Common use of Notice; Restoration Clause in Contracts

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.

Appears in 16 contracts

Sources: Loan Agreement (OVERSTOCK.COM, Inc), Loan Agreement (Broad Street Realty, Inc.), Loan Agreement

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 availableavailable (unless Lender has breached its obligation (if any) to make such insurance proceeds available pursuant to Section 7.4.1), 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.

Appears in 7 contracts

Sources: Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Thomas Properties Group Inc)

Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”"CASUALTY"), Borrower Borrowers shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, BorrowerBorrowers, 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.

Appears in 5 contracts

Sources: Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Reit I Inc)

Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall will give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall will 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.

Appears in 3 contracts

Sources: Loan Agreement (Lodging Fund REIT III, Inc.), Loan Agreement (Lodging Fund REIT III, Inc.), Loan Agreement (Lodging Fund REIT III, Inc.)

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.

Appears in 3 contracts

Sources: Loan Agreement (Medalist Diversified REIT, Inc.), Loan Agreement (Medalist Diversified REIT, Inc.), Loan Agreement (First Union Real Estate Equity & Mortgage Investments)

Notice; Restoration. If the any Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower Borrowers shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, BorrowerBorrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the affected 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.

Appears in 3 contracts

Sources: Loan Agreement (GTJ Reit, Inc.), Loan Agreement (American Finance Trust, Inc), Loan Agreement (Supertel Hospitality Inc)

Notice; Restoration. If the Property is shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”"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 same to be of at least equal value and of substantially the same character as prior to such damage or destruction.destruction (a "CASUALTY RESTORATION"), all to be effected in accordance with applicable law

Appears in 1 contract

Sources: Loan Agreement (Maguire Properties Inc)

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.. 52

Appears in 1 contract

Sources: Loan Agreement (Hines Global REIT, Inc.)

Notice; Restoration. If the any Property is damaged or destroyed, ------------------- in whole or in part, by fire or other casualty (a “Casualty”"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 affected 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.

Appears in 1 contract

Sources: Loan Agreement (Konover Property Trust Inc)

Notice; Restoration. If the any Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”"CASUALTY"), Borrower Borrowers shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, BorrowerBorrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the such 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.

Appears in 1 contract

Sources: Loan Agreement (Acadia Realty Trust)

Notice; Restoration. If the any Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”"CASUALTY"), Borrower Borrowers shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, BorrowerBorrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the affected 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.

Appears in 1 contract

Sources: Loan Agreement (Lodgian Inc)

Notice; Restoration. If the an Individual 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 applicable Individual 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.

Appears in 1 contract

Sources: Loan Agreement (Strategic Realty Trust, Inc.)

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 commence and proceed to restore, repair, replace or rebuild the Property within a reasonable period of time after the Casualty, in accordance with Legal Requirements to Requirements, such that the Property when restored shall be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 1 contract

Sources: Loan Agreement (Prime Group Realty Trust)

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 availableavailable for restoration, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements Requirements, the Severance Lease, the Condominium Documents and the Net Lease to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 1 contract

Sources: Loan Agreement (Corporate Property Associates 17 - Global INC)

Notice; Restoration. If the any Property is damaged or destroyed, in whole or in part, by fire or other casualty (a "Casualty"), Borrower Borrowers shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, BorrowerBorrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the affected 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.

Appears in 1 contract

Sources: Loan Agreement (Humphrey Hospitality Trust Inc)

Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall will give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall will ​ ​ ​ 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.

Appears in 1 contract

Sources: Loan Agreement (Lodging Fund REIT III, Inc.)

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.. Table of Contents

Appears in 1 contract

Sources: Loan Agreement (Thomas Properties Group Inc)

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 provided that with respect to an Insured Casualty the insurance proceeds are availablemade available to Borrower as provided in Section 7.4 below, shall promptly proceed to restore, repair, replace or rebuild the Property, and/or cause the tenants under the Property Leases to so proceed as provided in the Property Leases, 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.

Appears in 1 contract

Sources: Loan Agreement (Gladstone Commercial Corp)

Notice; Restoration. If the any Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower Borrowers shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, BorrowerBorrowers, 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.

Appears in 1 contract

Sources: Loan Agreement (Inland Diversified Real Estate Trust, Inc.)