Common use of Application of Insurance Proceeds and Condemnation Awards Clause in Contracts

Application of Insurance Proceeds and Condemnation Awards. The proceeds of any insurance policies collected or claims as a result of any loss or damage to any portion of any Project resulting from fire, vandalism, malicious mischief or any other casualty or physical harm and any awards, judgments or claims resulting from the exercise of the power of condemnation or eminent domain shall be applied to reduce the outstanding balance of the Loan or to rebuild and restore such Project, as provided in the applicable Mortgage. Borrowers shall not settle and adjust any claims under policies of insurance except as provided in the Mortgage.

Application of Insurance Proceeds and Condemnation Awards. The proceeds of any insurance policies collected or claims as a result of any loss or damage to any portion of any Project the Property resulting from fire, vandalism, malicious mischief or any other casualty or physical harm and any awards, judgments or claims resulting from the exercise of the power of condemnation or eminent domain shall be applied to reduce the outstanding balance of the Loan or to rebuild and restore such Project, as provided in the applicable MortgageMortgages. Borrowers Borrower shall not settle and adjust any claims under policies of insurance without Agent’s prior written consent, except as provided in the MortgageMortgages.

Application of Insurance Proceeds and Condemnation Awards. The proceeds of any insurance policies collected or claims as a result of any loss or damage to any portion of any the Project resulting from fire, vandalism, malicious mischief or any other casualty or physical harm and any awards, judgments or claims resulting from the exercise of the power of condemnation or eminent domain shall be applied to reduce the outstanding balance of the Loan or to rebuild and restore such the Project, as provided in the applicable MortgageDeed to Secure Debt. Borrowers Borrower shall not settle and adjust any claims under policies of insurance except as provided in the MortgageDeed to Secure Debt.

Application of Insurance Proceeds and Condemnation Awards. The proceeds of any insurance policies collected or claims as a result of any loss or damage to any portion of any the Project resulting from fire, vandalism, malicious mischief or any other casualty or physical harm and any awards, judgments or claims resulting from the exercise of the power of condemnation or eminent domain shall be applied to reduce the outstanding balance of the Loan or to rebuild and restore such the Project, as provided in the applicable Mortgage. Borrowers Borrower shall not settle and adjust any claims under policies of insurance except as provided in the Mortgage.

Application of Insurance Proceeds and Condemnation Awards. The proceeds of any insurance policies collected or claims as a result of resulting from any loss or damage to any portion of any the Project resulting from fire, vandalism, malicious mischief mischief, or any other casualty or physical harm casualty, and any awards, judgments or claims resulting from the exercise of the power of condemnation or eminent domain domain, shall be applied to reduce the outstanding balance of the Loan or either to rebuild and restore such the Project, as provided or toward the repayment of the Loans, in accordance with the applicable Mortgage. Borrowers shall not settle and adjust any claims under policies terms of insurance except as provided in the MortgageDeed of Trust.