Common use of Application of Condemnation Award Clause in Contracts

Application of Condemnation Award. (1) If at any time title or temporary possession of the whole or any part of the Secured Property shall be taken in any Condemnation Proceeding or pursuant to any agreement among Grantor, Beneficiary and/or those authorized to exercise the right of condemnation, Beneficiary, in its discretion and without regard to the adequacy of its security hereunder, shall have the right to apply any Award received to payment of the Obligations whether or not due, in such order as Beneficiary shall determine, subject, however, to the limitations on charging the Make-Whole Amount upon the application of insurance proceeds and condemnation awards as set forth in the paragraph of the Note which commences with the phrase “Notwithstanding the foregoing, in the event of a casualty or condemnation . . .”. If all or substantially all of the Secured Property is taken and the amount of the Award received by Beneficiary is not sufficient to pay the then unpaid balance of the Obligations, the balance of the Obligations shall, at the option of Beneficiary, become immediately due and payable and Grantor shall, within ten (10) days after written notice to Grantor that Beneficiary has so applied the Award, pay the difference between such balance and the amount of the Award. "Substantially all of the Secured Property" shall be deemed to have been taken if the balance of the Secured Property, in the reasonable opinion of Beneficiary,(a) cannot be restored to a self-contained and architecturally complete unit or units or (b) the balance of the Secured Property as restored will not be economically viable and capable of supporting all carrying charges and operating and maintenance expenses. WCSR 31223371 25 Deed of Trust Loan No. 374-0518

Application of Condemnation Award. (1l) If at any time title or temporary possession of the whole or any part of the Secured Property shall be taken in any Condemnation Proceeding or pursuant to any agreement among GrantorTrustor, Beneficiary and/or those authorized to exercise the right of condemnation, subject to Section 1.07B(2), Beneficiary, in its discretion and without regard to the adequacy of its security hereunder, shall have the right to apply any Award received to payment of the Obligations whether or not due, in such order as Beneficiary shall determine, subject, however, to the limitations on charging in which event Trustor shall not be liable for the Make-Whole Amount upon on any portion of the Obligations that are prepaid by such application of insurance proceeds and condemnation awards as set forth in the paragraph of the Note which commences with the phrase “Notwithstanding the foregoing, in the event of a casualty or condemnation . . .”Award. If all or substantially all of the Secured Property is taken and the amount of the Award received by Beneficiary is not sufficient to pay the then unpaid balance of the Obligations, the balance of the Obligations shall, at the option of Beneficiary, become immediately due and payable and Grantor Trustor shall, within ten (10) days after written notice to Grantor Trustor that Beneficiary has so applied the Award, pay the difference between such balance and the amount of the Award. "Substantially all of the Secured Property" shall be deemed to have been taken if the balance of the Secured Property, in the reasonable opinion of Beneficiary,(aBeneficiary, (a) cannot be restored to a self-contained and architecturally complete unit or units or (b) the balance of the Secured Property as restored will not be economically viable and capable of supporting all carrying charges and operating and maintenance expenses. WCSR 31223371 25 Deed of Trust Loan No. 374-0518.

Application of Condemnation Award. (1) If at any time title or --------------------------------- temporary possession of title to the whole or any part of the Secured Property shall be taken in any Condemnation Proceeding Proceedings or pursuant to any agreement among Grantorbetween Mortgagor, Beneficiary and/or Mortgagee and those authorized to exercise the right of to condemnation, BeneficiaryMortgagee, at its option in its sole and absolute discretion and without regard to the adequacy of its security hereunder, shall have the right to apply any Award received such award or proceeds which it receives to payment of the Obligations whether or not due, in such inverse order as Beneficiary shall determine, subject, however, to the limitations on charging the Make-Whole Amount upon the application of insurance proceeds and condemnation awards as set forth in the paragraph of the Note which commences with the phrase “Notwithstanding the foregoing, in maturity. In the event of a casualty or condemnation . . .”. If that all or substantially all of the Secured Property is taken and the amount of the Award award or proceeds received by Beneficiary is Mortgagee shall not be sufficient to pay the then unpaid balance of the Obligations, then the balance of the Obligations shall, at the option of BeneficiaryMortgagee, become immediately due and payable and Grantor Mortgagor shall, within ten thirty (1030) days after written notice to Grantor that Beneficiary has so applied the Awardapplication of the award or proceeds as aforesaid, pay the difference between such balance and the amount of the Awarddeficiency to Mortgagee. "Substantially all of the Secured Property" shall be deemed to have been taken if the balance remainder of the Secured Property, Property (1) in the reasonable sole opinion of Beneficiary,(a) Mortgagee's Architect, cannot be capable of being restored to a self-contained and architecturally complete unit or units or (b2) in the sole reasonable opinion of Mortgagee, the balance of the Secured Property as restored will not be economically viable and capable of supporting all carrying charges and operating operation and maintenance expenses. WCSR 31223371 25 Deed of Trust Loan No. 374-0518.

Application of Condemnation Award. (1) If at any time title or temporary possession of the whole or any part of the Secured Property shall be taken in any Condemnation Proceeding or pursuant to any agreement among Grantor, Beneficiary and/or those authorized to exercise the right of condemnation, Beneficiary, in its discretion and without regard to the adequacy of its security hereunder, shall have the right to apply any Award received to payment of the Obligations whether or not due, in such order as Beneficiary shall determine, subject, however, to the limitations on charging the Make-Whole Amount upon the application of insurance proceeds and condemnation awards as set forth on page 3 of the Note in the paragraph of the Note which commences with the phrase “Notwithstanding the foregoing, in the event of a casualty or condemnation . . .”. If all or substantially all of the Secured Property is taken and the amount of the Award received by Beneficiary is not sufficient to pay the then unpaid balance of the Obligations, the balance of the Obligations shall, at the option of Beneficiary, become immediately due and payable and Grantor shall, within ten (10) days after written notice to Grantor that Beneficiary has so applied the Award, pay the difference between such balance and the amount of the Award. "“Substantially all of the Secured Property" ” shall be deemed to have been taken if the balance of the Secured Property, in the reasonable opinion of Beneficiary,(a) cannot be restored to a self-contained and architecturally complete unit or units or (b) the balance of the Secured Property as restored will not be economically viable and capable of supporting all carrying charges and operating and maintenance expenses. WCSR 31223371 25 7692675 Deed of Trust Loan No. 374-05180470

Application of Condemnation Award. (1) If at any time title or temporary possession of the whole or any part of the Secured Property shall be taken in any Condemnation Proceeding or pursuant to any agreement among Grantor, Beneficiary and/or those authorized to exercise the right of condemnation, Beneficiary, in its discretion and without regard to the adequacy of its security hereunder, shall have the right to apply any Award received to payment of the Obligations whether or not due, in such order as Beneficiary shall determine, subject, however, to the limitations on charging the Make-Whole Amount upon the application of insurance proceeds and condemnation awards as set forth in the paragraph of the Note which commences with the phrase “Notwithstanding the foregoing, in the event of a casualty or condemnation . . .”. If all or substantially all of the Secured Property is taken and the amount of the Award received by Beneficiary is not sufficient to pay the then unpaid balance of the Obligations, the balance of the Obligations shall, at the option of Beneficiary, become immediately due and payable and Grantor shall, within ten (10) days after written notice to Grantor that Beneficiary has so applied the Award, pay the difference between such balance and the amount of the Award. "Substantially all of the Secured Property" shall be deemed to have been taken if the balance of the Secured Property, in the reasonable opinion of Beneficiary,(a) cannot be restored to a self-contained and architecturally complete unit or units or (b) the balance of the Secured Property as restored will not be economically viable and capable of supporting all carrying charges and operating and maintenance expenses. WCSR 31223371 31792892 25 Deed of Trust Loan No. 374-05180551