Common use of Settlement of Claim Clause in Contracts

Settlement of Claim. In case the Project, or any part or interest in any thereof, is taken by condemnation, then subject to the rights of the Senior Lender, the Lender is hereby empowered to collect and receive all compensation and awards of any kind whatsoever (referred to collectively herein as “Condemnation Awards”) which may be paid for any property taken or for damages to any property not taken (all of which the Borrowers hereby assign to the Lender, subject to the rights of the Senior Lender in the same). Borrowers covenant to sign upon demand, or Lender may sign or endorse on Borrowers’ behalf, all necessary proofs of loss, receipts, releases and other papers required by the condemning authority to be signed by Borrowers for such purpose. Borrowers hereby irrevocably appoint Lender as their attorney-in-fact for the purposes set forth in this Section 9. Lender may deduct from any Condemnation Awards, any reasonable expenses incurred by Lender in the collection and settlement thereof, including attorneys’ and adjusters’ fees and charges.

Settlement of Claim. In case the Project, or any part or interest in any thereof, is taken by condemnation, then subject to the rights of the Senior Lender, the Lender is hereby empowered to collect and receive all compensation and awards of any kind whatsoever (referred to collectively herein as “Condemnation Awards”) which may be paid for any property taken or for damages to any property not taken (all of which the Borrowers Borrower hereby assign assigns to the Lender, subject to the rights of the Senior Lender in the same). Borrowers covenant Borrower covenants to sign upon demand, or Lender may sign or endorse on Borrowers’ Borrower’s behalf, all necessary proofs of loss, receipts, releases and other papers required by the condemning authority to be signed by Borrowers Borrower for such purpose. Borrowers Borrower hereby irrevocably appoint appoints Lender as their its attorney-in-fact for the purposes set forth in this Section 9. Lender may deduct from any Condemnation Awards, any reasonable expenses reasonably incurred by Lender in the collection and settlement thereof, including reasonable attorneys’ and adjusters’ fees and charges.