Collection and Application of Insurance and Condemnation Proceeds. The Borrower will cooperate with the City in obtaining for the City the benefits of any insurance, condemnation or other proceeds lawfully or equitably payable in connection with the transactions contemplated hereby and to reimburse the City for any expenses incurred in connection therewith (including the payment by the Borrower of the expense of any independent appraisal on behalf of the City in case of a fire or other casualty or condemnation affecting the Property). All such proceeds shall be applied to the restoration of the Property or to the payment of the Loan as more particularly described in the Deed of Trust.
Appears in 41 contracts
Samples: Construction/Permanent Second Deed of Trust Loan Agreement, Construction/Permanent Second Deed of Trust Loan Agreement, Forgivable Loan Agreement
