Rent Insurance Proceeds. So long as Borrower is proceeding diligently under the terms of Section 12 and/or 13 hereof, and there is no Event of Default under the Loan Documents, then (a) Lender shall hold the rent insurance proceeds in an interest-bearing account, with interest for the benefit of Borrower, and (b) Lender shall each month pay to Borrower out of the rent insurance proceeds held by Lender a sum equal to that amount, if any, of the rent insurance proceeds paid by the insurer which is allocable to the rental loss for the current month. Lender, at its option, may waive any of the foregoing conditions to the payment of rent insurance proceeds. If Borrower does not fulfill the foregoing conditions entitling Borrower to monthly disbursements of rent insurance proceeds, together with the interest thereon, then such rent insurance proceeds may be applied by Lender, at Lender’s option, to the payment of the Indebtedness in whatever order Lender may elect.
Rent Insurance Proceeds. If there shall be no Event of Default under the Loan Documents, then all rent insurance proceeds shall be paid directly to Mortgagors. If there exists an Event of Default, then such rent insurance proceeds shall be paid to Mortgagee and may be applied by Mortgagee, at Mortgagee's option, to the payment of the Indebtedness in whatever order Mortgagee may elect.
Rent Insurance Proceeds. If Grantor shall promptly commence and diligently perform the Work in accordance with the requirements of Section 11 hereinabove and there shall be no Event of Default under the Loan Documents, then Beneficiary shall each month pay to Grantor out of the rent insurance proceeds held by Beneficiary a sum equal to that amount, if any, of the rent insurance proceeds paid by the insurer which is allocable to the Rental Loss (as defined below) for the preceding month and any earlier period of time. Beneficiary, at its option, may waive any of the foregoing conditions to the payment of rent insurance proceeds. If Grantor does not fulfill the foregoing conditions entitling Grantor to monthly disbursements of rent insurance proceeds, then such rent insurance proceeds may be applied by Beneficiary, at Beneficiary’s option, to the payment of the Indebtedness in whatever order Beneficiary may elect. As used in this Section 12, “Rental Loss” shall mean loss of base rent, minimum rent, percentage rent, additional rent and all other sums that tenants may owe to Grantor as landlord under leases of the Improvements or Land.
Rent Insurance Proceeds. If Mortgagor shall promptly commence and diligently perform the Work in accordance with the requirements of Section 11 hereinabove and there shall be no Event of Default under the Loan Documents, then Mortgagee shall each month pay to Mortgagor out of the rent and/or business interruption insurance proceeds held by Mortgagee a sum equal to that amount, if any, of the rent and/or business interruption insurance proceeds paid by the insurer which is allocable to the Income Loss (as defined below) for the preceding month and any earlier period of time. Mortgagee , at its option, may waive any of the foregoing conditions to the payment of rent and/or business interruption insurance proceeds. If Mortgagor does not fulfill the foregoing conditions entitling Mortgagor to monthly disbursements of rent and/or business interruption insurance proceeds, then such rent and/or business interruption insurance proceeds may be applied by Mortgagee, at Mortgagee’s option, to the payment of the Indebtedness in whatever order Mortgagee may elect. As used in this Section 12, “Income Loss” shall mean (i) loss of base rent, minimum rent, percentage rent, additional rent and all other sums that tenants may owe to Mortgagor as landlord under space leases affecting the Real Property, as applicable (ii) the loss of Gross Revenues (as defined in the Management Agreement, but excluding the rent related items previously listed), and (iii) all other sums owed to Mortgagor in connection with the Improvements or Land.
Rent Insurance Proceeds. If Grantor shall promptly commence and diligently perform the Work in accordance with the requirements of Section 11 hereinabove and there shall be no Event of Default under the Loan Documents, then Beneficiary shall each month pay to Grantor out of the rent and/or business interruption insurance proceeds held by Beneficiary a
Rent Insurance Proceeds. If Grantor shall promptly and diligently commence to repair, replace and restore any damage occurring to the Security and there shall be no Event of Default under the Loan Documents, then Beneficiary shall each month pay to Grantor out of the rent insurance proceeds held by Beneficiary a sum equal to that amount, if any, of the rent insurance proceeds paid by the insurer which is allocable to the rental loss for the preceding month. Beneficiary at its option may waive any of the foregoing conditions to the payment of rent insurance proceeds. If Grantor does not fulfill the foregoing conditions entitling Grantor to monthly disbursements of rent insurance proceeds, then such rent insurance proceeds may be applied by Beneficiary, at Beneficiary's option, to the payment of the Indebtedness in whatever order Beneficiary may elect.
Rent Insurance Proceeds. If Grantor shall promptly commence and diligently perform the Work, and there shall be no Event of Default under the Loan Documents, then Beneficiary shall each month pay to Grantor out of the rent insurance proceeds held by Beneficiary a sum equal to that amount, if any, of the rent insurance proceeds paid by the insurer which is allocable to the rental loss for the preceding month. Beneficiary at its option may waive any of the foregoing conditions to the payment of rent insurance proceeds. If Grantor does not fulfill the foregoing conditions entitling Grantor to monthly disbursements of rent insurance proceeds, then such rent insurance proceeds shall be held by Beneficiary until the earlier to occur of satisfaction of such condition or the occurrence of an Event of Default and acceleration of the Indebtedness at which time may be applied by Beneficiary, at Beneficiary's option, to the payment of the Indebtedness in whatever order Beneficiary may elect.
Rent Insurance Proceeds. So long as (i) Borrower is proceeding diligently under the terms of Section 11 and Lender has not given Borrower a Notice of Nonfulfillment; and (ii) there exists no Event of Default or Potential Event of Default, then Lender shall each month pay to Borrower out of the rent insurance proceeds held by Lender a sum equal to that amount, if any, of the rent insurance proceeds paid by the insurer which is allocable to the rental loss for the preceding month. Lender at its option may waive any of the foregoing conditions to the payment of rent insurance proceeds. If Borrower does not fulfill the foregoing conditions entitling Borrower to monthly disbursements of rent insurance proceeds, then such rent insurance proceeds may be applied by Lender, at Lender’s option, to the payment of the Indebtedness in whatever order Lender may elect.
Rent Insurance Proceeds. 23 13. [INTENTIONALLY LEFT BLANK].......................................24 14. Repair; Alterations; Waste; Environmental........................24 15.
Rent Insurance Proceeds. If Grantor shall promptly commence and diligently perform the Work, and there shall be no Event of Default under the Loan Documents, then Grantee shall each month pay to Grantor out of the rent insurance proceeds held by Grantee a sum equal to that amount, if any, of the rent insurance proceeds paid by the insurer which is allocable to the rental loss for the preceding month. Grantee at its option may waive any of the foregoing conditions to the payment of rent insurance proceeds. If Grantor does not fulfill the foregoing conditions entitling Grantor to monthly disbursements of rent insurance proceeds, then such rent insurance proceeds may be applied by Grantee, at Grantee's option, to the payment of the Indebtedness in whatever order Grantee may elect.
