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. Notwithstanding anything herein to the contrary, provided that (a) no Event of Default has occurred, other than an Event of Default as to which Beneficiary, in its sole discretion, has accepted a cure in writing or otherwise waived in writing and (b) Beneficiary, in accordance with the terms of this Section 1.07, does not permit the Award to be used for the restoration of the Secured Property and elects to apply such Award to the Obligations, then no Make-Whole Amount shall be due with respect to such application of the Award to the Obligations. 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 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 judgment 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.

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 GrantorMortgagor, Beneficiary Mortgagee and/or those authorized to exercise the right of condemnation, BeneficiaryMortgagee, 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 Mortgagee shall determine. Notwithstanding anything herein to the contrary, provided that (a) no Event of Default has occurred, other than an Event of Default as to which Beneficiary, in its sole discretion, has accepted a cure in writing or otherwise waived in writing and (b) Beneficiary, in accordance with the terms of this Section 1.07, does not permit the Award to be used for the restoration of the Secured Property and elects to apply such Award to the Obligations, then no Make-Whole Amount shall be due with respect to such application of the Award to the Obligations. If all or substantially all of the Secured Property is taken and the amount of the Award received by Beneficiary Mortgagee is not sufficient to pay the then unpaid balance of the Obligations, the balance of the Obligations shall, at the option of BeneficiaryMortgagee, become immediately due and payable and Grantor Mortgagor shall, within ten (10) days after notice to Grantor Mortgagor that Beneficiary Mortgagee 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 judgment opinion of Beneficiary, (aMortgagee,(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.

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 GrantorMortgagor, Beneficiary Mortgagee and/or those authorized to exercise the right of condemnation, BeneficiaryMortgagee, 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 Mortgagee shall determine. Notwithstanding anything herein to the contrary, provided that (a) no Event of Default has occurred, other than an Event of Default as to which Beneficiary, in its sole discretion, has accepted a cure in writing or otherwise waived in writing and (b) Beneficiary, in accordance with the terms of this Section 1.07, does not permit the Award to be used for the restoration of the Secured Property and elects to apply such Award to the Obligations, then no Make-Whole Amount shall be due with respect to such application of the Award to the Obligations. If all or substantially all of the Secured Property is taken and the amount of the Award received by Beneficiary Mortgagee is not sufficient to pay the then unpaid balance of the Obligations, the balance of the Obligations shall, at the option of BeneficiaryMortgagee, become immediately due and payable and Grantor Mortgagor shall, within ten (10) days after notice to Grantor Mortgagor that Beneficiary Mortgagee 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 judgment opinion of BeneficiaryMortgagee, (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.

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 GrantorMortgagor, Beneficiary Mortgagee and/or those authorized to exercise the right of condemnation, BeneficiaryMortgagee, 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 Allocated Loan Amount for the applicable Individual Property whether or not the Obligations are then due, in such order as Beneficiary Mortgagee shall determine. Notwithstanding anything herein to the contrary, provided that (a) no Event of Default has occurred, other than an Event of Default as to which Beneficiary, in its sole discretion, has accepted a cure in writing or otherwise waived in writing and (b) Beneficiary, in accordance with the terms of this Section 1.07, does not permit the Award to be used for the restoration of the Secured Property and elects to apply such Award to the Obligations, then no Make-Whole Amount shall be due with respect to such application of the Award to the Obligations. If all or substantially all of the Secured an Individual Property is taken and the amount of the Award received by Beneficiary Mortgagee is not sufficient to pay the then unpaid balance of the ObligationsAllocated Loan Amount for such Individual Property, the balance of the Obligations Allocated Loan Amount shall, at the option of BeneficiaryMortgagee, become immediately due and payable and Grantor Mortgagor shall, within ten (10) days after notice to Grantor Mortgagor that Beneficiary Mortgagee has so applied the Award, pay the difference between such Allocated Loan Amount 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 judgment opinion of Beneficiary, (aMortgagee,(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.

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 GrantorMortgagor, Beneficiary Mortgagee and/or those authorized to exercise the right of condemnation, BeneficiaryMortgagee, 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 Mortgagee shall determine. Notwithstanding anything herein to the contrary, provided that (a) no Event of Default has occurred, other than an Event of Default as to which Beneficiary, in its sole discretion, has accepted a cure in writing or otherwise waived in writing and (b) Beneficiary, in accordance with the terms of this Section 1.07, does not permit the Award to be used for the restoration of the Secured Property and elects to apply such Award to the Obligations, then no Make-Whole Amount shall be due with respect to such application of the Award to the Obligations. If all or substantially all of the Secured Property is taken and the amount of the Award received by Beneficiary Mortgagee is not sufficient to pay the then unpaid balance of the Obligations, the balance of the Obligations shall, at the option of BeneficiaryMortgagee, become immediately due and payable and Grantor Mortgagor shall, within ten (10) days after notice to Grantor Mortgagor that Beneficiary Mortgagee 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 judgment opinion of Beneficiary, (aMortgagee,(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.