Common use of Condemnation and Insurance Proceeds Clause in Contracts

Condemnation and Insurance Proceeds. All Condemnation Proceeds, Insurance Proceeds and any interest earned thereon shall be paid over either by the condemning authority, insurance company or escrow agent to Mortgagee and shall be applied first toward reimbursement of the costs and expenses of Mortgagee (including reasonable attorneys' and paralegals' fees), if any, in connection with the recovery of such Proceeds, and then shall be applied in the sole and absolute discretion of Mortgagee and without regard to the adequacy of its security under this Mortgage (A) to the payment or prepayment of all or any portion of the Note including the Prepayment Premium described in the Note; (B) to the reimbursement of expenses incurred by Mortgagee in connection with the restoration of the Property or Collateral; or (C) to the performance of any of the covenants contained in this Mortgage as Mortgagee may determine. Any prepayment of the Note or portion thereof pursuant to Mortgagee's election under this Section shall be subject to the Prepayment Premium described in the Note. Upon any Event of Default by Mortgagor under this Mortgage, all right, title and interest of Mortgagor in and to all any and all insurance policies then in force, including any and all unearned premiums and existing claims, will inure to Mortgagee, which, at its sole option, and as attorney-in-fact for Mortgagor, may then make, settle and give binding acquittances for claims under all such policies, and may assign and transfer such policies or cancel or surrender them, applying any unearned premium in such manner as Mortgagee may elect. The foregoing appointment of Mortgagee as attorney-in-fact for Mortgagor is coupled with an interest, and is irrevocable.

Condemnation and Insurance Proceeds. All Condemnation Proceeds, Insurance Proceeds and any interest earned thereon shall be paid over either by the condemning authority, insurance company or escrow agent to Mortgagee and shall be applied first toward reimbursement of the costs and expenses of Mortgagee (including reasonable attorneys' ’ and paralegals' ’ fees), if any, in connection with the recovery of such Proceeds, and then shall be applied in the sole and absolute discretion of Mortgagee and without regard to the adequacy of its security under this Mortgage or the Related Agreements (A) to the payment or prepayment of all or any portion of the Note including the Prepayment Premium described in the Note, as applicable; (B) to the reimbursement of expenses incurred by Mortgagee in connection with the restoration of the Property or Collateral; or (C) to the performance of any of the covenants contained in this Mortgage or the Related Agreements as Mortgagee may determine. Any prepayment of the Note or portion thereof pursuant to Mortgagee's ’s election under this Section shall be subject to the Prepayment Premium described in the Note. Upon any Event of Default by Mortgagor under this MortgageDefault, all right, title and interest of Mortgagor in and to all any and all insurance policies then in force, including any and all unearned premiums and existing claims, will inure to Mortgagee, which, at its sole option, and as attorney-in-fact for Mortgagor, may then make, settle and give binding acquittances for claims under all such policies, and may assign and transfer such policies or cancel or surrender them, applying any unearned premium in such manner as Mortgagee may elect. The foregoing appointment of Mortgagee as attorney-in-fact for Mortgagor is coupled with an interest, and is irrevocable.

Condemnation and Insurance Proceeds. All Condemnation Proceeds, Insurance Proceeds and any interest earned thereon shall be paid over either by the condemning authority, insurance company or escrow agent to Mortgagee Beneficiary and shall be applied first toward reimbursement of the costs and expenses of Mortgagee Beneficiary (including reasonable attorneys' and paralegals' fees), if any, in connection with the recovery of such Proceeds, and then shall be applied in the sole and absolute discretion of Mortgagee Beneficiary and without regard to the adequacy of its security under this Mortgage Deed of Trust (A) to the payment or prepayment of all or any portion of the Note including the Prepayment Premium described in the Note; (B) to the reimbursement of expenses incurred by Mortgagee Beneficiary in connection with the restoration of the Property or Collateral; or (C) to the performance of any of the covenants contained in this Mortgage Deed of Trust as Mortgagee Beneficiary may determine. Any prepayment of the Note or portion thereof pursuant to MortgageeBeneficiary's election under this Section shall be subject to the Prepayment Premium described in the Note. Upon any Event of Default by Mortgagor Grantor under this MortgageDeed of Trust, all right, title and interest of Mortgagor Grantor in and to all any and all insurance policies then in force, including any and all unearned premiums and existing claims, will inure to MortgageeBeneficiary, which, at its sole option, and as attorney-in-fact for MortgagorGrantor, may then make, settle and give binding acquittances for claims under all such policies, and may assign and transfer such policies or cancel or surrender them, applying any unearned premium in such manner as Mortgagee Beneficiary may elect. The foregoing appointment of Mortgagee Beneficiary as attorney-in-fact for Mortgagor Grantor is coupled with an interest, and is irrevocable.

Condemnation and Insurance Proceeds. All Condemnation Proceeds, Insurance Proceeds and any interest earned thereon shall be paid over either by the condemning authority, insurance company or escrow agent to Mortgagee Lender and shall be applied first toward reimbursement of the costs and expenses of Mortgagee Lender (including reasonable attorneys' and paralegals' fees), if any, in connection with the recovery of such Proceeds, and then shall be applied in the sole and absolute discretion of Mortgagee Lender and without regard to the adequacy of its security under this Mortgage Security Deed (A) to the payment or prepayment of all or any portion of the Note including the Prepayment Premium described in the Note; (B) to the reimbursement of expenses incurred by Mortgagee Lender in connection with the restoration of the Property or Collateral; or (C) to the performance of any of the covenants contained in this Mortgage Security Deed as Mortgagee Lender may determine. Any prepayment of the Note or portion thereof pursuant to MortgageeLender's election under this Section shall be subject to the Prepayment Premium described in the Note. Upon any Event of Default by Mortgagor Borrower under this MortgageSecurity Deed, all right, title and interest of Mortgagor Borrower in and to all any and all insurance policies then in force, including any and all unearned premiums and existing claims, will inure to MortgageeLender, which, at its sole option, and as attorneyattomey-in-fact for MortgagorBorrower, may then make, settle and give binding acquittances for claims under all such policies, and may assign and transfer such policies or cancel or surrender them, applying any unearned premium in such manner as Mortgagee Lender may elect. The foregoing appointment of Mortgagee Lender as attorneyattomey-in-fact for Mortgagor Borrower is coupled with an interest, and is irrevocable.

Condemnation and Insurance Proceeds. All Condemnation Proceeds, Insurance Proceeds and any interest earned thereon shall be paid over either by the condemning authority, insurance company or escrow agent to Mortgagee Lender and shall be applied first toward reimbursement of the costs and expenses of Mortgagee Lender (including reasonable attorneys' and paralegals' fees), if any, in connection with the recovery of such Proceeds, and then shall be applied in the sole and absolute discretion of Mortgagee Lender and without regard to the adequacy of its security under this Mortgage Security Deed (A) to the payment or prepayment of all or any portion of the Note including the Prepayment Premium described in the Note; (B) to the reimbursement of expenses incurred by Mortgagee Lender in connection with the restoration of the Property or Collateral; or (C) to the performance of any of the covenants contained in this Mortgage Security Deed as Mortgagee Lender may determine. Any prepayment of the Note or portion thereof pursuant to MortgageeLender's election under this Section shall be subject to the Prepayment Premium described in the Note. Upon any Event of Default by Mortgagor Borrower under this MortgageSecurity Deed, all right, title and interest of Mortgagor Borrower in and to all any and all ail insurance policies then in force, including any and all unearned premiums and existing claims, will inure to MortgageeLender, which, at its sole option, and as attorney-in-fact for MortgagorBorrower, may then make, settle and give binding acquittances for claims under all such policies, and may assign and transfer such policies or cancel or surrender them, applying any unearned premium in such manner as Mortgagee Lender may elect. The foregoing appointment of Mortgagee Lender as attorney-in-fact for Mortgagor Borrower is coupled with an interest, and is irrevocable.