Common use of Adjustment of Claims Clause in Contracts

Adjustment of Claims. (a) Subject to clause (c) below, in the event of a Casualty or Condemnation where the claim for damage to, or loss or destruction of, all or a portion of the Property does not exceed $2,000,000.00, Affiliated Guarantor may settle and adjust such claim; provided that such adjustment is carried out in a competent and timely manner. In such case, Affiliated Guarantor and Operating Lessee are authorized to collect and receive for Beneficiary any insurance proceeds. (b) Subject to clause (c) below, in the event of a Casualty or Condemnation where the claim for damage to, or loss or destruction of, all or a portion of the Property exceeds $2,000,000.00, Affiliated Guarantor may settle and adjust such claim only with the prior written consent of the Beneficiary (which consent shall not be unreasonably withheld or delayed). (c) Notwithstanding the terms of clauses (a) and (b) above, Beneficiary shall have the sole authority to adjust any claim with respect to a Casualty or Condemnation and to collection all insurance proceeds during the period an Event of Default has occurred and is continuing.

Adjustment of Claims. (a) Subject to clause (c) below, in the event of a Casualty or Condemnation where the claim for damage to, or loss or destruction of, all or a portion of the Property does not exceed $2,000,000.00, Affiliated Guarantor Borrower may settle and adjust such claim; provided that such adjustment is carried out in a competent and timely manner. In such case, Affiliated Guarantor Borrower and Operating Lessee are authorized to collect and receive for Beneficiary Lender any insurance proceeds. (b) Subject to clause (c) below, in the event of a Casualty or Condemnation where the claim for damage to, or loss or destruction of, all or a portion of the Property exceeds $2,000,000.00, Affiliated Guarantor Borrower may settle and adjust such claim only with the prior written consent of the Beneficiary Lender (which consent shall not be unreasonably withheld or delayed). (c) Notwithstanding the terms of clauses (a) and (b) above, Beneficiary Lender shall have the sole authority to adjust any claim with respect to a Casualty or Condemnation and to collection all insurance proceeds during the period an Event of Default has occurred and is continuing.

Adjustment of Claims. (a) Subject to clause (c) below, in the event of a Casualty or Condemnation where the claim for damage to, or loss or destruction of, all or a portion of the Property does not exceed $2,000,000.005,000,000.00, Affiliated Guarantor Borrower may settle and adjust such claim; provided that such adjustment is carried out in a competent and timely manner. In such case, Affiliated Guarantor Borrower and Operating Lessee are authorized to collect and receive for Beneficiary Lender any insurance proceeds. (b) Subject to clause (c) below, in the event of a Casualty or Condemnation where the claim for damage to, or loss or destruction of, all or a portion of the Property exceeds $2,000,000.005,000,000.00, Affiliated Guarantor Borrower may settle and adjust such claim only with the prior written consent of the Beneficiary Lender (which consent shall not be unreasonably withheld or delayed). (c) Notwithstanding the terms of clauses (a) and (b) above, Beneficiary Lender shall have the sole authority to adjust any claim with respect to a Casualty or Condemnation and to collection all insurance proceeds during the period an Event of Default has occurred and is continuing.

Adjustment of Claims. (a) Subject to clause (c) below, in the event of a Casualty or Condemnation where the claim for damage to, or loss or destruction of, all or a portion of the Property does not exceed $2,000,000.00, Affiliated Guarantor may settle and adjust such claim; provided that such adjustment is carried out in a competent and timely manner. In such case, Affiliated Guarantor and Operating Lessee are authorized to collect and receive for Beneficiary Lender any insurance proceeds. (b) Subject to clause (c) below, in the event of a Casualty or Condemnation where the claim for damage to, or loss or destruction of, all or a portion of the Property exceeds $2,000,000.00, Affiliated Guarantor may settle and adjust such claim only with the prior written consent of the Beneficiary Lender (which consent shall not be unreasonably withheld or delayed). (c) Notwithstanding the terms of clauses (a) and (b) above, Beneficiary Lender shall have the sole authority to adjust any claim with respect to a Casualty or Condemnation and to collection all insurance proceeds during the period an Event of Default has occurred and is continuing.