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 the restoration of the Project if the conditions for Borrower’s use of insurance contained in the Senior Loan Documents are satisfied (substituting Lender for Senior Lender thereunder in making decisions).
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.), Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.)
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 Condemnation Awards to be used for the restoration of the Project if the conditions for Borrower’s use of insurance Condemnation Awards contained in the Senior Loan Documents are satisfied (substituting Lender for Senior Lender thereunder in making related decisions).
Appears in 2 contracts
Samples: Senior Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.), Senior Mezzanine Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.)
