Common use of Borrower's Right to Apply to Restoration Clause in Contracts

Borrower's Right to Apply to Restoration. In the event of (i) a Casualty that does not constitute a Material Casualty, or (ii) a Condemnation that does not constitute a Material Condemnation, Lender shall permit the application of the Proceeds (after reimbursement of any expenses incurred by Lender) to reimburse the applicable Borrower for the cost of restoring, repairing, replacing or rebuilding the related Property (the "Restoration"), in the manner required hereby, provided and on the condition that, no Event of Default shall have occurred and be then continuing and, in the reasonable judgment of Lender: (i) such Property can be restored to an economic unit not less valuable (taking into account the effect of the termination of any Leases or Material Agreements and the proceeds of any rental loss or business interruption insurance which such Borrower receives or is entitled to receive, in each case, due to such Casualty or Condemnation) and not materially less useful than the same was prior to the Casualty or Condemnation, (ii) such Property together with all the other Properties after such restoration will adequately secure the outstanding balance of the Loan, (iii) the Restoration can be completed by the earliest to occur of: (A) the 365th day following the receipt of the Proceeds (or if earlier, the 365th day after the Casualty or Condemnation, as applicable), or, with Rating Confirmation, such longer period as may reasonably be required, (B) the 365th day prior to the Maturity Date, and (C) with respect to a Casualty, the expiration of the payment period on the business interruption insurance coverage in respect of such Casualty, and (iv) after receiving reasonably satisfactory evidence to such effect, during the period of the Restoration, the sum of (A) income derived from such Property, plus (B) proceeds of rent loss insurance or business interruption insurance, if any, payable together with such other monies as the applicable Borrower may irrevocably make available for the restoration, will equal or exceed 105% of the sum of (1) Operating Expenses and (2) the Debt Service.

Borrower's Right to Apply to Restoration. In the event of (i) a Casualty that does not constitute a Material Casualtyor Condemnation where the loss is in an aggregate amount equal to or less than $500,000, or (ii) a Condemnation that does not constitute a Material Condemnation, Lender then the Lenders shall permit the application of apply the Proceeds (after reimbursement of any expenses incurred by Lenderthe Administrative Agent and the Lenders) to reimburse the applicable Borrower for the cost of restoring, repairing, replacing or rebuilding the related Property applicable Realty (the "“Restoration"), ”) in the manner required hereby, provided and on the condition that, that (I) no Event of Default shall have occurred and be then continuing andcontinuing, in the reasonable judgment of Lender: and (iII) such Property can be restored to an economic unit not less valuable (taking into account the effect of the termination of any Leases or Material Agreements and the proceeds of any rental loss or business interruption insurance which such Borrower receives or is entitled to receive, in each case, due to such Casualty or Condemnation) and not materially less useful than the same was prior to the Casualty or Condemnation, (ii) such Property together with all the other Properties after such restoration will adequately secure the outstanding balance of the Loan, (iii) the Restoration can be completed by the earliest to occur of: shall (A) the 365th day following the receipt commence settlement of the Proceeds insurance claim within thirty (or if earlier, the 365th day 30) days after the Casualty or Condemnationdate of the Casualty, as applicable), or, with Rating Confirmation, such longer period as may reasonably be required, (B) diligently pursue the 365th day prior preparation of plans and specifications, the issuance of all necessary permits and approvals, the execution of construction contracts, and all other actions necessary to the Maturity Datecommence Restoration, and (C) with respect to a Casualty, the expiration commence Restoration as soon as reasonably practicable (but in no event later than ninety (90) days after completion of the payment period on the business interruption insurance coverage matters referred to in respect of such Casualty, and (iv) after receiving reasonably satisfactory evidence to such effect, during the period of the Restoration, the sum of (A) income derived from such Property, plus clause (B) proceeds of rent loss insurance or business interruption insuranceabove), if any, payable together with such other monies as the applicable Borrower may irrevocably make available for the restoration, will equal or exceed 105% and (D) diligently pursue each of the sum same to satisfactory completion. If any of the conditions set forth in clauses (1I) Operating Expenses and (2II) of this subsection (b) is not satisfied, then, notwithstanding anything herein to the Debt Servicecontrary, unless the Majority Lenders shall otherwise elect, at their sole option, the Proceeds shall be applied to the prepayment of the Notes in accordance with the terms of Section 6.3(d).

Borrower's Right to Apply to Restoration. In the event of (i) a Casualty that does not constitute a Material Casualty, or (ii) a Condemnation that does not constitute a Material Condemnation, Lender Agent shall permit the application of the Proceeds (after reimbursement of any reasonable expenses incurred by LenderAgent) to reimburse the applicable pay Borrower for the cost of restoring, repairing, replacing or rebuilding the related applicable Mortgaged Property (the "RestorationRESTORATION"), in the manner required hereby, provided PROVIDED, and on the condition that, no Event of Default shall have occurred and be then continuing and, in the reasonable judgment of LenderAgent: (i) such the applicable Mortgaged Property can be restored to an economic unit not materially less valuable (taking into account the effect of the termination of any Leases or Material Agreements and the proceeds of any rental loss or business interruption insurance which such Borrower receives or is entitled to receive, in each case, due to such Casualty or Condemnation) and not materially less useful than the same was prior to the Casualty or Condemnation,, and (ii) such Property together with all the other Properties after such restoration will adequately secure the outstanding balance of the Loan, (iii) the Restoration can be completed by the earliest earlier to occur of: (A) the 365th day following the receipt of the Proceeds (or if earlier, the 365th day after the Casualty or Condemnation, as applicable), or, with Rating Confirmation, such longer period as may reasonably be required, (B) the 365th 60th day prior to the Maturity Date, and (CB) with respect to a Casualty, the expiration of the payment period on the business interruption rental-loss insurance coverage in respect of such Casualty. Notwithstanding the foregoing, and (iv) after receiving reasonably satisfactory evidence to such effect, during the period if any of the Restorationconditions set forth in the proviso in this clause (b) is not satisfied, then, notwithstanding anything herein to the contrary, unless Agent shall otherwise elect, at its sole option, the sum of (A) income derived from such Property, plus (B) proceeds of rent loss insurance or business interruption insurance, if any, payable together with such other monies as Proceeds shall be applied to the applicable Borrower may irrevocably make available for the restoration, will equal or exceed 105% prepayment of the sum Loan and the Borrower Parties shall not be entitled to receive a release of (1) Operating Expenses the Lien of the Mortgage and (2) the Debt Serviceother Loan Documents, unless such application shall pay the Debt, all accrued and unpaid interest, and all other amounts due hereunder and under all other Loan Documents in full.

Borrower's Right to Apply to Restoration. In the event either of (i) a Casualty that does not constitute involves a Material Casualty, loss of less than five percent (5%) of the outstanding principal balance of the Loan or (ii) a Condemnation that does not constitute a Material Condemnationwhere the loss is in an aggregate amount less than five percent (5%) of the outstanding principal balance of the Loan, Lender shall permit the application of the Proceeds (after reimbursement of any expenses incurred by Lender) to reimburse the applicable Borrower for the cost of restoring, repairing, replacing or rebuilding the related applicable Mortgaged Property (the "RestorationRESTORATION"), in the manner required hereby, provided and on the condition that, no Event of Default shall have occurred and be then continuing and, in the reasonable judgment of Lender: (i) such the applicable Mortgaged Property can be restored to an economic unit not less valuable (taking into account the effect of the termination of any Leases or Material Agreements and the proceeds of any rental loss or business interruption insurance which such Borrower receives or is entitled to receive, in each case, due to such Casualty or Condemnation) and not materially less useful than the same was prior to the Casualty or Condemnation, (ii) such the applicable Mortgaged Property together with all the other Properties after such restoration will adequately secure the outstanding balance of the Loan, (iii) the Restoration can be completed by the earliest to occur of: (A) the 365th 180th day following the receipt of the Proceeds (or if earlier, the 365th day after the Casualty or Condemnation, as applicable), or, with Rating Confirmation, such longer period as may reasonably be required, (B) the 365th 180th day prior to the Maturity Date, and (C) with respect to a Casualty, the expiration of the payment period on the business interruption rental-loss insurance coverage in respect of such Casualty, and (iv) after receiving reasonably satisfactory evidence to such effect, during the period of the Restoration, the sum of (A) income derived from such Propertythe Mortgaged Properties, plus (B) proceeds of rent loss insurance or business interruption insurance, if any, payable together with such other monies as the applicable Borrower may irrevocably make available for the restoration, will equal or exceed one hundred five percent (105% %) of the sum of (1) Operating Expenses and (2) the Debt Service.)

Borrower's Right to Apply to Restoration. In the event of (i) a ---------------------------------------- Casualty that does not constitute involves a Material Casualty, loss of the cost of which to repair is less than 30% of the replacement cost of the Improvements or (ii) a Condemnation that does not constitute a Material Condemnationaffects less than 15% of the usable square footage of the Improvements, Lender shall permit the application of the Proceeds (after reimbursement of any reasonable costs and expenses incurred by LenderLender in connection with the collection of such Proceeds) to reimburse the applicable Borrower pay for the cost of restoring, repairing, replacing or rebuilding the related Mortgaged Property (the "Restoration"), in the manner required hereby, provided ----------- -------- and on the condition that, no Default or Event of Default shall have occurred and be then continuing (other than a Default or Event of Default caused solely by such casualty or condemnation) and, in the reasonable judgment of Lender: (i) such the Mortgaged Property can be restored to an economic economically viable unit not less valuable with a resulting Loan to value (as reasonably determined by Lender, taking into account the effect of the termination of any Leases or Material Agreements and the proceeds of any rental loss or business interruption insurance which such Borrower receives or is entitled to receive, in each case, due to such Casualty or Condemnation) and not materially less useful than the same was prior to the Casualty or Condemnationoriginal underwriting criteria employed by Lender), (ii) such Property together with all the other Properties after such restoration will adequately secure the outstanding balance of the Loan, (iii) Lender shall have received reasonably satisfactory evidence that the Restoration can be completed by the earliest to occur of: (A) the 365th day following the later of (x) receipt of the Proceeds (or if earlier, the 365th day after the Casualty or Condemnation, as applicable)Proceeds, or, with Rating a Ratings Confirmation, such longer period as may reasonably be required, or (y) notice of Lender's election under the provisions set forth below in this Section 8.1.2(b), (B) the 365th day prior to the Maturity Anticipated Repayment Date, and (C) with respect to a Casualty, the expiration of the payment period on the business interruption rental loss insurance coverage in respect of such Casualty, and (iviii) after receiving Lender's receipt of reasonably satisfactory evidence to such effect, during the period of the Restoration, the sum of (A) income derived from such the Mortgaged Property, plus (B) proceeds of rent loss insurance or business interruption insurance, if any, payable payable, together with such other monies as the applicable Borrower may irrevocably make available for the restorationavailable, will equal or exceed 105% of the sum of (1) Operating Expenses expenses in connection with the operation of the Mortgaged Property and (2) the Debt ServiceService for the Mortgaged Property.