Use and Application of Insurance Proceeds. (a) If the Project 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, Borrower, regardless of whether insurance proceeds are available, shall 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, all to be effected in accordance with applicable law.
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Samples: Loan Agreement (Windrose Medical Properties Trust), Loan Agreement (Equity Inns Inc), Loan Agreement (S/M Real Estate Fund Vii LTD/Tx)
Use and Application of Insurance Proceeds. (a) If the Project 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, Borrower, regardless of whether provided Lender makes insurance proceeds are availableavailable to Borrower for such purposes, shall 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, all to be effected in accordance with applicable law.
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