Common use of Condemnation and Other Awards Clause in Contracts

Condemnation and Other Awards. Upon learning of the condemnation or other taking for public or quasi-public use of, or of the institution or the threatened institution of any proceeding for the condemnation or other taking for public or quasi-public use of, all or any part of the Property, Trustor shall immediately notify Beneficiary and Trustee of such fact. Trustor shall take all actions reasonably required by Beneficiary or Trustee in connection therewith to defend and protect the interests of Trustor, Beneficiary and/or Trustee in the Property. At Beneficiary’s option, Beneficiary or Trustor may be the nominal party in such proceeding but in any event Beneficiary shall be entitled, without regard to the adequacy of its security, to participate in and to control the same and to be represented therein by counsel of its choice. Trustor hereby assigns to Beneficiary, as security for the Secured Obligations, all compensation, awards, damages and other amounts payable to Trustor in connection with any condemnation or other taking of all or any part of the Property for public or semi-public use (including, but not limited to, the proceeds of any settlement, regardless of whether or not condemnation or other taking proceedings are instituted in connection therewith). Upon receipt, Trustor shall immediately deliver all such compensation, awards, damages and other amounts to Beneficiary. All such proceeds shall first be applied to reimburse Beneficiary and Trustee for all costs and expenses, including reasonable attorneys’ fees, incurred in connection with the collection of such award or settlement. The balance of such award or settlement shall be applied in accordance with the terms of the Agreement or, in the absence thereof, as required by law. Application or release of such proceeds as provided herein shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.

Condemnation and Other Awards. Upon learning of the condemnation or other taking for public or quasi-public use of, or of the institution or the threatened institution of any proceeding for the condemnation or other taking for public or quasi-public use of, all or any part of the Property, Trustor shall immediately notify Beneficiary and Trustee of such fact. Trustor shall take all actions reasonably required by Beneficiary or Trustee in connection therewith to defend and protect the interests of Trustor, Beneficiary and/or Trustee in the Property. At Beneficiary’s option, but subject to the rights of senior lienholders, Beneficiary or Trustor may be the nominal party in such proceeding but in any event Beneficiary shall be entitled, without regard to the adequacy of its security, to participate in and to control the same and to be represented therein by counsel of its choice. Trustor hereby assigns to Beneficiary, as security for the Secured Obligations, all compensation, awards, damages and other amounts payable to Trustor in connection with any condemnation or other taking of all or any part of the Property for public or semi-public use (including, but not limited to, the proceeds of any settlement, regardless of whether or not condemnation or other taking proceedings are instituted in connection therewith). Upon receipt, Trustor shall shall, subject to the rights of senior lienholders, immediately deliver all such compensation, awards, damages and other amounts to Beneficiary. All such proceeds shall first be applied to restore and rebuild the Property, and thereafter applied to reimburse Beneficiary and Trustee for all costs and expenses, including reasonable attorneys’ fees, incurred in connection with the collection of such award or settlement. The balance of such award or settlement shall be applied in accordance with the terms of the Original Agreement or, in the absence thereof, as required by law. Application or release of such proceeds as provided herein shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.

Condemnation and Other Awards. Upon learning of the condemnation or other taking for public or quasi-public use of, or Immediately upon its obtaining knowledge of the institution or the threatened institution of any proceeding for the condemnation or other taking for public or quasi-public use of, all of the Collateral or any part thereof, or if the same be taken or damaged by reason of the Propertyany public improvement or condemnation proceeding, or in any other manner, or should Trustor and/or Additional Trustor receive any notice or other information regarding such proceeding, action, taking or damage, Trustor and Additional Trustor shall immediately promptly notify Trustee and Beneficiary and Trustee of such fact. Trustor shall take all actions reasonably required then, if requested by Beneficiary, file or defend its rights thereunder and prosecute the same with due diligence to its final disposition and shall cause any award or settlement to be paid over to Beneficiary or Trustee in connection therewith for disposition pursuant to defend and protect the interests terms of Trustorthis Deed of Trust. Subject to the Loan Agreement, Beneficiary and/or Trustee in the Property. At at Beneficiary’s option, Beneficiary or Trustor may be the nominal party in such proceeding but in any event Beneficiary shall be entitled, without regard to the adequacy of its security, to participate in and to control the same and to be represented therein by counsel of its choice, and Trustor will deliver, or cause to be delivered, to Beneficiary such instruments as may be requested by it from time to time to permit such participation. Trustor hereby assigns to BeneficiaryIf the Collateral or any part thereof is taken or diminished in value, as security for the Secured Obligationsor if a consent settlement is entered, by or under threat of such proceeding, all compensation, awards, damages damages, rights of action, proceeds and other amounts settlements payable to Trustor and/or Additional Trustor by virtue of its interest in connection with any condemnation or other taking the Collateral shall be and hereby are assigned, transferred and set over unto Beneficiary to be held by it, in trust, subject to the lien and security interest of all or any part this Deed of the Property for public or semi-public use (including, but not limited to, the proceeds of any settlement, regardless of whether or not condemnation or other taking proceedings are instituted in connection therewith). Upon receipt, Trustor shall immediately deliver all such compensation, awards, damages and other amounts to BeneficiaryTrust. All such proceeds shall be first be applied to reimburse Trustee and Beneficiary and Trustee for all costs and expenses, including reasonable attorneys’ fees, incurred in connection with the collection of such award or settlement. The balance of such award or settlement shall shall, at the option of Beneficiary, be applied upon any indebtedness or obligation of Trustor secured hereby, and in accordance with such order as Beneficiary may determine notwithstanding that said indebtedness or the terms performance of the Agreement or, in the absence thereof, as required by lawsaid obligation may not then be due. Application or release of such proceeds as provided herein shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.

Condemnation and Other Awards. Upon learning of the condemnation or other taking for public or quasi-public use of, or Immediately upon its obtaining knowledge of the institution or the threatened institution of any proceeding for the condemnation or other taking for public or quasi-public use of, all of the Trust Estate or any part thereof, or if the same be taken or damaged by reason of the Propertyany public improvement or condemnation proceeding, or in any other manner, or should Trustor receive any notice or other information regarding such proceeding, action, taking or damage, Trustor shall immediately promptly notify Trustee and Beneficiary and Trustee of such fact. Trustor shall take all actions reasonably required then, if requested by Beneficiary, file or defend its rights thereunder and prosecute the same with due diligence to its final disposition and shall cause any award or settlement to be paid over to Beneficiary or Trustee in connection therewith to defend and protect the interests of Trustor, Beneficiary and/or Trustee in the Property. At Beneficiary’s option, Beneficiary or Trustor may be the nominal party in such proceeding but in any event Beneficiary shall be entitled, without regard for disposition pursuant to the adequacy terms of its securitythis Deed of Trust. If the Trust Estate or any part thereof is taken or diminished in value, to participate in and to control the same and to be represented therein or if a consent settlement is entered, by counsel or under threat of its choice. Trustor hereby assigns to Beneficiary, as security for the Secured Obligationssuch proceeding, all compensation, awards, damages damages, rights of action, proceeds and other amounts settlements payable to Trustor by virtue of its interest in connection with any condemnation or other taking the Trust Estate (the "Condemnation Proceeds") shall be and hereby are assigned, transferred and set over unto Beneficiary to be held by it, in trust, subject to the lien and security interest of all or any part this Deed of the Property for public or semi-public use (including, but not limited to, the proceeds of any settlement, regardless of whether or not condemnation or other taking proceedings are instituted in connection therewith)Trust. Upon receipt, Trustor Any such Condemnation Proceeds shall immediately deliver all such compensation, awards, damages and other amounts to Beneficiary. All such proceeds shall be first be applied to reimburse Trustee and Beneficiary and Trustee for all costs and expenses, including reasonable attorneys’ attorneys fees, incurred in connection with the collection of such award or settlementsettlement and costs of any restoration of the Property. The balance of such award or settlement shall be applied in accordance with the terms of the Agreement or, in the absence thereofNote, as required by lawapplicable. Application or release of such proceeds the Condemnation Proceeds as provided herein shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.

Condemnation and Other Awards. Upon learning of the condemnation or other taking for public or quasi-public use of, or of the institution or the threatened institution of any proceeding for the condemnation or other taking for public or quasi-public use of, all or any part of the Property, Trustor shall immediately notify Beneficiary and Trustee of such fact. Trustor shall take all actions reasonably required by Beneficiary or Trustee in connection therewith to defend and protect the interests of Trustor, Beneficiary and/or Trustee in the Property. At Beneficiary’s option, but subject to the rights of senior lienholders, Beneficiary or Trustor may be the nominal party in such proceeding but in any event Beneficiary shall be entitled, without regard to the adequacy of its security, to participate in and to control the same and to be represented therein by counsel of its choice. Trustor hereby assigns to Beneficiary, as security for the Secured Obligations, all compensation, awards, damages and other amounts payable to Trustor in connection with any condemnation or other taking of all or any part of the Property for public or semi-public use (including, but not limited to, the proceeds of any settlement, regardless of whether or not condemnation or other taking proceedings are instituted in connection therewith). Upon receipt, Trustor shall shall, subject to the rights of senior lienholders, immediately deliver all such compensation, awards, damages and other amounts to Beneficiary. All such proceeds shall first be applied to restore and rebuild the Property, and thereafter applied to reimburse Beneficiary and Trustee for all costs and expenses, including reasonable attorneys’ fees, incurred in connection with the collection of such award or settlement. The balance of such award or settlement shall be applied in accordance with the terms of the Agreement or, in the absence thereof, as required by law. Application or release of such proceeds as provided herein shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice.