Assignment of Policies. (a) Borrower hereby assigns to Lender the proceeds of all insurance (other than worker’s compensation and liability insurance) obtained pursuant to this Security Instrument, all of which proceeds shall be payable to Lender as collateral and further security for the payment of the Debt and the performance of the Cross-collateralized Borrowers’ obligations hereunder and under the other Loan Documents, and Borrower hereby authorizes and directs the issuer of any such insurance to make payment of such proceeds directly to Lender. Except as otherwise expressly provided in Section 3.04 or elsewhere in this Article III, Lender shall have the option, in its discretion, and without regard to the adequacy of its security, to apply all or any part of the proceeds it may receive pursuant to this Article in such manner as Lender may elect to any one or more of the following: (i) the payment of the Debt, whether or not then due, in any proportion or priority as Lender, in its discretion, may elect, (ii) the repair or restoration of the Property, (iii) the cure of any Default or (iv) the reimbursement of the costs and expenses of Lender incurred pursuant to the terms hereof in connection with the recovery of the Insurance Proceeds. Nothing herein contained shall be deemed to excuse Borrower from repairing or maintaining the Property as provided in this Security Instrument or restoring all damage or destruction to the Property, regardless of the sufficiency of the Insurance Proceeds, and the application or release by Lender of any Insurance Proceeds shall not cure or waive any Default or notice of Default.
(b) In the event of the foreclosure of this Security Instrument or any other transfer of title or assignment of all or any part of the Property in extinguishment, in whole or in part, of the Debt, all right, title and interest of Borrower in and to all policies of insurance required by this Security Instrument shall inure to the benefit of the successor in interest to Borrower or the purchaser of the Property. If, prior to the receipt by Lender of any proceeds, the Property or any portion thereof shall have been sold on foreclosure of this Security Instrument or by deed in lieu thereof or otherwise, or any claim under such insurance policy arising during the term of this Security Instrument is not paid until after the extinguishment of the Debt, and Lender shall not have received the entire amount of the Debt outstanding at the time of such extinguishment, whether or no...
Assignment of Policies. 59 Section 3.04.
Assignment of Policies. All property policies including builder’s all risk, delay in start‑up, all risk property, business interruption and delay in start‑up shall include the Borrower as first named insured and shall be capable of being assigned to the Collateral Agent on behalf of the Secured Parties.
Assignment of Policies. To the extent such insurance insures the Collateral, Debtor hereby (a) assigns to Secured Party any monies which may become payable under any such policy of insurance and (b) irrevocably constitutes and appoints Secured Party as Debtor's attorney in fact (i) to hold each original insurance policy, (ii) to make, settle and adjust claims under each policy of insurance, (iii) to make claims for any monies which may become payable under such insurance on the Collateral including returned or unearned premiums, and (iv) to endorse Debtor's name on any check, draft or other instrument received in payment of claims and to apply the funds to the payment of the indebtedness owing to Secured Party; provided, however, Secured Party is under no obligation to do any of the foregoing.
Assignment of Policies. At the request of the Agent, each of the Grantors shall duly execute and deliver instruments of assignment of the insurance policies and all notices of that assignment, in each case in form and substance satisfactory to the Collateral Agent, and cause the respective insurers to acknowledge notice of the assignment.
Assignment of Policies. The Company executed on this same day an Assignment that assigned the Policies to the Trust, free and clear of all encumbrances.
Assignment of Policies. Upon Foreclosure 6 Section 1.06. Subrogation; Waiver of Offset 6 Section 1.07. Actions Affecting the Mortgaged Properly 7 Section 1.09. Survival of Warranties 7 Section 1.10. Eminent Domain 7 Section 1.11. Additional Security 8 Section 1.12. Additional Indebtedness 8 Section 1.13. Successors and Assigns 8 Section 1.14. Inspections 8 Section 1.15. Liens 8 Section 1.16. Restrictions Affecting Title 9 Section 1.17. Further Assurances 9 Section 1.18. Performance of Covenants 9
Assignment of Policies. 20 8.4 Secured Party's Rights to Obtain Insurance....................................................20 9. EVENTS OF DEFAULT; ACCELERATION........................................................................21
Assignment of Policies. The Trustees hereby collaterally assign all their rights, title and interest in the Policies to the Corporation as security for repayment of the Net Payment Amount. Such collateral assignment shall not be altered or changed without the written consent of the Corporation.
Assignment of Policies. At the request of the Lender, the Borrower shall duly execute and deliver instruments of assignment of the insurance policies and all notices of that assignment, in each case in form and substance satisfactory to the Lender, and cause the respective insurers to acknowledge notice of the assignment.
