Application of Awards. Lender shall have the right to apply any Awards as follows: first, to reimburse Lender for all costs and expenses, including, without limitation, reasonable attorney’s fees incurred in connection with such Taking, and, second, at Xxxxxx’s option, (i) in payment of all or any part of the Indebtedness, at Par (so long as no Event of Default then exists), in the order and manner determined by Xxxxxx (provided that to the extent that any Indebtedness shall remain outstanding after such application, such unpaid Indebtedness shall continue in full force and effect and Borrower shall not be excused in the payment thereof); (ii) to the cure of any default hereunder; or (iii) to the Restoration, in whole or in part, of the portion of the Property remaining after the Taking; provided, however, Xxxxxx shall hold said Awards without any allowance of interest, and make the same available to restore, replace and rebuild the Property, as nearly as possible to its value, condition and character immediately prior to the Taking if such Taking does not result in the following, as determined by Xxxxxx, in Xxxxxx’s discretion: (A) a Material Adverse Change, (B) a violation of any Laws (including any zoning ordinances), or (C) a default under any Lease as determined by Lender in its discretion. In the event that Xxxxxx elects to make the Awards available to reimburse Borrower for the cost of the Restoration of the Improvements on the Real Property, such proceeds shall be made available in the manner and under the same conditions as required under Section 6.3(b). In the event Lender applies such Awards to the reduction of the outstanding Loan or if any surplus remains out of the Award after payment of such cost of Restoration, such amounts shall be applied on account of the Loan at Par, so long as no Event of Default then exists (notwithstanding the fact that the amount owing thereon may not then be due and payable or that the Loan may otherwise be adequately secured). If the Taking results in a Material Adverse Change, as determined by Xxxxxx, and Lender elects to apply the Awards to the Indebtedness and such proceeds are insufficient to pay the Indebtedness in full and subject to Xxxxxxxx’s right to repay the remainder of the Indebtedness at Par pursuant to this Section 6.4(c), Xxxxxx may declare the remaining unpaid Indebtedness to be immediately due and payable in full, at Par (so long as no Event of Default exists); provided, however, if (A) no Event of Default then exists ...
Application of Awards. Awards and other payments on account of a taking (less costs, fees and expenses incurred by District, and Lessee in connection with the collection thereof) shall be applied as follows:
Application of Awards. Subject to the provisions of SECTION 9.1 above, all proceeds received by Mortgagee with respect to a taking of all or any part of the Mortgaged Property or with respect to damage to all or any part of the Mortgaged Property from governmental action not resulting in a taking of the Mortgaged Property, shall be applied as follows, in the order of priority indicated:
Application of Awards. (a) Any awards or payments made with respect to any Taking relating to a Significant Real Estate Interest shall be paid or distributed as provided in this Section. If any Obligor shall receive directly any such award or payment, promptly following the receipt thereof such Obligor shall transfer in immediately available funds the Net Proceeds in respect of such Taking from such award or payment to the Collateral Agent and the Collateral Agent shall distribute such Net Proceeds in accordance with the provisions of this Section 10.2(a). If the Collateral Agent shall receive directly any such award or payment and no Default or Event of Default then exists, the Collateral Agent shall, prior to making any other payment or distribution hereunder, transfer to the Obligor whose Property was the subject of such Taking an amount in immediately available funds equal to the difference between (a) the amount of such award or payment so received and (b) the Net Proceeds relating thereto (as set forth in a certificate executed by a Senior Officer and delivered to the Collateral Agent), and thereafter the remainder of such award or payment shall be distributed as provided below. Any and all amounts to be distributed as provided in this clause (a) shall be distributed as follows:
Application of Awards. Agency and ISBA agree (and County agrees pursuant to the Surplus Ground Lease) to cooperate to insure that each of Agency, ISBA and County receives the full fair market value of their interest on account of a taking. Awards and other payments on account of a taking of the Fleet Parking Units or the improvements thereon (less costs, fees and expenses incurred by County, Agency, ISBA in connection with the collection thereof) shall be allocated and paid, subject to the Condominium Documents and Surplus Ground Lease, to Agency and ISBA (and to any Sub-sublessees to the extent allowed pursuant to the applicable Sub-sublease) in equal priority, in the ratio as nearly as practicable which values their respective leasehold interests, including, but not limited to, good will, future cash flow and future development opportunities.
Application of Awards. Awards and other payments on account of a taking (less costs, fees and expenses incurred by Landlord, and Tenant in connection with the collection thereof) shall be applied as follows:
Application of Awards. (a) The Agreement applies to the exclusion of all:
Application of Awards. This Agreement shall wholly replace any awards (whether federal or state) that previously applied or may have applied or may apply in future to employees bound by this agreement.
Application of Awards. Lender shall have the right to apply any Awards first, to reimburse Lender for all reasonable costs and expenses, including, without limitation, reasonable attorneys’ fees and disbursements incurred in connection with the proceeding in question or the collection of such amounts, and, second, the remainder thereof as provided in Section 2.4(b) for insurance proceeds held by Lender. Notwithstanding the foregoing, and
Application of Awards. Lender shall have the right to apply any Awards as follows: (i) in the event there is a Material Adverse Change as a result of such Taking, as determined by Lender, in Lender’s sole discretion, first, to reimburse Lender for all costs and expenses, including, without limitation, reasonable attorney’s fees incurred in connection with such Taking, and, second, the remainder thereof as provided in Section 6.3 for insurance proceeds held by Lender; or (ii) in the event there is no Material Adverse Change as a result of such Taking, as determined by Lender, in Lender’s sole discretion, to hold said Awards without any allowance of interest, and make the same available for Restoration of the The Flats at Carrs Hill, Athens, Georgia Loan No. 00-1102522
