Common use of Condemnation Awards and Insurance Proceeds Clause in Contracts

Condemnation Awards and Insurance Proceeds. Grantor assigns all awards and compensation to which it is entitled for any condemnation or other taking, or any purchase in lieu thereof, to Beneficiary and authorizes Beneficiary to collect and receive such awards and compensation and to give proper receipts and acquittances therefor, subject to the terms of the Loan Documents. Grantor assigns to Beneficiary all proceeds of any insurance policies insuring against loss or damage to the Mortgaged Property, subject to the terms of the Loan Documents. Grantor authorizes Beneficiary to collect and receive such proceeds and authorizes and directs the issuer of each of such insurance policies to make payment for all such losses directly to Beneficiary, instead of to Grantor and Beneficiary jointly, subject to the terms of the Loan Documents.

Condemnation Awards and Insurance Proceeds. Grantor assigns all awards and compensation to which it is entitled for any condemnation or other taking, or any purchase in lieu thereof, to Beneficiary Grantee and authorizes Beneficiary Grantee to collect and receive such awards and compensation and to give proper receipts and acquittances therefor, subject to the terms of the Loan DocumentsCredit Agreement. Grantor assigns to Beneficiary Grantee all proceeds of any insurance policies insuring against loss or damage to the Mortgaged Property, subject to the terms of the Loan DocumentsCredit Agreement. Grantor authorizes Beneficiary Grantee to collect and receive such proceeds and authorizes and directs the issuer of each of such insurance policies to make payment for all such losses directly to BeneficiaryGrantee, instead of to Grantor and Beneficiary Grantee jointly, subject to the terms of the Loan DocumentsCredit Agreement.