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:
Appears in 3 contracts
Samples: Multifamily Loan and Security Agreement (Independence Realty Trust, Inc), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
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:
(1) the restoration or repair of the Mortgaged Property; or
(2) the payment of the Indebtedness, with the balance, if any, paid to Borrower.
Appears in 2 contracts
Samples: Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
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:
(1) the restoration or repair of the applicable Mortgaged Property, if applicable;
(2) the payment of the Indebtedness, with the balance, if any, paid to Borrower; or
(3) Borrower.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (Steadfast Apartment REIT, Inc.), Master Credit Facility Agreement (Brookdale Senior Living Inc.)
Application of Condemnation Awards. Lender may apply any awards or proceeds of a Condemnation Action, after the deduction of Lender’s 's expenses incurred in the collection of such amounts, to:
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Bluerock Residential Growth REIT, Inc.)
