Common use of Application of Award Clause in Contracts

Application of Award. Funding Lender may hold such awards or proceeds and apply such awards or proceeds, after the deduction of Funding Lender’s expenses incurred in the collection of such amounts (including Attorneys’ Fees and Costs) at Funding Lender’s option, to the Restoration or repair of the Mortgaged Property or direct that they be applied by the Fiscal Agent to the payment of the Indebtedness, with the balance, if any, to Borrower. Unless Funding Lender otherwise agrees in writing, any application of any awards or proceeds to the Indebtedness will not extend or postpone the due date of any monthly installments referred to in the Project Note or Article IV of this Continuing Covenant Agreement, or change the amount of such installments. Borrower agrees to execute such further evidence of assignment of any Condemnation awards or proceeds as Funding Lender may require.

Application of Award. Funding Lender may hold such awards or proceeds and apply such awards or proceeds, after the deduction of Funding LenderXxxxxx’s expenses incurred in the collection of such amounts (including Attorneys’ Fees and Costs) at Funding Lender’s option, to the Restoration or repair of the Mortgaged Property or direct that they be applied by the Fiscal Agent to the payment of the Indebtedness, with the balance, if any, to Borrower. Unless Funding Lender Xxxxxx otherwise agrees in writing, any application of any awards or proceeds to the Indebtedness will not extend or postpone the due date of any monthly payments or installments referred to in the Project Note or Article IV of this Continuing Covenant Agreement, Agreement or change the amount of such payments or installments. Borrower Xxxxxxxx agrees to execute such further evidence of assignment of any Condemnation awards or proceeds as Funding Lender may require.

Application of Award. Funding Lender may hold such awards or proceeds and apply such awards or proceeds, after the deduction of Funding LenderXxxxxx’s expenses incurred in the collection of such amounts (including Attorneys’ Fees and Costs) at Funding Lender’s option, to the Restoration or repair of the Mortgaged Property or direct that they be applied by the Fiscal Agent to the payment of the Indebtedness, with the balance, if any, to Borrower. Unless Funding Lender Xxxxxx otherwise agrees in writing, any application of any awards or proceeds to the Indebtedness will not extend or postpone the due date of any monthly installments referred to in the Project Note or Article IV of this Continuing Covenant Agreement, or change the amount of such installments. Borrower Xxxxxxxx agrees to execute such further evidence of assignment of any Condemnation awards or proceeds as Funding Lender may require.