Common use of Application of Award to Restoration Clause in Contracts

Application of Award to Restoration. With respect to any portion of the Award that is not for loss of value or property, Lender shall permit the application of the Award to Restoration in accordance with the provisions of Section 3.07 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 or, if more than ten percent (10%) of the parking spaces is affected by the Taking, the parking nonetheless remains in compliance, in Lender’s reasonable determination, with all zoning codes, other governmental regulations, and applicable conditions, covenants, restrictions and/or easements affecting the Property; (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 application; (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; and (vii) the Major Tenants (defined in Section 3.21(c) below) agree in writing to continue their Leases without abatement of rent. Upon an Event of Default under the Documents or if 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, Lender may, in its sole discretion, be applied against the Obligations or paid to Borrower.

Application of Award to Restoration. With respect to any portion of the Award that is not for loss of value or property, Lender shall permit the application of the Award to Restoration in accordance with the provisions of Section 3.07 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 or, if more than ten percent (10%) of the parking spaces is adversely affected by the Taking, the parking nonetheless remains in compliance, in Lender’s reasonable determination, with all zoning codes, other governmental regulations, and applicable conditions, covenants, restrictions and/or easements affecting the Property; (ii) the amount of the loss does not exceed twenty percent (20%) of the original amount of the Note; (iii) the Taking does not adversely affect access to the Property from any public right-of-way; (iv) there is no Event of Default at the time of applicationthe application of the Award; (v) after Restoration, the Property and its use will be in compliance with all Laws; (vi) in Lendera Third Party Engineer’s reasonable judgment, Restoration is practical and can be completed within one twenty-four (124) year months after the Taking and at least one (1) year prior to the maturity of the Note; and (vii) the Major Tenants (defined in Section 3.21(c) below) and their successors, assigns and replacements agree in writing to continue their Leases without abatement of rentrent after such restoration. Upon an Event of Default under the Documents or if any Any portion of the Award that is (i) for loss of value or property property, or (ii) in excess of the cost of any Restoration permitted above, Lender may, in its Xxxxxx’s sole discretion, be applied against the Obligations (without any Prepayment Premium) or paid to Borrower.

Application of Award to Restoration. With Notwithstanding any contrary provision set forth in this Instrument, with respect to any portion of the Award that is not for loss of value or property, Lender shall permit the application of the Award to Restoration in accordance with the provisions of Section 3.07 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 or, if more than ten percent (10%) of the parking spaces is affected by the Taking, the parking nonetheless remains in compliance, in Lender’s reasonable determination, with all zoning codes, other governmental regulations, and applicable conditions, covenants, restrictions and/or easements affecting the Property; (ii) the amount of the loss does not exceed twenty percent (20%) of the original amount of the Note; (iii) the Taking does not adversely affect the existing access to the Property from any public right-of-way; (iv) there is no Event of Default at the time of application; (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; and (vii) the Tenants listed in Exhibit “D” (“Major Tenants (defined in Section 3.21(c) belowTenants”) agree in writing to continue their Leases without abatement of rent. Upon an Event of Default under the Documents or if any 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, Lender may, in its Lender’s sole discretion, be applied against the Obligations without Prepayment Premium (defined in the Note) or paid to Borrower.

Application of Award to Restoration. With respect to any portion of the Award that is not for loss of value or property, Lender shall permit the application of the Award to Restoration in accordance with the provisions of Section 3.07 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 or, if more than ten percent (10%) of the parking spaces is affected by the Taking, the parking nonetheless remains in compliance, in Lender’s reasonable determination, with all zoning codes, other governmental regulations, and applicable conditions, covenants, restrictions and/or easements affecting the Property; (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 application; (v) after Restoration, the Property and its use will be in compliance with all Laws; (vi) 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 (vii) the Major Tenants listed in Exhibit D (defined in Section 3.21(c) below"MAJOR TENANTS") agree in writing to continue their Leases without abatement of rent. Upon an Event of Default under the Documents or if any 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, Lender may, in its Lender's sole discretion, be applied against the Obligations or paid to Borrower.