Common use of Use of Insurance and Condemnation Proceeds Clause in Contracts

Use of Insurance and Condemnation Proceeds. Notwithstanding any other provision of this Mortgage, all insurance proceeds recovered by the Mortgagee on account of damage or destruction to the Mortgaged Premises and all proceeds of any condemnation award recovered by the Mortgagee for any building or equipment taken or damaged, less the cost, if any, to the Mortgagee of such recovery and of paying out such proceeds (including attorneys' fees and costs allocable to inspecting the work and the plans and specifications therefor), shall, upon the written request of the Mortgagor, be applied by the Mortgagee to the payment of the cost of repairing, restoring or rebuilding the improvements on the Mortgaged Premises so damaged or destroyed or of the portion or portions of the Mortgaged Premises not so taken (hereinafter referred to as the "work") and shall be paid out from time to time to the Mortgagor as the work progresses, but subject to the Mortgagee's standard requirements for construction loans of similar nature and subject to the following conditions:

Use of Insurance and Condemnation Proceeds. Notwithstanding any other provision of this Mortgage, all insurance proceeds recovered by the Mortgagee on account of damage or destruction to the Mortgaged Premises and all proceeds of any condemnation award recovered by the Mortgagee for any building or equipment taken or damaged, less the cost, if any, to the Mortgagee of such recovery and of paying out such proceeds (including attorneys' fees and costs allocable to inspecting the work and the plans and specifications therefor), shall, upon the written request of the Mortgagor, be applied by the Mortgagee to the payment of the cost of repairing, restoring or rebuilding the improvements on the Mortgaged Premises so damaged or destroyed or of the portion or portions of the Mortgaged Premises not so taken (hereinafter referred to as the "work") and shall be paid out from time to time to the Mortgagor as the work progresses, but subject to the Mortgagee's standard requirements for construction loans of similar nature and subject to the following conditions:: OPEN-END MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS

Use of Insurance and Condemnation Proceeds. Notwithstanding any other provision of this Mortgage, all insurance proceeds recovered by the Mortgagee on account of damage or destruction to the Mortgaged Premises and all proceeds of any condemnation award recovered by the Mortgagee for any building or equipment taken or damaged, less the cost, if any, to the Mortgagee of such recovery and of paying out such proceeds (including attorneys' fees and costs allocable to inspecting the work and the plans and specifications therefor), shall, upon the written request of the Mortgagor, be applied by the Mortgagee to the payment of the cost of repairing, restoring or rebuilding the improvements on the Mortgaged Premises so damaged or destroyed or of the portion or portions of the Mortgaged Premises not so taken (hereinafter referred to as the "work") and shall be paid out from time to time to the Mortgagor as the work progresses, but subject to the Mortgagee's standard requirements for construction loans of similar nature and subject to the following conditions:: MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FINANCING STATEMENT (FIXTURE FILING)