Common use of Application by Beneficiary Clause in Contracts

Application by Beneficiary. If (i) at the time of such damage or destruction or thereafter, an Event of Default exists hereunder, or (ii) application of insurance proceeds to restoration will, in Beneficiary’s sole judgment, materially impair Beneficiary’s security for the obligations secured hereby, Beneficiary shall have the option, in its sole and absolute discretion, (1) to apply all or any portion of such proceeds to any indebtedness or other obligation secured hereby and in such order as Beneficiary may determine, notwithstanding that said indebtedness or the performance of said obligation may not be due according to the terms thereof, or (2) to apply all or any portion of such proceeds to the restoration of the Property, subject to such conditions as Beneficiary shall determine, or (3) to deliver all or any portion such proceeds to Trustor, subject to such conditions as Beneficiary may determine.

Application by Beneficiary. If (i) at the time of such damage or destruction or thereafter, an Event of Default exists hereunder, or (ii) application of insurance proceeds to restoration will, in Beneficiary’s sole 's reasonable judgment, materially impair Beneficiary’s 's security for the obligations secured hereby, Beneficiary shall have the option, in its sole and absolute discretion, (1) to apply all or any portion of such proceeds to any indebtedness or other obligation secured hereby guaranteed by the Guaranty and in such order as Beneficiary may determine, notwithstanding that said indebtedness or the performance of said obligation may not be due according to the terms thereof, or (2) to apply all or any portion of such proceeds to the restoration of the Property, subject to such conditions as Beneficiary shall determine, or (3) to deliver all or any portion such proceeds to Trustor, subject to such conditions as Beneficiary may determine.

Application by Beneficiary. If (i) at the time of such damage or destruction or thereafter, an Event of Default exists hereunder, or (ii) application of insurance proceeds to restoration will, in Beneficiary’s sole judgmentjudgment exercised according to the Indenture, materially impair Beneficiary’s security for the obligations secured hereby, Beneficiary Beneficiary, acting according to the Indenture, shall have the option, in its sole and absolute discretion, decide whether (1) to apply all or any portion of such proceeds to any indebtedness or other obligation secured hereby and in such order as Beneficiary may determine, notwithstanding that said indebtedness or the performance of said obligation may not be due according to the terms thereof, or (2) to apply all or any portion of such proceeds to the restoration of the Property, subject according to such conditions as Beneficiary shall determinethe provisions of the Indenture, or (3) to deliver all or any portion such proceeds to Trustor, subject to such conditions as Beneficiary may determine.

Application by Beneficiary. If (i) at the time of such damage or destruction or thereafter, an Event of Default exists hereunder, or (ii) application of insurance proceeds to restoration will, in Beneficiary’s 's sole judgment, materially impair Beneficiary’s 's security for the obligations secured hereby, Beneficiary shall have the option, in its sole and absolute discretion, (1) to apply all or any portion of such proceeds to any indebtedness or other obligation secured hereby and in such order as Beneficiary may determine, notwithstanding that said indebtedness or the performance of said obligation may not be due according to the terms thereof, or (2) to apply all or any portion of such proceeds to the restoration of the Property, subject to such conditions as Beneficiary shall determine, or (3) to deliver all or any portion such proceeds to Trustor, subject to such conditions as Beneficiary may determine.. (e)