Application of Condemnation Awards. Lender may apply any awards or proceeds of a Condemnation Action, after the deduction of Lender’s expenses incurred in the collection of such amounts, to:
Application of Condemnation Awards. All Condemnation Awards so received shall, subject to the rights of the Senior Lender, be forthwith applied by the Lender, as it may elect in its sole and unreviewable discretion, to the payment or reimbursement of the Loan or the other amounts evidenced or secured by the Loan Documents, or to the repair and restoration of any property not so taken or damaged; provided, however, that Lender will allow Condemnation Awards to be used for restoration of the Project if the conditions for Borrower’s use of Condemnation Awards contained in the Senior Loan Documents are satisfied (substituting Lender for Senior Lender thereunder in making related decisions).
Application of Condemnation Awards. All Condemnation Awards so received shall, subject to the rights of the Senior Lender or the holder of the Senior Mezz Loan, be forthwith applied by the Lender, as it may elect in its sole and unreviewable discretion, to the payment or reimbursement of the Loan or the other amounts evidenced or secured by the Loan Documents, or to the repair and restoration of any property not so taken or damaged; provided, however, that Lender will allow Condemnation Awards to be used for restoration of the Project if the conditions for Borrower’s use of Condemnation Awards contained in the Senior Loan Documents are satisfied (substituting Lender for Senior Lender thereunder in making related decisions).
Application of Condemnation Awards. All Condemnation Awards so received shall be delivered to Agent, as agent for the Lenders, forthwith and applied by the Agent, as it may elect in its sole and unreviewable discretion, to the payment or reimbursement of the Loan or the other amounts evidenced or secured by the Loan Documents, or to the repair and restoration of any property not so taken or damaged. No election made by the Agent under this Section 9 shall relieve the Borrower of the duty to repair and restore.
Application of Condemnation Awards. All awards of damages in connection with any condemnation for public use of or injury to any of the Development and the Authority determines that, as a result of such Condemnation, the Mortgagor is subject to the Recapture Requirement, shall, , be paid to the Authority to the extent of the outstanding Recapture Requirement. If the Authority determines that, as a result of such condemnation, the Mortgagor is not subject to the Recapture Requirement, then, at the option of an Authorized Officer of the Authority, , after payment of the First Mortgage Loan the proceeds may be applied first to interest and then to principal owed under the TCAP Loan, or released for the repairing or rebuilding of the Development. No amount applied to the reduction of the principal of the TCAP Loan shall relieve the Mortgagor from making further payments hereunder following the date of receipt of the proceeds; provided, however, the principal balance of the TCAP Loan may be reamortized on terms acceptable to an Authorized Officer of the Authority if a substantial partial prepayment is made from a condemnation award received as the result of a loss of all or any portion of the Development, and there is a resulting loss of income from the Development. The Authority is hereby authorized in the name of the Mortgagor to execute and deliver valid acquittances for such awards and to appeal such awards.
Application of Condemnation Awards. The awards of damages on account of any condemnation for public use of or damage to the Mortgaged Property shall be paid to Mortgagee. No settlement on account of any damages caused by such condemnation shall be effected without the consent and participation of Mortgagee. If an Event of Default (as defined in Paragraph 20 hereof) occurs, only Mortgagee shall have the right to settle, adjust and compromise condemnation awards. At the option of Mortgagee, the condemnation award shall be applied to or toward (a) the indebtedness secured hereby (including principal, whether or not then due and payable, accrued but unpaid interest and other amounts secured hereby or payable under the Loan
Application of Condemnation Awards. All Condemnation Awards so received shall, subject to the rights of the Senior Lender or, prior to the Transfer Date, the Commercial Tract Lender, be forthwith applied by the Lender, as it may elect in its sole and unreviewable discretion, to the payment or reimbursement of the Loan or the other amounts evidenced or secured by the Loan Documents, or to the repair and restoration of any property not so taken or damaged; provided, however, that Lender will allow Condemnation Awards to be used for restoration of the Project if (i) the conditions for Borrower’s use of Condemnation Awards contained in the Senior Loan Documents are satisfied (substituting Lender for Senior Lender thereunder in making related decisions) or (ii) so directed by the Senior Lender or, prior to the Transfer Date, the Commercial Tract Lender.
Application of Condemnation Awards. All Condemnation Awards so received shall, subject to the rights of the Senior Lender the lender under the Senior Mezzanine Loan Agreement or, prior to the Transfer Date, the Commercial Tract Lender, be forthwith applied by the Lender, as it may elect in its sole and unreviewable discretion, to the payment or reimbursement of the Loan or the other amounts evidenced or secured by the Loan Documents, or to the repair and restoration of any property not so taken or damaged; provided, however, that Lender will allow Condemnation Awards to be used for restoration of the Project if (i) the conditions for Borrower’s use of Condemnation Awards contained in the Senior Loan Documents are satisfied (substituting Lender for Senior Lender thereunder in making related decisions) or (ii) so directed by the Senior Lender the lender under the Senior Mezzanine Loan Agreement or, prior to the Transfer Date, the Commercial Tract Lender.
Application of Condemnation Awards. All Condemnation Awards so received shall be delivered to Lender forthwith and applied by the Lender, as it may elect in its sole and unreviewable discretion, to the payment or reimbursement of the Loan or the other amounts evidenced or secured by the Loan Documents, or to the repair and restoration of any property not so taken or damaged. No election made by the Lender under this Section 9 shall relieve the Borrower of the duty to repair and restore.
Application of Condemnation Awards. All awards of damages in connection with any condemnation for public use of or injury to any of the Development and the Authority determines that, as a result of such Condemnation, the Mortgagor is subject to the Recapture Requirement, shall be paid to the Authority to the extent of the outstanding Recapture Requirement. If the Authority determines that, as a result of such condemnation, the Mortgagor is not subject to the Recapture Requirement, then the proceeds may be released for the repairing or rebuilding of the Development. No amount applied to the reduction of the Recapture Requirement shall relieve the Mortgagor from its obligations to pay the Recapture Requirement following the date of receipt of the proceeds. The Authority is hereby authorized in the name of the Mortgagor to execute and deliver valid acquittances for such awards and to appeal such awards.
