Application of Insurance Premium Funds. Upon the occurrence of an Event of Default, Lender at its option may withdraw the Insurance Premium Funds from the Insurance Premium Account and may apply the Insurance Premium Funds to the payment of Insurance Premiums or to the payment of the Debt in such order, proportion and priority as Lender shall determine in its sole discretion. Lender's right to withdraw and apply the Insurance Premium Funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
Appears in 11 contracts
Samples: Loan Agreement (Affordable Residential Communities Inc), Loan Agreement (Affordable Residential Communities Inc), Loan Agreement (Affordable Residential Communities Inc)
Application of Insurance Premium Funds. Upon the occurrence and during the continuance of an Event of Default, Lender at its option may withdraw the Insurance Premium Funds from the Insurance Premium Account and may apply the Insurance Premium Funds to the payment of Insurance Premiums or to the payment of the Debt in such order, proportion and priority as Lender shall determine in its sole discretion. Lender's ’s right to withdraw and apply the Insurance Premium Funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
Appears in 2 contracts
Samples: Second Mezzanine Loan Agreement, Second Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Application of Insurance Premium Funds. Upon the occurrence and during the continuation of an Event of Default, Lender at its option may withdraw the Insurance Premium Funds from the Insurance Premium Account and may and, if Lender does so, Lender shall apply the Insurance Premium Funds to the payment of Insurance Premiums or to the payment of the Debt in such order, proportion and priority as Lender shall determine in its sole discretion. Lender's ’s right to withdraw and apply the Insurance Premium Funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
Appears in 1 contract
Samples: First Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
