Common use of Settlement of Proceeds Clause in Contracts

Settlement of Proceeds. In the event of a Casualty covered by ---------------------- any of the Policies (an "INSURED CASUALTY") where the loss does not exceed $1,000,000, the applicable Borrower may settle and adjust any claim without the consent of Lender; provided such adjustment is carried out in a competent and timely manner; and such Borrower is hereby authorized to collect and receipt for the insurance proceeds (the "PROCEEDS"). In the event of an Insured Casualty where the loss equals or exceeds $1,000,000, Lender may settle and adjust any claim without the consent of any Borrower and agree with the insurer(s) on the amount to be paid on the loss, and the Proceeds shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Fund and disbursed in accordance herewith. The expenses incurred by Lender in the adjustment and collection of the Proceeds shall become part of the Debt and shall be reimbursed by the applicable Borrower to Lender upon demand.

Settlement of Proceeds. In the event of a Casualty covered ---------------------- by ---------------------- any of the Policies (an "INSURED CASUALTY") where the loss does not exceed $1,000,000300,000, the applicable Borrower may settle and adjust any claim without the consent of Lender; provided such adjustment is carried out in a competent and timely manner; and such Borrower is hereby authorized to collect and receipt for the any such insurance proceeds (the "PROCEEDS")proceeds. In the event of an Insured Casualty where the loss equals or exceeds $1,000,000exceeds$300,000, Lender may Borrower may, with Lender's consent (which consent shall not be unreasonably withheld or delayed), settle and adjust of any claim without the consent of any Borrower and agree with the insurer(s) on the amount to be paid on the loss, and the Proceeds proceeds of any such Policy shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Fund Subaccount and disbursed in accordance herewith. The expenses incurred by Lender (in the adjustment and collection of the Proceeds insurance proceeds shall become part of the Debt and be secured hereby and shall be reimbursed by the applicable Borrower to Lender upon demand.

Settlement of Proceeds. In the event of a Casualty covered by ---------------------- any of the Policies (an "INSURED CASUALTY") where the loss does not exceed One Hundred Thousand and 00/100 Dollars ($1,000,000100,000.00), the applicable Borrower or Manager may settle and adjust any claim without the consent of Lender; provided such adjustment is carried out in a competent and timely manner; and such Borrower or Manager is hereby authorized to collect and receipt for the insurance proceeds (the "PROCEEDS"). In the event Lender shall be entitled at its option to participate in any compromise, adjustment or settlement in connection with any claims for loss, damage or destruction under any policy or policies of an Insured Casualty where the loss equals or exceeds insurance, in excess of $1,000,000, Lender may settle and adjust any claim without the consent of any Borrower and agree with the insurer(s) on the amount to be paid on the loss100,000, and the Borrower and Manager shall within ten (10) Business Days after request therefor reimburse the Lender for all reasonable out-of-pocket expenses (including reasonable attorneys' fees and disbursements) incurred by the Lender in connection with such participation. The Borrower and Manager shall not make any compromise, adjustment or settlement in connection with any such claim in excess of $100,000, without the prior written approval of the Lender, which approval shall not be unreasonably withheld. The Proceeds shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Fund Subaccount and disbursed in accordance herewith. The expenses incurred by Lender in with the adjustment and collection terms of the Proceeds shall become part Section 7 of the Debt and shall be reimbursed by the applicable Borrower to Lender upon demandthis Agreement.

Settlement of Proceeds. In the event of a Casualty covered by ---------------------- any of the Policies (an "INSURED CASUALTYInsured Casualty") where the loss does not exceed One Hundred Thousand and 00/100 Dollars ($1,000,000100,000.00), the applicable Borrower or Manager may settle and adjust any claim without the consent of Lender; provided such adjustment is carried out in a competent and timely manner; and such Borrower or Manager is hereby authorized to collect and receipt for the insurance proceeds (the "PROCEEDSProceeds"). In the event Lender shall be entitled at its option to participate in any compromise, adjustment or settlement in connection with any claims for loss, damage or destruction under any policy or policies of an Insured Casualty where the loss equals or exceeds insurance, in excess of $1,000,000, Lender may settle and adjust any claim without the consent of any Borrower and agree with the insurer(s) on the amount to be paid on the loss100,000, and the Borrower and Manager shall within ten (10) Business Days after request therefor reimburse the Lender for all reasonable out-of-pocket expenses (including reasonable attorneys' fees and disbursements) incurred by the Lender in connection with such participation. The Borrower and Manager shall not make any compromise, adjustment or settlement in connection with any such claim in excess of $100,000, without the prior written approval of the Lender, which approval shall not be unreasonably withheld. The Proceeds shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Fund Subaccount and disbursed in accordance herewith. The expenses incurred by Lender in with the adjustment and collection terms of the Proceeds shall become part Section 7 of the Debt and shall be reimbursed by the applicable Borrower to Lender upon demandthis Agreement.