Common use of Application to Restoration Clause in Contracts

Application to Restoration. The following provisions shall apply in connection with the Restoration of the Property and Improvements: (a) If the Net Proceeds shall be less than $1,500,000 and the costs of completing the Restoration shall be less than $1,500,000, the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in Section 7.4.1(c)(i) below are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. (b) If the Net Proceeds are equal to or greater than $1,500,000 or the costs of completing the Restoration is equal to or greater than $1,500,000 Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 7.4. The term “Net Proceeds” shall mean: (A) the net amount of all insurance proceeds received by Lender pursuant to Section 7.1.1(a), (d), (f), (i) and (j) hereof (and any similar or comparable types of insurance obtained pursuant to Section 7.1.1(i) hereof as a result of such damage or destruction, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Insurance Proceeds”), or (B) the net amount of the Award, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, actually incurred in collecting same (“Condemnation Proceeds”), whichever the case may be.

Application to Restoration. The following provisions shall apply in connection with the Restoration of the Property and Improvements: (a) If the Net Proceeds shall be less than $1,500,000 1,000,000 and the costs of completing the Restoration shall be less than $1,500,0001,000,000, the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in Section 7.4.1(c)(i) below are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. (b) If the Net Proceeds are equal to or greater than $1,500,000 1,000,000 or the costs of completing the Restoration is equal to or greater than $1,500,000 1,000,000 Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 7.4. The term “"Net Proceeds” " shall mean: (A) the net amount of all insurance proceeds received by Lender pursuant to Section 7.1.1(a), (d), (f), (i) and (j) hereof (and any similar or comparable types of insurance obtained pursuant to Section 7.1.1(i) hereof as a result of such damage or destruction, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“"Insurance Proceeds”"), or (B) the net amount of the Award, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, actually incurred in collecting same (“"Condemnation Proceeds”"), whichever the case may be.

Application to Restoration. The following provisions shall apply in connection with the Restoration of the Property and Improvements: (a) If the Net Proceeds shall be less than $1,500,000 1,300,000 and the costs of completing the Restoration shall be less than $1,500,0001,300,000, the Net Proceeds will be disbursed by Lender to Borrower Borrowers upon receipt, provided that all of the conditions set forth in Section 7.4.1(c)(i) below are met and Borrower delivers Borrowers deliver to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. (b) If the Net Proceeds are equal to or greater than $1,500,000 1,300,000 or the costs of completing the Restoration is equal to or greater than $1,500,000 1,300,000 Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 7.4. The term “"Net Proceeds” " shall mean: (A) the net amount of all insurance proceeds received by Lender pursuant to Section 7.1.1(a), (d), (f), (i) and (j) hereof (and any similar or comparable types of insurance obtained pursuant to Section 7.1.1(i) hereof as a result of such damage or destruction, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“"Insurance Proceeds”"), or (B) the net amount of the Award, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, actually incurred in collecting same (“"Condemnation Proceeds”"), whichever the case may be.

Application to Restoration. The following provisions shall apply in connection with the Restoration of the Property and Improvements: (a) If the Net Proceeds shall be less than $1,500,000 2,500,000 and the costs of completing the Restoration shall be less than $1,500,0002,500,000, the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in Section 7.4.1(c)(i) below are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. (b) If the Net Proceeds are equal to or greater than $1,500,000 2,500,000 or the costs of completing the Restoration is equal to or greater than $1,500,000 2,500,000 Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 7.4. The term “"Net Proceeds” " shall mean: (A) the net amount of all insurance proceeds received by Lender pursuant to Section 7.1.1(a), (d), (f), (i) and (j0) hereof (and any similar or comparable types of insurance obtained pursuant to Section 7.1.1(i) hereof as a result of such damage or destruction, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“"Insurance Proceeds”"), or (B) the net amount of the Award, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, actually incurred in collecting same (“"Condemnation Proceeds”"), whichever the case may be.

Application to Restoration. The following provisions shall apply in connection with the Restoration of the Property and Improvements: (a) If the Net Proceeds shall be less than $1,500,000 500,000 and the costs of completing the Restoration shall be less than $1,500,000500,000, the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in Section 7.4.1(c)(i) below are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. (b) If the Net Proceeds are equal to or greater than $1,500,000 500,000 or the costs of completing the Restoration is equal to or greater than $1,500,000 500,000 Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 7.4. The term “"Net Proceeds” " shall mean: (A) the net amount of all insurance proceeds received by Lender pursuant to Section 7.1.1(a), (d), (f), (i) and (j) hereof (and any similar or comparable types of insurance obtained pursuant to Section 7.1.1(i) hereof as a result of such damage or destruction, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“"Insurance Proceeds”"), or (B) the net amount of the Award, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, actually incurred in collecting same (“"Condemnation Proceeds”"), whichever the case may be.

Application to Restoration. The following provisions shall apply in connection with the Restoration of the Property and Improvements: (a) If the Net Proceeds shall be less than $1,500,000 and the costs of completing the Restoration shall be less than $1,500,000, the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in Section 7.4.1(c)(i) below are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. (b) If the Net Proceeds are equal to or greater than $1,500,000 or the costs of completing the Restoration is equal to or greater than $1,500,000 Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 7.4. The term “Net Proceeds” shall mean: (A) the net amount of all insurance proceeds received by Lender pursuant to Section 7.1.1(a), (d), (f), (i) and (j) hereof (and any similar or comparable types of insurance obtained pursuant to Section 7.1.1(i) hereof as a result of such damage or destruction, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Insurance Proceeds”), or (B) the net amount of the Award, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, actually incurred in collecting same (“Condemnation Proceeds”), whichever the case may be.