Payment and Application of Insurance Proceeds. All proceeds of insurance shall be paid to Agent and, at Agent's option, be applied to Borrower's Obligations or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, "Cost To Repair'"). If the Cost To Repair does not exceed $100,000.00 and no Event of Default has occurred, Agent shall exercise its option to release so much of the insurance proceeds as may be required for Borrower to pay for the actual Cost to Repair in a commercially reasonable manner. If the Cost to Repair is $100,000 or more, Agent shall also exercise its option to release so much of the insurance proceeds as may be required to pay for the actual Cost To Repair if:
Payment and Application of Insurance Proceeds. All proceeds of insurance shall be paid to Lender or, at Lender's option, shall be applied to Borrower's Obligations or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, “Cost To Repair”). Notwithstanding the foregoing, if the Cost To Repair does not exceed $100,000, Lender shall release so much of the insurance proceeds as may be required to pay for the actual Cost to Repair in accordance with the provisions of Section 13.4 if: (i) in Lender's good faith judgment such proceeds, together with any additional funds that may be deposited with and pledged to Lender for the benefit of Lender, are sufficient to pay for the Cost To Repair; (ii) in Lender's good faith judgment the Repair Work is likely to be completed prior to the Maturity Date; (iii) no Event of Default or monetary Default exists under the Loan Documents; and (iv) as soon as is reasonably practical, Borrower commences such Repair Work and diligently prosecutes such Repair Work to completion.
Payment and Application of Insurance Proceeds. All proceeds of insurance shall be paid to Lender and, at Lender's option, be applied to Borrower's Obligations or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, "Cost To Repair"). If the Cost To Repair does not exceed $25,000.00, Lender shall release so much of the insurance proceeds as may be required to pay for the actual Cost to Repair in accordance with the provisions of Section 14.4. Notwithstanding the foregoing, Lender shall also release so much of the insurance proceeds as may be required to pay for the actual Cost To Repair if:
Payment and Application of Insurance Proceeds. Subject always to the terms of the Mortgage, and specifically Section 5 thereof, all proceeds of insurance shall be paid to Lender and, at Lender’s option, be applied to Borrower’s Obligations (without any payment required pursuant to Section 2.5.3) or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, “Cost To Repair”). If the Cost To Repair does not exceed $500,000.00, then Lender shall release so much of the insurance proceeds as may be required to pay for the actual Cost to Repair in accordance with the provisions of Section 14.4. Notwithstanding the foregoing, if in Lender’s good faith judgment the insurance proceeds are not sufficient to pay for the actual Cost to Repair, the Borrower shall, within thirty (30) days after Lender’s request, deposit with Lender such additional amounts as Lender shall in good faith determine to be necessary to pay for the Cost to Repair, and if the Borrower shall fail to make such payment such failure shall constitute an Event of Default hereunder.
Payment and Application of Insurance Proceeds. All proceeds of insurance shall be paid to Lender and, at Lender’s option, be applied to Borrower’s Obligations or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, “Cost To Repair”). In the event any such insurance proceeds shall be used to reduce the Obligations, the same shall be applied by Lxxxxx, after the deduction therefrom and repayment to Lender of any and all costs incurred by Lender in the recovery thereof (including reasonable attorneys’ fees and disbursements), in any manner it shall designate.
Payment and Application of Insurance Proceeds. All proceeds of insurance in excess of $250,000.00 shall be paid to Agent and, if delivered to Agent, at Agent’s option, be either applied to Borrower’s Obligations (without prepayment premium, breakage costs or Cost Maintenance Fees) or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, “Cost To Repair”) as more fully set forth below. If the Cost To Repair does not exceed $250,000.00, Agent shall release so much of the insurance proceeds as may be required to pay for the actual Cost to Repair in accordance with the provisions of Section 14.4. Notwithstanding the foregoing, Agent shall also release so much of the insurance proceeds as may be required to pay the actual Cost To Repair if:
Payment and Application of Insurance Proceeds. All proceeds of insurance shall be paid to Lender and, at Lender’s option, be applied to Borrower’s Obligations or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, “Cost To Repair”). In the event any such insurance proceeds shall be used to reduce the Obligations, the same shall be applied by Lender, after the deduction therefrom and repayment to Lender of any and all costs incurred by Lender in the recovery thereof (including reasonable attorneys’ fees and disbursements), in any manner it shall designate, including but not limited to, the application of such proceeds to the then unpaid installments of the principal balance due under the Note in the inverse order of their maturity, such that the regular payments, if any, under the Note shall not be reduced or altered in any manner. Any prepayment of the Note from the proceeds of insurance shall be without prepayment premium. If the Cost To Repair does not exceed $500,000, Lender shall release so much of the insurance proceeds as may be required to pay for the actual Cost to Repair in accordance with the provisions of Section 14.4. Notwithstanding the foregoing, Lender shall also release so much of the insurance proceeds as may be required to pay for the actual Cost To Repair if:
Payment and Application of Insurance Proceeds. All proceeds of insurance shall be paid to Administrative Agent and, at Administrative Agent's option, be applied to Borrower's Obligations or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, "Cost To Repair"). If the Cost To Repair does not exceed One Million Dollars ($1,000,000.00), Administrative Agent shall release so much of the insurance proceeds as may be required to pay for the actual Cost to Repair in accordance with the provisions of Section 14.4. Notwithstanding the foregoing, Administrative Agent shall also release so much of the insurance proceeds as may be required to pay for the actual Cost To Repair if:
Payment and Application of Insurance Proceeds. Insurance proceeds payable with respect to damage to or destruction of any Mortgaged Property or the Improvements related thereto, including damage by earthquake, if in effect, shall be applied in accordance with the terms of the applicable Mortgage. All other insurance proceeds shall be payable in accordance with the provisions of the applicable policy.
Payment and Application of Insurance Proceeds. All proceeds of insurance shall be paid to Agent for the pro rata benefit of Lenders or, at Required Lenders' option, shall be applied to Borrower's Obligations or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, “Cost to Repair”). Notwithstanding the foregoing, if the Cost to Repair does not exceed 50% of the Approved Appraised Value of the Property, Agent shall release so much of the insurance proceeds as may be required to pay for the actual Cost to Repair in accordance with the provisions of Section 14.4 if:
