Common use of Borrower’s Obligation to Rebuild and Use of Proceeds Therefor Clause in Contracts

Borrower’s Obligation to Rebuild and Use of Proceeds Therefor. If Lender does not elect to or is not entitled to apply fire or casualty insurance proceeds to the indebtedness, any and all insurance proceeds received by Borrower, including casualty or Business Income Coverage (as defined in Exhibit D attached hereto and made a part hereof) shall be delivered to Lender by Borrower in keeping with the terms of this Agreement and the other Loan Documents. Thereafter, all insurance proceeds received will be deposited into a third party escrow account controlled by Lender or its Mortgage Correspondent. Lender may also require that Borrower deposit any deficit between the business interruption or loss of rents proceeds received and the debt service due under the Loan Documents during the period of rebuilding or restoration of the Improvements. As provided under Section 5.1 of this Agreement, Lender shall have the right (but not the obligation) to settle, collect and retain such proceeds, and after deduction of all expenses of collection and settlement, including attorney and adjusters’ fees and expenses, to release the same to Borrower periodically provided that Borrower shall:

Borrower’s Obligation to Rebuild and Use of Proceeds Therefor. If Lender does not elect to or is not entitled to apply fire or casualty insurance proceeds to the indebtedness, any and all insurance proceeds received by Borrower, including casualty or Business Income Coverage (as defined in Exhibit D attached hereto and made a part hereof) shall be delivered to Lender by Borrower in keeping if not otherwise inconsistent with the terms of this Agreement and the other Loan Documents. Thereafterany applicable Approved Lease, all insurance proceeds received will be deposited into a third party escrow account controlled by Lender or its Mortgage Correspondent. Lender shall have a first and prior security interest in each such escrow account. If any such fire or casualty results in rental abatement under any Approved Lease, Lender may also require that the applicable Borrower deposit any deficit between the business interruption or loss of rents proceeds received and the debt service due under the Loan Documents during the period of rebuilding or restoration of the such Improvements. As provided under Section Subject to the terms of Sections 3.6 and 5.1 of this Agreement, Lender shall have the right (but not the obligation) to settle, collect and retain such proceeds, and after deduction of all expenses of collection and settlement, including attorney and adjusters’ fees and expenses, to release the same to the applicable Borrower periodically periodically, provided that such Borrower shall: