Common use of Application of Award to Restoration Clause in Contracts

Application of Award to Restoration. Notwithstanding anything to the contrary set forth hereinabove, Lender shall permit the application of the Award to Restoration if: (i) no more than (A) twenty percent (20%) of the gross area of the Improvements or (B) ten percent (10%) of the parking spaces is affected by the Taking, (ii) the amount of the loss does not exceed twenty percent (20%) of the original amount of the Note; (iii) the Taking does not affect access to the Property from any public right-of-way; (iv) there is no Event of Default at the time of the Taking or the application of the Award; (v) after Restoration, the Property and its use will be in compliance with all Laws; (vi) in Lender’s reasonable judgment, Restoration is practical and can be completed within one (1) year after the Taking and at least one (1) year prior to the maturity of the Note; (vii) the Tenants listed in Exhibit D (“Major Tenants”) agree in writing to continue their Leases without abatement of rent; (viii) Borrower shall have entered into a general construction contract acceptable in all respects to Lender for Restoration, which contract must include provision for retainage of not less than ten percent (10%) until final completion of the Restoration; and (ix) in Lender’s reasonable judgment, after Restoration has been completed the net cash flow of the Property will be sufficient to cover all costs and operating expenses of the Property, including payments due and reserves required under the Documents. Any portion of the Award that is in excess of the cost of any Restoration permitted above, may, in Lender’s sole discretion, be applied against the Obligations or paid to Borrower. If the Award is disbursed to Borrower under the provisions of this Section 3.08(d), then such Award shall be disbursed to Borrower in accordance with the terms and conditions of Section 3.07(d).

Application of Award to Restoration. Notwithstanding anything to the contrary set forth hereinabove, Lender shall permit the application of the Award to Restoration if: (i) no more than (A) twenty percent (20%) of the gross area of the Improvements or (B) ten percent (10%) of the parking spaces is affected by the Taking, (ii) the amount of the loss does not exceed twenty percent (20%) of the original amount of the Note; (iii) the Taking does not affect access to the Property from any public right-of-way; (iv) there is no Event of Default at the time of the Taking or the application of the Award; (v) after Restoration, the Property and its use will be in compliance with all Laws; (vi) in Lender’s reasonable judgment, Restoration is practical and can be completed within one (1) year after the Taking and at least one (1) year prior to the maturity of the Note; (vii) the Tenants listed in Exhibit D (“Major Tenants”) agree in writing to continue their Leases without abatement of rent; (viii) Borrower shall have entered into a general construction contract acceptable in all respects to Lender for Restoration, which contract must include provision for retainage of not less than ten percent (10%) until final completion of the Restoration; and (ix) in Lender’s reasonable judgment, after Restoration has been completed the net cash flow of the Property will be sufficient to cover all costs and operating expenses of the Property, including payments due and reserves required under the Documents. Any portion of the Award that is in excess of the cost of any Restoration permitted above, may, in LenderXxxxxx’s sole discretion, be applied against the Obligations or paid to Borrower. If the Award is disbursed to Borrower under the provisions of this Section 3.08(d), then such Award shall be disbursed to Borrower in accordance with the terms and conditions of Section 3.07(d).

Application of Award to Restoration. Notwithstanding anything to the contrary set forth hereinabove, Lender shall permit the application of the any Award to Restoration if: (i) no more than (A) twenty percent (20%) of the gross area of the Improvements or (B) ten percent (10%) of the parking spaces is affected by the Taking, ; (ii) the amount of the loss does not exceed twenty percent (20%) of the original amount of the NoteAllocated Loan Amount for Borrower’s Individual Property; (iii) the Taking does not affect access to the Borrower’s Individual Property from any public right-of-way; (iv) there is no Event of Default at the time of the Taking or the application of the Award; (v) after Restoration, the Borrower’s Individual Property and its use will be in compliance with all Laws; (vi) in Lender’s reasonable judgment, Restoration is practical and can be completed within one the earliest of (1A) year twelve (12) months after the date on which the Award is first made available for Restoration (notwithstanding the fact that the first disbursement may be made on a later date), (B) eighteen (18) months after the Taking and occurs, or (C) the period for which Rent Loss Proceeds are payable; (vii) in Lender’s reasonable judgment, Restoration can be completed at least one six (16) year months prior to the maturity Maturity Date of the Note; (vii) the Tenants listed in Exhibit D (“Major Tenants”) agree in writing to continue their Leases without abatement of rent; (viii) Borrower shall have entered into a general construction contract acceptable in all respects to Lender for Restoration, which contract must include provision for retainage of not less than ten percent (10%) until fifty percent (50%) of the Restoration has been completed, at which point retainage may be reduced to not less than five percent (5%) until final completion of the Restoration; and (ixviii) in Lender’s reasonable judgment, after Restoration has been completed the net cash flow of the Borrower’s Individual Property will be sufficient to cover all costs and operating expenses of the Borrower’s Individual Property, including payments due and reserves required under the Documents. Any portion of the Award that is in excess of the cost of any Restoration permitted above, may, in at Lender’s sole discretionoption, be applied against the Obligations or paid to Borrower. If the Award is disbursed to Borrower under the provisions of this Section 3.08(d), then such Award shall be disbursed to Borrower in accordance with the terms and conditions of Section 3.07(d).

Application of Award to Restoration. Notwithstanding anything to the contrary set forth hereinabove, Lender shall permit the application of the Award to Restoration if: (i) no more than (A) twenty percent (20%) of the gross area of the Improvements or (B) ten percent (10%) of the parking spaces land constituting the Individual Property is affected by taken, such land is located along the Takingperimeter or periphery of the Individual Property and no portion of the Improvements is located on such land, (ii) the amount of the loss does not exceed twenty percent (20%) of the original amount of the Note$500,000; (iii) the Taking does not affect access to the such Individual Property from any public right-of-wayway in a material adverse manner; (iv) there is no Event of Default at the time of the Taking or the application of the Award; (v) after Restoration, the such Individual Property and its use will be in compliance with all Laws; (vi) in Lender’s reasonable judgment, Restoration is practical and can be completed within one (1) year after the Taking and at least one nine (19) year months prior to the maturity of the NoteLoan; (vii) the Tenants listed in CENTRAL\31200109.7 -13- Exhibit D G (“Major Restaurant Tenants”) agree in writing to continue their Leases without abatement of rentrent or are replaced by tenants with Leases of equal economic value; (viii) Borrower shall have entered into a general construction contract acceptable in all respects to Lender for Restoration, which contract must include provision for retainage of not less than ten percent (10%) until final completion of the Restoration; and (ix) in Lender’s reasonable judgment, after Restoration has been completed the net cash flow of the applicable Individual Property will be sufficient to cover all costs and operating expenses of the such Individual Property, including payments due and reserves required under the Documents. Any portion of the Award that is in excess of the cost of any Restoration permitted above, may, in Lender’s sole discretion, be applied against the Obligations or paid to Borrower. If the Award is disbursed to Borrower under the provisions of this Section 3.08(d4.08(d), then such Award shall be disbursed to Borrower in accordance with the terms and conditions of Section 3.07(d4.07(d).

Application of Award to Restoration. Notwithstanding anything Subject to the contrary set forth hereinaboveprovisions of any SNDA between Lender and the Master Tenant with respect to the Property, Lender shall permit the application of the Award to Restoration if: (i) no more than (A) twenty percent (20%) of the gross area of the Improvements or (B) ten percent (10%) of the parking spaces is affected by the TakingTaking (and reasonable alternative parking is not available on the Property, as such Property may be augmented with additional lands or easements presently encumbered hereby), (ii) the amount of the loss does not exceed twenty forty percent (2040%) of the original amount of the Note; (iii) the Taking does not affect materially impair access to the Property from any public right-of-way; (iv) there is no Event of Default at the time of the Taking or the application of the Award; (v) after Restoration, the Property and its use will be in compliance with all Laws; (vi) in Lender’s reasonable judgment, Restoration is practical and can be completed within one (1) year after the Taking and at least one (1) year prior to the maturity of the Note; (vii) the Tenants listed in Exhibit D (collectively, “Major TenantsMaster Tenant”) continue to be bound under the terms of the Leases (without abatement of rent that is not substantially covered by rent loss insurance [with Lender reflected as having a mortgagee interest in real property and a Lender’s Loss Payable interest in Business Personal Property and Business Income with respect to such rent loss insurance policy]) or agree in writing to continue their Leases without abatement of rent; (viii) Borrower shall have entered into a general construction contract acceptable in all respects to Lender for Restoration, which contract must include provision for retainage of not less than ten percent (10%) until final completion of the Restoration; and (ix) in Lender’s reasonable judgment, after Restoration has been completed the net cash flow of the Property will be sufficient to cover all costs and operating expenses of the Property, including payments due and reserves required under the Documents. Any portion of the Award that is (i) for permanent loss of value or property or (ii) in excess of the cost of any Restoration permitted above, may, in Lender’s sole discretion, be applied against the Obligations or paid to Borrower. If the Award is disbursed to Borrower under the provisions of this Section 3.08(d), then such Award shall be disbursed to Borrower in accordance with the terms and conditions of Section 3.07(d).

Application of Award to Restoration. Notwithstanding anything to the contrary set forth hereinabove, Lender shall permit the application of the Award to Restoration if: (i) no more than (A) twenty percent (20%) of the gross area of the Improvements Improvements; or (B) ten twenty percent (1020%) of the parking spaces is affected by the Taking, (ii) the amount of the loss does not exceed twenty percent (20%) of the original amount of the Note; (iii) the Taking does not affect access to the Property from any public right-of-way; (iv) there is no Event of Default at the time of the Taking or the application of the Award; (v) after Restoration, the Property and its use will be in compliance with all Laws; (vi) in Lender’s reasonable judgment, Restoration is practical and can be completed within one (1) year after the Taking and at least one six (16) year months prior to the maturity of the Note; (vii) the Tenants listed under Major Leases (as defined in Exhibit D (“Major Tenants”the Assignment) agree in writing to continue their Leases without abatement of rentrent (other than for any portion of their Lease premises which was taken in the Taking); (viii) Borrower shall have entered into a general construction contract acceptable in all respects to Lender for Restoration, which contract must include provision for retainage of not less than ten percent (10%) until final completion of the Restorationcommercially reasonable retainage; and (ix) in Lender’s reasonable judgment, after Restoration has been completed the net cash flow of the Property will be sufficient to cover all costs and operating expenses of the Property, including payments due and reserves required under the Documents. Any portion of the Award that is (i) for loss of value or property or (ii) in excess of the cost of any Restoration permitted above, may, in LenderXxxxxx’s sole discretion, be applied against the Obligations or paid to Borrower. If the Award is disbursed to Borrower under the provisions of this Section 3.08(d), then such Award shall be disbursed to Borrower in accordance with the terms and conditions of Section 3.07(d).

Application of Award to Restoration. Notwithstanding anything With respect to any portion of the contrary set forth hereinaboveAward that is not for loss of value of property, Lender shall permit the application of the Award to Restoration in accordance with the provisions of Section 5.7 if: (i) no more than (A) twenty percent (20%) of the gross area of the Improvements or are affected by the Taking, (Bii) no portion of the Improvements that are critical for the operation of the Property as a full service hotel are affected by the Taking, (iii) no more than ten percent (10%) of the parking spaces is are affected by the Taking, (iiiv) the amount of the loss does not exceed twenty percent (20%) of the original amount of the Note; (iiiv) the Taking does not materially and adversely affect access to the Property from any public right-of-way; (ivvi) there is no Event of Default at the time of the Taking or the application of the Awardapplication; (vvii) after Restoration, the Property and its use will be in compliance with all Laws; (viviii) in Lender’s 's reasonable judgment, Restoration is practical and can be completed within one (1) year after the Taking and at least one (1) year prior to the maturity of the Note; and (viiix) each of the Primary Lease, the Management Agreement and the License Agreement (or replacements thereof entered into in accordance with the terms of Section 8 of the Loan Agreement) shall remain in full force and effect during and after the Restoration; (ix) the Tenants listed in Exhibit D (“tenants under the Major Tenants”) Leases agree in writing to continue their Leases, or Borrower or Lessee shall have entered into replacement Leases without abatement of rentacceptable in all respects to Lender for the premises demised under the Major Leases; (viiix) Borrower shall have entered into a general construction contract acceptable in all respects to Lender for Restoration, which contract must include provision for retainage of not less than ten percent (10%) until final completion of the Restoration; and (ixxi) in Lender’s 's reasonable judgment, after Restoration has been completed the net cash flow of the Property will be sufficient to cover all costs and operating expenses of the Property, including payments due and reserves required under the Loan Documents. Any portion of the Award that is (i) for loss of value or property or (ii) in excess of the cost of any Restoration permitted above, above may, in Lender’s sole Lendxx'x xole discretion, be applied against the Obligations (without any Prepayment Premium) or paid to Borrower. If the Award is disbursed to Borrower under the provisions of this Section 3.08(d), then such Award shall be disbursed to Borrower in accordance with the terms and conditions of Section 3.07(d).

Application of Award to Restoration. Notwithstanding anything to the contrary set forth hereinabove, Lender shall permit the application of the any Award to Restoration if: (i) no more than (A) twenty percent (20%) of the gross area of the Improvements or (B) ten percent (10%) of the parking spaces is affected by the Taking, ; (ii) the amount of the loss does not exceed twenty percent (20%) of the original amount of the NoteAllocated Loan Amount for Borrower’s Individual Property; (iii) the Taking does not affect access to the Borrower’s Individual Property from any public right-of-way; (iv) there is no Event of Default at the time of the Taking or the application of the Award; (v) after Restoration, the Borrower’s Individual Property and its use will be in compliance with all Laws; (vi) in Lender’s reasonable judgment, Restoration is practical and can be completed within one (1) year after the Taking and at least one (1) year prior to the maturity of the Note; (vii) in the event the Tenants listed in Exhibit D G attached hereto with respect to Borrower’s Individual Property (the “Major Tenants”) have a right to terminate their Leases as a result of such condemnation, such Major Tenants agree in writing to continue their Leases without abatement of rent; (viii) Borrower shall have entered into a general construction contract acceptable in all respects to Lender for Restoration, which contract must include provision for retainage of not less than ten percent (10%) until fifty percent (50%) of the Restoration has been completed, at which point retainage may be reduced to not less than five percent (5%) until final completion of the Restoration; and (ix) in Lender’s reasonable judgment, after Restoration has been completed the net cash flow of the Borrower’s Individual Property will be sufficient to cover all costs and operating expenses of the such Individual Property, including payments due and reserves required under the Documents. Any portion of the Award that is in excess of the cost of any Restoration permitted above, may, in at Lender’s sole discretionoption, be applied against the Obligations or paid to Borrower. If the Award is disbursed to Borrower under the provisions of this Section 3.08(d), then such Award shall be disbursed to Borrower in accordance with the terms and conditions of Section 3.07(d).

Application of Award to Restoration. Notwithstanding anything to the contrary set forth hereinabove, Lender shall permit the application of the Award to Restoration if: (i) no more than (A) twenty percent (20%) of the gross area of the Improvements or (B) ten percent (10%) of the parking spaces is affected by the Taking, ; (ii) the amount of the loss does not exceed twenty percent (20%) of the original amount of the Note; (iii) the Taking does not affect impair access to the Property from any public right-of-wayway in any material respect; (iv) there is no Event of Default at the time of the Taking or the application of the Award; (v) after Restoration, the Property and its use will be in compliance with all Laws; (vi) in Lender’s reasonable judgment, Restoration is practical and can be completed within one (1) year after the Taking (or such longer period of time after the Taking occurs, not to exceed eighteen (18) months after the Taking occurs, equal to the period of coverage under Borrower’s loss of rental income insurance) and at least one six (16) year months prior to the maturity of the Note; (vii) the Tenants listed in Exhibit D (the “Major Tenants”) agree in writing to continue their Leases without abatement of rent; (viii) Borrower shall have entered into a general construction contract acceptable in all respects to Lender for Restoration, which contract must include provision for retainage of not less than ten percent (10%) until final completion of the Restoration; and (ix) in Lender’s reasonable judgment, after Restoration has been completed the net cash flow of the Property will be sufficient to cover all costs and operating expenses of the Property, including payments due and reserves required under the Documents. Any portion of the Award that is in excess of the cost of any Restoration permitted above, may, in at Lender’s sole discretionoption, be applied against the Obligations or paid to Borrower. If the Award is disbursed to Borrower under the provisions of this Section 3.08(d), then such Award shall be disbursed to Borrower in accordance with the terms and conditions of Section 3.07(d).