Common use of Condemnation or Casualty Clause in Contracts

Condemnation or Casualty. If Borrower is required to make any prepayment under Section 5.3 or Section 5.4 as a result of a Condemnation or Casualty, on the next occurring Payment Date following the date on which Lender actually receives the applicable Net Proceeds, such Net Proceeds, up to the amount required to be prepaid as provided in Section 5.3 or Section 5.4, as applicable, shall be applied to the prepayment of the Debt in accordance with Section 2.4.4(d). For the avoidance of doubt, no Spread Maintenance Premium shall be due in connection with any prepayment made pursuant to this Section 2.4.2(c).

Appears in 7 contracts

Samples: Loan Agreement (Altisource Residential Corp), Loan Agreement (Colony Starwood Homes), Loan Agreement (Altisource Residential Corp)

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Condemnation or Casualty. If Borrower is required to make any prepayment under Section 5.3 or Section 5.4 as a result of a Condemnation or Casualty, on the next occurring Payment Date following the date on which Lender actually receives the applicable Net Proceeds, such Net Proceeds, up to the amount required to be prepaid as provided in Section 5.3 or Section 5.4, as applicable, shall be applied to the prepayment of the Debt in accordance with Section 2.4.4(d). For Notwithstanding anything herein to the avoidance of doubtcontrary, no Spread Yield Maintenance Premium shall be due in connection with any prepayment made pursuant to this Section 2.4.2(c).

Appears in 4 contracts

Samples: Loan Agreement (American Homes 4 Rent), Loan Agreement (American Homes 4 Rent), Loan Agreement (American Homes 4 Rent)

Condemnation or Casualty. If Borrower is required to make any prepayment under Section 5.3 or Section 5.4 as a result of a Condemnation or Casualty, on the next occurring Payment Date following the date on which Lender actually receives the applicable Net Proceeds, such Net Proceeds, up to the amount required to be prepaid as provided in Section 5.3 or Section 5.4, as applicable, shall be applied to the prepayment of the Debt in accordance with Section 2.4.4(d). For Notwithstanding anything herein to the avoidance of doubtcontrary, no Spread Maintenance Premium shall be due in connection with any prepayment made pursuant to this Section 2.4.2(c).

Appears in 2 contracts

Samples: Loan Agreement (Starwood Waypoint Residential Trust), Loan Agreement (Silver Bay Realty Trust Corp.)

Condemnation or Casualty. If Borrower is required to make any prepayment under Section 5.3 or Section 5.4 as a result of a Condemnation or Casualty, on the next occurring Payment Date following the date on which Lender actually receives the applicable Net Proceeds, one hundred percent (100%) of such Net Proceeds, up to the amount Proceeds and all other amounts required to be prepaid as provided in pursuant to Section 5.3 or Section 5.4, as applicable, shall be applied to the prepayment of the Debt in accordance with Section 2.4.4(d). For Notwithstanding anything herein to the avoidance of doubtcontrary, no Spread Maintenance Premium shall be due in connection with any prepayment made pursuant to this Section 2.4.2(c).

Appears in 2 contracts

Samples: Loan Agreement (Colony Starwood Homes), Loan Agreement (American Homes 4 Rent)

Condemnation or Casualty. If Borrower is required to make any prepayment under Section 5.3 or Section 5.4 as a result of a Condemnation or Casualty, on the next occurring Payment Date following the date on which Lender actually receives the applicable Net Proceeds, such Net Proceeds, up to the amount required to be prepaid as provided in Section 5.3 or Section 5.4, as applicable, shall be applied to the prepayment of the Debt in accordance with Section 2.4.4(d). For the avoidance of doubt, no Spread Yield Maintenance Premium shall be due in connection with any prepayment made pursuant to this Section 2.4.2(c).

Appears in 1 contract

Samples: Loan Agreement (AG Mortgage Investment Trust, Inc.)

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Condemnation or Casualty. If Borrower is required to make any prepayment under Section 5.3 or Section 5.4 as a result of a Condemnation or Casualty, on the next occurring Monthly Payment Date following the date on which Lender actually receives the applicable Net Proceeds, one hundred percent (100%) of such Net Proceeds, up to the amount Proceeds and all other amounts required to be prepaid as provided in pursuant to Section 5.3 or Section 5.4, as applicable, shall be applied to the prepayment of the Debt in accordance with Section 2.4.4(d2.4.5(d). For Notwithstanding anything herein to the avoidance of doubtcontrary, no Spread Yield Maintenance Premium shall be due in connection with any prepayment made pursuant to this Section 2.4.2(c2.4.3(c).

Appears in 1 contract

Samples: Loan Agreement (Vinebrook Homes Trust, Inc.)

Condemnation or Casualty. If Borrower is required to make any prepayment under Section 5.3 or Section 5.4 as a result of a Condemnation or Casualty, on the next occurring Monthly Payment Date following the date on which Lender actually receives the applicable Net Proceeds, one hundred percent (100%) of such Net Proceeds, up to the amount Proceeds and all other amounts required to be prepaid as provided in pursuant to Section 5.3 or Section 5.4, as applicable, shall be applied to the prepayment of the Debt in accordance with Section 2.4.4(d2.4.5(d). For Notwithstanding anything herein to the avoidance of doubtcontrary, no Spread Maintenance Premium shall be due in connection with any prepayment made pursuant to this Section 2.4.2(c2.4.3(c).

Appears in 1 contract

Samples: Loan Agreement

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