Casualties and Takings. Any actual or constructive loss by reason of fire, explosion, theft or other casualty, of any Property of any Loan Party or any taking of title to, or the use of, any Property of any Loan Party pursuant to eminent domain or condemnation proceedings or any settlement or compromise thereof, in each case, with a value equal to or greater than $1,000,000.00, and a certificate of a Responsible Officer of the Borrowers describing the nature and status of such occurrence;
Casualties and Takings. All proceeds of any property or casualty insurance or awards of damages on account of any taking or condemnation for public use of or injury to the Property shall be paid to the Bank. In the case of a casualty loss or taking, the Bank may, in its discretion, apply such proceeds to or toward the Obligations (in which event the Borrower shall be relieved of the obligation in Section 3.3 of this Mortgage to repair the part of the Property damaged by the loss or taking with respect to which such proceeds are paid), or if the Bank shall require repair of that part of the Property so damaged or remaining after such loss or taking, the Bank shall release to the Borrower proceeds paid to it in accordance with the Bank’s usual procedures for funding construction advances, and subject to any conditions on future advances contained in the Credit Agreement, to be applied against the cost of repairing and restoring the Property or the remaining portion thereof, with any balance remaining to be applied to or toward the Obligations. Notwithstanding anything in this Section 3.5 to the contrary, however, if there are no insurance proceeds available with respect to a casualty loss for any reason, e.g., if a casualty loss is not covered by any insurance applicable to the Property (whether or not required by this Mortgage), or if any insurer shall deny a casualty loss is covered by its policy, or if any insurer shall fail to pay a claim as a result of the insurer’s insolvency, the Borrower shall not be relieved of any obligations under Section 3.3 of this Mortgage.
Casualties and Takings. Any actual or constructive loss by reason of fire, explosion, theft or other casualty of any Property of any Credit Party or any taking of title to, or the use of, any Wireless Assets pursuant to eminent domain or condemnation proceedings or any settlement or compromise thereof, in each case, with a value equal to or greater than [__________]*, and a certificate of a Responsible Officer of the Borrower describing to its knowledge the nature and status of such occurrence; and *Information marked with an asterisk herein has been omitted and filed separately with the Commission pursuant to a request for confidential treatment.
Casualties and Takings. Any actual or constructive loss by reason of fire, explosion, theft or other casualty, of any Property of any Loan Party or Subsidiary or any taking of title to, or the use of, any Property of any Loan Party or Subsidiary pursuant to eminent domain or condemnation proceedings or any settlement or compromise thereof, in each case, with a value equal to or greater than $500,000, and a certificate of a Responsible Officer of the Borrower Representative, describing the nature and status of such occurrence. Each notice pursuant to this Section 5.02 shall be accompanied by a statement of a Responsible Officer of the Borrower Representative, setting forth details, and nature and status, of the occurrence referred to therein and stating what actions the applicable Loan Party or Subsidiary has taken and proposes to take with respect thereto. Each notice pursuant to Section 5.02(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.
Casualties and Takings. All proceeds of any property or hazard insurance or awards of damages on account of any taking or condemnation for public use of or injury to the Property shall be remitted to Beneficiary in accordance with the provisions of Section 2.5 of the Loan Agreement.
Casualties and Takings. 29 14.1 CASUALTIES. . . . . . . . . . . . . . . . . . . . . . . . . . . 29 14.2 TAKINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Casualties and Takings. The Owner shall promptly notify the Investor if the Project is damaged or destroyed by fire, casualty, injury or any other cause (each such occurrence, a “Casualty”). Upon the occurrence of such Casualty, the Owner’s Lender, if any, may elect, in accordance with the provisions of the applicable loan documents between the Owner and Owner's Lender, to restore the Property and the Project or to terminate the construction of the Project, and in either case, to direct the application of the insurance proceeds pursuant to the terms of Owner’s Lender’s agreement with the Owner, provided that if the insurance proceeds are not used to restore the Property and the Project, insurance proceeds will be distributed to the Owner’s Lender and to the Investor in accordance with their insured interests, and any excess proceeds will be paid to the Owner. Upon the occurrence of a Casualty, if no Person is a Lender at the time of such Casualty, the insurance proceeds shall be applied to pay the costs of the restoration of the Project or to the repayment of the outstanding balance of the Special Assessments, and in which case the Investor shall remain obligated to cause the Disbursing Agent to make disbursements of up to the total amount of the Project Advance in accordance with this Agreement. In the event restoration of the Project or the Property is pursued, the Owner shall immediately proceed with the restoration of the Project in accordance with the plans and specifications. If, in the Investor’s reasonable judgment, said insurance proceeds are insufficient to complete the restoration, the Owner shall deposit with the Disbursing Agent such amounts as are necessary, in the Investor’s reasonable judgment, to complete the restoration in accordance with the plans and specifications. In the event any part of the Property or the Project shall be taken for public purposes by condemnation as a result of any action or proceeding in eminent domain, or shall be transferred in lieu of condemnation to any authority entitled to exercise the power of eminent domain (a “Taking”), the Owner’s Lender, if any, may elect, in accordance with the provisions of the applicable loan documents between Owner and Owner's Lender, not to restore the Property or the Project or to restore the Property or the Project, and in either case, to direct the application of the proceeds of the Taking pursuant to the terms of its agreements with the Owner, provided that if the Takings proceeds are not used to rest...
Casualties and Takings. Promptly following, and in any event within ten Business Days of any Casualty or Taking involving Property of any Credit Party with a value equal to or greater than $1,000,000, an Officer's Certificate of the Issuer describing the nature and status of such occurrence;
Casualties and Takings. All proceeds of any property or hazard insurance or awards of damages on account of any taking or condemnation for public use of or injury to the Property shall (a) so long as no Default or Event of Default has occurred and is continuing, be disbursed to the Mortgagor and applied by Mortgagor in the manner provided in (S)3.2(b) of the Credit Agreement, and (b) in all other circumstances, be held by Mortgagee as cash collateral for the Obligations.
Casualties and Takings. If the Mortgaged Property or any part thereof shall be damaged or destroyed by fire or other hazard insured against, or if the Mortgaged Property or any portion thereof or interest therein shall be taken by eminent domain, the Mortgagor shall promptly give written notice thereof to the Mortgagee and promptly take such action as is required to collect any applicable insurance proceeds or any eminent domain award. No settlement on account of any loss, damage or taking shall be made without the prior written consent of the Mortgagee. If, in the Mortgagee’s sole judgment, the Mortgagor is not proceeding promptly to settle such claims in a manner satisfactory to the Mortgagee or, if there has occurred an Event of Default which has not been waived in writing by the Mortgagee, the Mortgagee may settle any claims with the insurers or taking authority and the Mortgagee is hereby irrevocably appointed attorney-in-fact for the Mortgagor to settle such claims and to collect and endorse any checks issued in the name of the Mortgagor. Any proceeds from insurance or awards for such taking, as the case may be, shall be paid to the Mortgagee. [Alternate for option to apply against debt: The Mortgagee, in its discretion, may either apply any insurance proceeds or eminent domain award against any of the obligations secured hereby, or release all or a portion of the proceeds to the Mortgagor upon such terms and conditions as the Mortgagee deems appropriate, and apply the balance thereof, if any, to the obligation secured hereby.] [Alternate for Mandatory Release of Insurance and Condemnation Proceeds: Provided that there has been no Event of Default by the Mortgagor under this Mortgage and the Mortgagor demonstrates to the Mortgagee’s satisfaction the availability of sufficient funds to restore the Mortgaged Property in a manner approved by the Mortgagee and in compliance with all laws, regulations and administrative orders applicable to the Mortgaged Property, the Mortgagee shall disburse any insurance proceeds or eminent domain award periodically to the Mortgagor for such restoration upon such terms and conditions as the Mortgagee deems appropriate. Any proceeds not required for such restoration shall, at the option of the Mortgagee, be applied against the obligations secured by this Mortgage in such manner as the Mortgagee may elect.]
