copies of any and all documents received or prepared by the Borrower or the Property Owner in connection therewith. The Borrower shall cause the Property Owner, at the Property Owner’s expense, to diligently prosecute any such proceeding. The Agent shall not be limited to the interest paid on the award by the condemning authority but shall be entitled to receive out of the award or otherwise from the Borrower interest at the Applicable Interest Rate or the Minimum Funding Rate provided for herein. If the Mortgaged Property or any portion thereof is the subject of a Partial Condemnation or Total Condemnation prior to the initial advance of the Senior Loan, all Condemnation Proceeds relating thereto shall be paid to the Agent and held and disbursed in accordance with this Agreement and the Borrower shall cause the Property Owner to promptly commence and diligently prosecute the Restoration of the Mortgaged Property and otherwise comply with the provisions of Section 8.1.4 hereof provided that the Net Proceeds are made available to the Borrower for such purposes under this Agreement and the Senior Loan Agreement. If the Mortgaged Property or any portion thereof is the subject of a Partial Condemnation or Total Condemnation after the initial advance of the Senior Loan, the terms and provisions of Article VIII of the Senior Loan Agreement shall control.
Notice; Restoration. If any Property is damaged or destroyed, in whole or in part, by fire or other casualty (a "
Notice; Restoration. Borrower shall promptly give (or shall cause Operating Lessee to give) Lender notice of the actual or threatened commencement of any condemnation or eminent domain proceeding affecting any Individual Property (a “Condemnation”) and shall deliver to Lender copies of any and all papers served in connection with such Condemnation. Following the occurrence of a Condemnation, Borrower, regardless of whether an Award is available, shall promptly proceed to restore, repair, replace or rebuild (or shall cause Operating Lessee to promptly restore, repair, replace or rebuild) such Individual Property in accordance with Legal Requirements to the extent practicable to be of at least equal value and of substantially the same character (and to have the same utility) as prior to such Condemnation. Collection of Award . Lender is hereby irrevocably appointed as Borrower’s and Operating Lessee’s attorney–in–fact, coupled with an interest, with exclusive power to collect, receive and retain any award or payment in respect of a Condemnation (an “Award”) and to make any compromise, adjustment or settlement in connection with such Condemnation. Notwithstanding any Condemnation (or any transfer made in lieu of or in anticipation of such Condemnation), Borrower shall continue to pay the Debt at the time and in the manner provided for in the Loan Documents, and the Debt shall not be reduced unless and until any Award shall have been actually received and applied by Lender to expenses of collecting the Award and to discharge of the Debt. Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award interest at the rate or rates provided in the Note. If any Individual Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of such Award, Lender shall have the 74 right, whether or not a deficiency judgment on the Note shall be recoverable or shall have been sought, recovered or denied, to receive all or a portion of the Award sufficient to pay the Debt that remains outstanding. Borrower and Operating Lessee shall cause any Award that is payable to Borrower or to Operating Lessee to be paid directly to Lender. Lender shall hold such Award in the Casualty/Condemnation Subaccount and disburse such Award in accordance with the terms hereof. Application of Proceeds or Award .
Notice; Restoration. The Borrower shall give the Agent prompt written notice of the occurrence of any Casualty affecting the Mortgaged Property or any portion thereof. In the event of any Casualty affecting the Mortgaged Property, the Borrower shall promptly commence and diligently prosecute Restoration of the Mortgaged Property, provided the Net Proceeds are made available to the Borrower in accordance with this Agreement.
Notice; Restoration. Tenant shall give immediate written notice to Landlord of any damage to the Leased Premises caused by fire or other casualty, and if Landlord does not elect to terminate the Lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Leased Premises. Notwithstanding the foregoing, in the event that (i) the insurance proceeds collected by Landlord in connection with such damage and destruction shall be insufficient to make such restoration, (ii) the building in which the Leased Premises are located shall be destroyed or substantially damaged by casualty not covered by standard fire or extended coverage insurance, (iii) said building, in which the Leased Premises are located shall be destroyed or rendered untenantable by any casualty to the extent of at least fifty percent (50%) of the Gross Rentable Area of said building, (iv) Landlord shall not have actual and unconditional receipt of the insurance proceeds payable in connection with such damage and destruction, (v) the holder of any mortgage deed to secure debt, deed of trust, or other instrument in the nature thereof which encumbers Landlord's interest hereunder or in the Leased Premises shall require that such proceeds shall be applied against any indebtedness owed to such holder, or (vi) there shall be less than two (2) years remaining in the Term, or any extension or renewal thereof, then, in any of such events, Landlord may elect either to terminate the Lease or to proceed to rebuild and repair the Leased Premises. Landlord shall give written notice to Tenant of such election within ninety (90) days after th e occurrence of such casualty.
Notice; Restoration. 96 7.3.2 Collection of Award...............................96 7.4 Application of Proceeds or Award...............................97 7.4.1 Application to Restoration; Procedure for Application to Restoration.......................97 7.4.2 Application to Debt...............................98 7.4.3 Disbursement of Remaining Proceeds or Award.......99 7.4.4 Lender as Attorney-In-Fact........................99 7.4.5 Foreclosure.......................................99 7.4.6 Security in Proceeds or Award.....................99