Application of Condemnation Proceeds. (a) Lender shall be entitled to receive any and all sums which may be awarded or become payable to Borrower for the condemnation of any of the Property 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 Borrower for damages caused by public works or construction on or near the Property (collectively, "CONDEMNATION PROCEEDS"). All such Condemnation Proceeds are hereby assigned to Lender, and Borrower shall, upon request of Lender, make, execute, acknowledge and deliver any and all additional assignments and documents as may be necessary from time to time to enable Lender to collect and receipt for any such Condemnation Proceeds. Lender shall not, under any circumstances, be liable or responsible for failure to collect, or exercise diligence in the collection of, any such Condemnation Proceeds.
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. 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. 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. 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. If this Lease shall be terminated pursuant to Section 10.1 or Section 10.2, the total award in such Proceeding to which Landlord is entitled and not payable to another party under the Operative Documents, including any amounts assigned to Landlord by Tenant pursuant to Section 10.1 or Section 10.2, less the reasonable expenses incurred by Landlord in connection with such Proceeding, shall be apportioned and paid to the following parties in the following order of priority:
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 of the Loan Agreement for a statement of Grantor’s and Beneficiary’s rights in and to proceeds of insurance policies in respect of the Mortgaged Property or any part thereof and of condemnation proceeds with respect to the Mortgaged Property, any portion thereof and any interest therein, which terms and provisions are incorporated herein by reference.
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.
Application of Condemnation Proceeds. (a) Whether or not any award or compensation on account of any Taking is made available to Obligor as provided in this Section 4.13 and without regard to whether such award or compensation shall be sufficient for such purpose, Obligor shall, at its sole cost and expense, (i) deliver to Agent within fifteen (15) days of such Taking (y) a detailed schedule in form, detail and substance acceptable to Agent of Obligor’s anticipated time frame to commence and complete such restoration and repair and (z) such other information as Agent shall request and (ii) promptly commence and diligently complete the restoration and repair of the Premises in accordance with the schedule referred to in clause (i)(y) above, in a good and workmanlike manner and in compliance with all Legal Requirements and Condominium Requirements and the requirements, if any, of the Leases and the Management Agreement, to an integral unit in as substantially the same character and condition as possible prior to such Taking. Any award or other compensation actually received by Obligor shall be applied to such restoration or repair.
