Common use of Casualty, Repair, Proof of Loss Clause in Contracts

Casualty, Repair, Proof of Loss. If any portion of the Mortgaged Property shall be damaged or destroyed by any cause (a “Casualty”), Mortgagor shall, subject to Section 3.2 below: (a) give notice to the Mortgagee as promptly as practicable; and (b) unless the Mortgagee has withheld Casualty proceeds during the twelve (12) months prior to the latest maturity date of the Loans and insurance proceeds and other funds are not available to Mortgagor, promptly commence and diligently pursue to completion (in accordance with plans and specifications approved by Mortgagee) the restoration, repair and rebuilding of the Mortgaged Property at least as nearly as possible to its value, condition and character immediately prior to the Casualty; and (c) if the Casualty is covered by insurance, immediately make proof of loss and to the extent permitted by this Mortgage, collect all insurance proceeds, all such proceeds to be payable to Mortgagee or as Mortgagee shall direct. If an Event of Default shall be in existence, or if Mortgagor shall fail to provide notice to Mortgagee of filing proof of loss, or if Mortgagor shall not be diligently proceeding, in Mortgagee’s reasonable opinion, to collect such insurance proceeds, then Mortgagee may, but is not obligated to, make proof of loss, and is authorized, but is not obligated, to settle any claim with respect thereto, and to collect the proceeds thereof.

Casualty, Repair, Proof of Loss. If any portion of the Mortgaged Property shall be damaged or destroyed by any cause (a “Casualty”), the cost to repair of which is $100,000 or more, the Mortgagor shall, subject to Section 3.2 below: (a) give immediate notice to the Mortgagee as promptly as practicableLender; and (b) unless the Mortgagee has withheld Casualty proceeds during the twelve (12) months prior to the latest maturity date regardless of the Loans and insurance proceeds and other funds are not available cost to Mortgagorrepair, promptly commence and diligently pursue to completion (and in the case of a Casualty costing $250,000 or more to repair, in accordance with plans and specifications approved by Mortgageethe Lender) the restoration, repair and rebuilding (“Restoration”) of the Mortgaged Property at least as nearly as possible to its value, condition and character immediately prior to the Casualty; and (c) if the Casualty is covered by insurance, immediately make proof of loss and cause the insurer to pay the extent permitted by this Mortgageinsurance proceeds directly to Lender in the event the insurance proceeds from such Casualty are in excess of $250,000 and, collect all provided that there is no continuing Event of Default, to Mortgagor in the event insurance proceeds, all proceeds from such proceeds to be payable to Mortgagee or as Mortgagee shall directCasualty are less than $250,000 for Restoration of the Improvements. If an Event of Default shall be in existence, or if the Mortgagor shall fail to provide notice to Mortgagee the Lender of filing proof of loss, or if the Mortgagor shall not be diligently proceeding, in Mortgageethe Lender’s reasonable opinion, to collect such insurance proceeds, then Mortgagee the Lender may, but is not obligated to, make proof of loss, and is authorized, but is not obligated, to settle any claim with respect thereto, and to collect the proceeds thereof. The Mortgagor shall not accept any settlement of an insurance claim, the result of which shall be a payment which is 5% or more less than the full amount of the claim, without the prior written consent of the Lender.

Casualty, Repair, Proof of Loss. If any portion of the Mortgaged Property shall be damaged or destroyed by any cause (a “Casualty”), Mortgagor shall, subject to Section 3.2 below: (a) give notice to the Mortgagee as promptly as practicable; and (b) unless the Mortgagee has withheld Casualty proceeds during the twelve (12) months prior to the latest maturity date of the Loans Maturity Date and insurance proceeds and other funds are not available to Mortgagor, promptly commence and diligently pursue to completion (in accordance with plans and specifications approved by Mortgagee) the restoration, repair and rebuilding of the Mortgaged Property at least as nearly as possible to its value, condition and character immediately prior to the Casualty; and (c) if the Casualty is covered by insurance, immediately make proof of loss and to the extent permitted by this Mortgage, collect all insurance proceeds, all such proceeds to be payable to Mortgagee for deposit in the Condemnation and Awards Fund established pursuant to the Indenture or as Mortgagee shall direct. If an Event of Default shall be in existence, or if Mortgagor shall fail to provide notice to Mortgagee of filing proof of loss, or if Mortgagor shall not be diligently proceeding, in Mortgagee’s reasonable opinion, to collect such insurance proceeds, then Mortgagee may, but is not obligated to, make proof of loss, and is authorized, but is not obligated, to settle any claim with respect thereto, and to collect the proceeds thereof.

Casualty, Repair, Proof of Loss. If any portion of the Mortgaged Property shall be damaged or destroyed by any cause (a “Casualty”), Mortgagor shall, subject to Section 3.2 below: (a) give notice to the Mortgagee as promptly as practicable; and; (b) unless the Mortgagee has withheld Casualty proceeds during the twelve (12) months prior to the latest maturity date of the Loans Bonds and insurance proceeds and other funds are not available to Mortgagor, promptly commence and diligently pursue to completion (in accordance with plans and specifications approved by Mortgagee) the restoration, repair and rebuilding of the Mortgaged Property at least as nearly as possible to its value, condition and character immediately prior to the Casualty; and (c) if the Casualty is covered by insurance, immediately make proof of loss and to the extent permitted by this Mortgage, collect all insurance proceeds, all such proceeds to be payable to Mortgagee or as Mortgagee shall direct. If an Event of Default shall be in existence, or if Mortgagor shall fail to provide notice to Mortgagee of filing proof of loss, or if Mortgagor shall not be diligently proceeding, in Mortgagee’s reasonable opinion, to collect such insurance proceeds, then Mortgagee may, but is not obligated to, make proof of loss, and is authorized, but is not obligated, to settle any claim with respect thereto, and to collect the proceeds thereof.

Casualty, Repair, Proof of Loss. If any portion of the Mortgaged Property shall be damaged or destroyed by any cause (a “Casualty”), Mortgagor shall, subject to Section 3.2 below: (a) give notice to the Mortgagee as promptly as practicable; and (b) unless the Mortgagee has withheld Casualty proceeds during the twelve (12) months prior to the latest maturity date of the Loans Maturity Date and insurance proceeds and other funds are not available to Mortgagor, promptly commence and diligently pursue to completion (in accordance with plans and specifications approved by Mortgagee) the restoration, repair and rebuilding of the Mortgaged Property at least as nearly as possible to its value, condition and character immediately prior to the Casualty; and (c) if the Casualty is covered by insurance, immediately make proof of loss and to the extent permitted by this Mortgage, collect all insurance proceeds, all such proceeds to be payable to Mortgagee or as Mortgagee shall direct. If an Event of Default shall be in existence, or if Mortgagor shall fail to provide notice to Mortgagee of filing proof of loss, or if Mortgagor shall not be diligently proceeding, in Mortgagee’s 's reasonable opinion, to collect such insurance proceeds, then Mortgagee may, but is not obligated to, make proof of loss, and is authorized, but is not obligated, to settle any claim with respect thereto, and to collect the proceeds thereof.

Casualty, Repair, Proof of Loss. If any portion of the Mortgaged Property shall be damaged or destroyed by any cause (a “Casualty”), Mortgagor shall, subject to Section 3.2 below: (a) give notice to the Mortgagee as promptly as practicable; and (b) unless the Mortgagee has withheld Casualty proceeds during the twelve (12) months prior to the latest maturity date of the Loans Maturity Date and insurance proceeds and other funds are not available to Mortgagor, promptly commence and diligently pursue to completion (in accordance with plans and specifications approved by Mortgagee) the restoration, repair and rebuilding of the Mortgaged Property at least as nearly as possible to its value, condition and character immediately prior to the Casualty; and (c) if the Casualty is covered by insurance, immediately make proof of loss and to the extent permitted by this Mortgage, collect all insurance proceeds, all such proceeds to be payable to Mortgagee or as Mortgagee shall direct. If an Event of Default shall be in existence, or if Mortgagor shall fail to provide notice to Mortgagee of filing proof of loss, or if Mortgagor shall not be diligently proceeding, in Mortgagee’s reasonable opinion, to collect such insurance proceeds, then Mortgagee may, but is not obligated to, make proof of loss, and is authorized, but is not obligated, to settle any claim with respect thereto, and to collect the proceeds thereof.