Common use of Adjustment of Claims Clause in Contracts

Adjustment of Claims. Provided that no Event of Default has occurred and is continuing, Borrower may settle, adjust or compromise any claim for damage to, or loss or destruction of, all or a portion of the Property, regardless of whether there are Insurance Proceeds available or whether any such Insurance Proceeds are sufficient in amount to fully compensate for such damage, loss or destruction, (i) with prior written notice to, but without the necessity of approval by, Lender, if the aggregate loss to which such claim pertains is less than $375,000 as reasonably determined by Lender and (ii) subject to Lender’s prior written consent, which shall not be unreasonably withheld or delayed, if such aggregate loss as reasonably determined by Lender is greater than $375,000 and less than $750,000. Borrower hereby authorizes and empowers Lender to settle, adjust or compromise any such claim (a) if such aggregate loss as reasonably determined by Lender is $750,000 or greater, regardless of whether there are Insurance Proceeds available or whether any such Insurance Proceeds are sufficient in amount to fully compensate for such damage, loss or destruction, or (b) if an Event of Default has occurred and is continuing, regardless of the amount of such loss.

Adjustment of Claims. Provided that no Event of Default has occurred and is continuing, Borrower Trustor may settle, adjust or compromise any claim for damage to, or loss or destruction of, all or a portion of the Property, regardless of whether there are Insurance Proceeds available or whether any such Insurance Proceeds are sufficient in amount to fully compensate for such damage, loss or destruction, (i) with prior written notice to, to but without the necessity of approval by, Lenderby Beneficiary, if the aggregate loss to which such claim pertains is less than $375,000 1,000,000 as reasonably determined by Lender Beneficiary, and (ii) subject to LenderBeneficiary’s prior written consent, which shall not be unreasonably withheld or delayed, if such aggregate loss as reasonably determined by Lender Beneficiary is greater than $375,000 1,000,000 and less than $750,0002,000,000. Borrower Trustor hereby authorizes and empowers Lender Beneficiary to settle, adjust or compromise any such claim (a) if such aggregate loss as reasonably determined by Lender Beneficiary is $750,000 2,000,000 or greater, regardless of whether there are Insurance Proceeds available or whether any such Insurance Proceeds are sufficient in amount to fully compensate for such damage, 16 000 Xxxxxx Xxxxxx - Deed of Trust loss or destruction, or (b) if an Event of Default has occurred and is continuing, regardless of the amount of such loss.

Adjustment of Claims. Provided that no Event of Default has occurred and is continuing, Borrower may settle, adjust or compromise any claim for damage to, or loss or destruction of, all or a portion of the Property, regardless of whether there are Insurance Proceeds available or whether any such Insurance Proceeds are sufficient in amount to fully compensate for such damage, loss or destruction, (i) with prior written notice to, to but without the necessity of approval by, by Lender, if the aggregate loss cost to restore damage to which such claim pertains is less than $375,000 5,000,000 as reasonably determined by Lender and (ii) subject to Lender’s prior written consent, which shall not be unreasonably withheld or delayed, if such aggregate loss as reasonably determined by Lender is greater than $375,000 and less than $750,000. Borrower hereby authorizes and empowers Lender to settle, adjust or compromise any such claim (a) if such aggregate loss cost to restore damage as reasonably determined by Lender is $750,000 5,000,000 or greater, regardless of whether there are Insurance Proceeds available or whether any such Insurance Proceeds are sufficient in amount to fully compensate for such damage, loss or destruction, or (b) if an Event of Default has occurred and is continuing, regardless of the amount of such loss.