Association Condemnation Clause Samples

Association Condemnation. In the event of a Condemnation of the Portsmouth Property, notwithstanding anything to the contrary contained herein, Lender hereby consents to the use of any proceeds of such Condemnation to pay the costs of repairing or restoring the Portsmouth Property in accordance with the Association Documents. In the event of a distribution of all or any portion of such proceeds in lieu of restoration and repair, any proceeds payable to Portsmouth Borrower are hereby assigned and shall be paid to Lender for application in accordance with Article VI hereof. Notwithstanding any of the foregoing, nothing contained herein shall limit Portsmouth Borrower’s obligation hereunder to take all necessary actions to rebuild or cause the rebuilding of the Portsmouth Property, subject to the Association Documents.