Application of Condemnation Proceeds. The Agent shall be entitled to receive any and all sums which may be awarded or become payable to the Borrower for any Taking of the Premises for public or quasi-public use, or by virtue of private sale in lieu thereof, and any sums which may be awarded or become payable to the Borrower for damages caused by public works or construction on or near the Premises. All such sums are hereby assigned to the Agent and the Borrower shall, upon the reasonable request of the Agent, make, execute, acknowledge, and deliver any and all additional assignments and documents as may be necessary from time to time to enable the Agent to collect and receive any such sums. The Agent may apply all such sums actually received by the Agent to the payment of the Obligations in such order and manner as is set forth herein. If the Premises or any part thereof is condemned, so long as no Event of Default shall have occurred and shall be continuing, and provided the Borrower promptly files all claims and diligently prosecutes the condemnation proceeding, the Borrower shall have the right to file, adjust, settle and prosecute any claim for any such awards or compensation relating to any such condemnation proceeding; provided, however, the Borrower shall not agree to any adjustment or settlement of any such claim payable with respect to any such condemnation proceeding which awards and proceeds are reasonably estimated by the Agent to be equal to or greater than $5,000,000; and provided, further, in the event that the Agent reasonably determines that the Borrower is not diligently prosecuting such claim, the Agent shall have the right, but not the obligation, to revoke the Borrower's right to adjust, settle and prosecute any claim for any such awards or compensation relating to such any such condemnation proceeding by delivering a notice of same to the Borrower, which revocation shall be effective immediately upon the Borrower's receipt of such notice. Notwithstanding the foregoing, if the Premises or any part thereof is condemned and the awards and proceeds of condemnation are reasonably estimated by the Agent to equal or exceed five million Dollars ($5,000,000), then the Borrower authorizes and empowers Agent, at Agent's reasonable option, as attorney-in-fact for the Borrower, to commence, appear in and prosecute, in the Agent's or the Borrower's name, any action or proceeding relating to any condemnation of the Premises or any portion thereof, to settle or compromise any claim in co...
Application of Condemnation Proceeds. Borrower will cause all Condemnation Proceeds to be paid directly to Lender. Such Condemnation Proceeds shall be applied first to reimburse Lender for all costs and expenses of Lender incurred in connection with obtaining such Condemnation Proceeds, and then, at the option of Lender, in its sole discretion, either (1) to the payment or prepayment of the Secured Obligations in such order as Lender may determine or (2) to reimburse Borrower for the cost of restoring, repairing, replacing or rebuilding all or any of the Property that was affected by the Condemnation (“Replacement”).
Application of Condemnation Proceeds. Any sums received by Lender as a ------------------------------------ result of condemnation shall be applied to the payment of the Indebtedness. Notwithstanding the foregoing, provided no Event of Default exists hereunder, Lender shall allow any sums received as a result of condemnation to be applied to restoration or repair of the Mortgaged Property if, within 90 days of the condemnation, Lender receives a written certification from an engineer satisfactory to it that the cost of restoration or repair will be $150,000 or less. Any such proceeds held by Lender may be commingled with the general funds of Lender, shall not bear interest and shall constitute additional security for the payment of the Loan. Any principal reduction at par from an early involuntary prepayment as a result of the application of such condemnation proceeds will be without any prepayment penalty and will cause a pro-rata reduction in debt service payments based upon the reduced Loan balance, the remaining amortization schedule and the Interest Rate.
Application of Condemnation Proceeds. The Condemnation Proceeds assigned hereby may be applied by the Mortgagee in such proportions and priority as the Mortgagee, in its sole discretion, may elect, to the payment of principal, interest or other sums, secured by this Mortgage and/or to the payment to the Mortgagor, on such terms as the Mortgagee may specify, for the sole purpose of altering, restoring or rebuilding any part of the Premises which may have been altered, damaged or destroyed as a result of any such taking or other action. If, prior to the receipt by the Mortgagee of any Condemnation Proceeds the Premises shall have been sold on foreclosure of this Mortgage, the Mortgagee shall have the right to receive and apply said Condemnation Proceeds to the extent of any deficiency found to be due upon such sale, with legal interest thereon, whether or not a deficiency judgment on this Mortgage shall have been sought or recovered or denied, together with reasonable counsel fees and the costs and disbursements incurred by the Mortgagee in connection with the collection of said Condemnation Proceeds.
Application of Condemnation Proceeds. If there is a total condemnation or taking of the Property, Mortgagee shall, after deduction of the costs and expenses of collection, apply all condemnation proceeds toward payment of the indebtedness evidenced by the Note. If there is a partial condemnation or taking of the Property, Mortgagee shall have the option, in its sole discretion, to apply such partial condemnation proceeds, in whole or in part, toward payment of the indebtedness evidenced by the Note or toward the repair and restoration of the Property, or toward both. Mortgagee shall hold any such condemnation proceeds which are held for repair and restoration without payment of interest or earnings thereon and shall disburse such proceeds pursuant to its normal and customary requirements and procedures for construction lending and such further requirements as Mortgagee may reasonably impose in its discretion.
Application of Condemnation Proceeds. If the whole or any portion of the Premises and Facility shall be taken or condemned there shall first be paid to Tenant from condemnation proceeds an amount equal to the sum of: (a) the unamortized cost of all non-removable improvements Tenant has made to the Premises, (b) plus the value of Tenant's remaining leasehold estate including renewal periods, and the balance of the award shall be paid to Landlord.
Application of Condemnation Proceeds. All compensation, awards, damages, rights of action and proceeds awarded to Borrower by reason of any such Taking or received by Borrower as the result of a transfer in lieu of a Taking (the “Condemnation Proceeds”) are assigned to Agent and shall be paid directly to Agent. Borrower agrees to execute such further assignments of the Condemnation Proceeds as Agent may require. If Borrower receives any Condemnation Proceeds, Borrower shall promptly pay over such proceeds to Agent. All Condemnation Proceeds will be applied by Agent to payment of the Obligations in such order as Agent, in its sole discretion, shall determine; provided, however, that if no Default or Event of Default has occurred and is continuing and if the Taking is not a Total Taking (as determined by Agent in its sole discretion), and Condemnation Restoration can be completed by the earlier of (1) the date that is six months prior to the Revolving Loan Maturity Date, or (2) the date that is four months after the date the Condemnation Proceeds are paid to Agent (as determined by Agent in its reasonable discretion), the Condemnation Proceeds, less costs, fees and expenses incurred by Agent and Borrower in the collection thereof, including reasonable attorneys’ fees and expenses (the “Net Condemnation Proceeds”), shall be made available to Borrower, to be used by Borrower to satisfy its Condemnation Restoration obligations, substantially in the manner and according to the procedures, limitations, and requirements provided in Section 4.16 for the distribution of Net Insurance Proceeds, as if the Net Condemnation Proceeds were Net Insurance Proceeds.
Application of Condemnation Proceeds. If any condemnation of the Land occurs, any condemnation awards (or any surplus after reconstruction) shall be apportioned between Landlord and Tenant, with Tenant to receive the unamortized value of the Building and Landlord to receive the balance.
Application of Condemnation Proceeds. (i) The Collateral Agent shall transfer any Condemnation Proceeds in an amount less than or equal to $5,000,000 which are received by or on behalf of the Borrower and deposited in the Proceeds Account in accordance with clause (a)(ii) of this Section 7.10 to (x) prior to the Conversion Date, the Construction Account, and (y) after the Conversion Date, the Revenue Account, each for application in accordance with the other provisions of this Article VII.
(ii) If (A) Condemnation Proceeds in excess of $5,000,000 are received by or on behalf of the Borrower and deposited in the Proceeds Account in accordance with clause (a)(ii) of this Section 7.10 and (B) no Approved Restoration Plan with respect to the relevant Event of Condemnation shall have been developed within ninety (90) days after the date such Condemnation Proceeds were received, the Collateral Agent shall apply such Condemnation Proceeds to the prepayment of outstanding Loans and accrued interest thereon in accordance with Section 2.13(d).
(iii) If (A) Condemnation Proceeds in excess of $5,000,000 are received by or on behalf of the Borrower and deposited in the Proceeds Account in accordance with clause (a)(ii) of this Section 7.10 and (B) an Approved Restoration Plan with respect to the relevant Event of Condemnation shall have been developed within ninety (90) days after the date such Condemnation Proceeds were received, the Collateral Agent shall, upon satisfaction of the conditions set forth in clause (i) of this Section 7.10 and provided no Event of Default (other than an Event of Default under Section 8.1(c) resulting from a breach of the covenants set forth in Section 5.9) shall have occurred and be continuing, withdraw and pay to the Borrower portions of such Condemnation Proceeds from time to time in installments sufficient to implement such Approved Restoration Plan. After completion of such Approved Restoration Plan, the Collateral Agent shall apply any of such Condemnation Proceeds in excess of the amount needed to effect such Approved Restoration Plan to the prepayment of outstanding Loans and accrued interest thereon in accordance with Section 2.13(d).
Application of Condemnation Proceeds. Lender shall apply any such proceeds in the manner and upon the terms and conditions set forth in Section 2.3(d) relating to the application of insurance proceeds.
