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 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 the Property, as provided in the Mortgages. Borrower shall not settle and adjust any claims under policies of insurance without the Bank’s prior written consent, except as provided in the Mortgages.

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 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 balances of the Loan or to rebuild and restore the Property, as provided in the MortgagesMortgage. Borrower shall not settle and adjust any claims under policies of insurance without the BankLender’s prior written consent, except as provided in the MortgagesMortgage.

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 the any 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 the Property, as provided in the MortgagesSecurity Instrument for such Property. Borrower shall not settle and adjust any claims under policies of insurance without the BankAgent’s prior written consent, except as provided in the MortgagesSecurity Instrument for such Property.

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 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 the Property, as provided in the MortgagesDeed of Trust. Borrower shall not settle and adjust any claims under policies of insurance without the BankLender’s prior written consent, except as provided in the MortgagesDeed of Trust.

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 the Property 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 the PropertyProject, as provided in the MortgagesMortgage. Borrower shall not settle and adjust any claims under policies of insurance without the BankLender’s prior written consent, except as provided in the MortgagesMortgage.