Application of Award. Lender may apply any Award in any order it determines (1) to reimburse Lender for all Costs related to collection of the Award and (2) subject to Section 3.08(d) and at Lender’s option, to (A) payment (without any Prepayment Premium) of all or part of the Obligations, whether or not then due and payable, in the order determined by Lender (provided that if any Obligations remain outstanding after this payment, the unpaid Obligations shall continue in full force and effect and Borrower shall not be excused in the payment thereof); (B) the cure of any default under the Documents; or (C)
Appears in 12 contracts
Samples: Mortgage and Security Agreement (Mack Cali Realty L P), Promissory Note (Mack Cali Realty Corp), Mortgage and Security Agreement (Mack Cali Realty L P)
Application of Award. Lender may apply any Award in any order it determines (1i) to reimburse Lender for all Costs related to collection of the Award and (2ii) subject to Section 3.08(d) and at Lender’s option, to (A) payment (without any Prepayment Premium) of all or part of the Obligations, whether or not then due and payable, in the order determined by Lender (provided that if any Obligations remain outstanding after this payment, then the unpaid Obligations shall continue in full force and effect and Borrower shall not be excused in the payment thereof); , (B) the cure of any default under the Documents; , or (C)) the Restoration. If Borrower receives any Award, then Borrower shall promptly deliver such Award to Lender.
Appears in 6 contracts
Samples: Loan Agreement (Piedmont Office Realty Trust, Inc.), Loan Agreement (CNL Healthcare Properties, Inc.), Loan Agreement (CNL Healthcare Properties, Inc.)
