Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor under the Credit Agreement and Grantor shall continue to be obligated to make such payments. (b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor shall give prompt notice thereof to Beneficiary, and Beneficiary may make proof of loss if not made promptly by Grantor. Grantor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary instead of to Grantor and Beneficiary jointly, and Grantor appoints Beneficiary as Grantor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary is hereby authorized and empowered by Grantor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claim. Grantor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary as security for payment of the Liabilities. Beneficiary and Grantor shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit Agreement. (c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor shall give notice to Beneficiary. Grantor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with Beneficiary, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary may participate in any such proceeding and Grantor shall from time to time deliver to Beneficiary all instruments requested by it to permit such participation. Grantor shall not, without Beneficiary’s prior written consent in accordance with the Credit Agreement, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to Beneficiary, and Grantor, upon request by Beneficiary, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and Grantor, in accordance with the applicable provisions of the Credit Agreement. (d) Nothing herein shall relieve Grantor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement. (e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement or Other Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.
Appears in 4 contracts
Samples: Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Radnor Holdings Corp), Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Radnor Holdings Corp), Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Radnor Holdings Corp)
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor Mortgagor under the Credit Agreement and Grantor Mortgagor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor Mortgagor shall give prompt notice thereof to BeneficiaryMortgagee, and Beneficiary Mortgagee may make proof of loss if not made promptly by GrantorMortgagor. Grantor Mortgagor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary Mortgagee instead of to Grantor Mortgagor and Beneficiary Mortgagee jointly, and Grantor Mortgagor appoints Beneficiary Mortgagee as GrantorMortgagor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary Mortgagee is hereby authorized and empowered by Grantor Mortgagor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor Mortgagor does not promptly settle, adjust or compromise such claim. Grantor Mortgagor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor Mortgagor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary Mortgagee as security for payment of the Liabilities. Beneficiary Mortgagee and Grantor Mortgagor shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit Agreement.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor Mortgagor shall give notice to BeneficiaryMortgagee. Grantor Mortgagor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with BeneficiaryMortgagee, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary Mortgagee may participate in any such proceeding and Grantor Mortgagor shall from time to time deliver to Beneficiary Mortgagee all instruments requested by it to permit such participation. Grantor Mortgagor shall not, without BeneficiaryMortgagee’s prior written consent in accordance with the Credit Agreement, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to BeneficiaryMortgagee, and GrantorMortgagor, upon request by BeneficiaryMortgagee, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary Mortgagee to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary Mortgagee and GrantorMortgagor, in accordance with the applicable provisions of the Credit Agreement.
(d) Nothing herein shall relieve Grantor Mortgagor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor Mortgagor under any applicable provision of the Credit Agreement or Other Collateral Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.
Appears in 3 contracts
Samples: Multiple Indebtedness Mortgage (Radnor Holdings Corp), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Radnor Holdings Corp), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Radnor Holdings Corp)
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit AgreementIndenture, there shall be no abatement or reduction in the amounts payable by Grantor Mortgagor under the Credit Agreement Indenture and Grantor Mortgagor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor Mortgagor shall give prompt notice thereof to BeneficiaryMortgagee, and Beneficiary Mortgagee may make proof of loss if not made promptly by GrantorMortgagor. Grantor Mortgagor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary Mortgagee instead of to Grantor Mortgagor and Beneficiary Mortgagee jointly, and Grantor Mortgagor appoints Beneficiary Mortgagee as GrantorMortgagor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary Mortgagee is hereby authorized and empowered by Grantor Mortgagor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor Mortgagor does not promptly settle, adjust or compromise such claim. Grantor Mortgagor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor Mortgagor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary Mortgagee as security for payment of the Liabilities. Beneficiary Mortgagee and Grantor Mortgagor shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit AgreementIndenture.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor Mortgagor shall give notice to BeneficiaryMortgagee. Grantor Mortgagor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with BeneficiaryMortgagee, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary Mortgagee may participate in any such proceeding and Grantor Mortgagor shall from time to time deliver to Beneficiary Mortgagee all instruments requested by it to permit such participation. Grantor Mortgagor shall not, without BeneficiaryMortgagee’s prior written consent in accordance with the Credit AgreementIndenture, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to BeneficiaryMortgagee, and GrantorMortgagor, upon request by BeneficiaryMortgagee, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary Mortgagee to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary Mortgagee and GrantorMortgagor, in accordance with the applicable provisions of the Credit AgreementIndenture.
(d) Nothing herein shall relieve Grantor Mortgagor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor Mortgagor under any applicable provision of the Credit Agreement Indenture or Other Collateral Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit AgreementIndenture, the term of the Credit Agreement Indenture shall apply.
Appears in 3 contracts
Samples: Multiple Indebtedness Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Styrochem U S LTD), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Styrochem U S LTD), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Styrochem U S LTD)
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit AgreementIndenture, there shall be no abatement or reduction in the amounts payable by Grantor under the Credit Agreement Indenture and Grantor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor shall give prompt notice thereof to Beneficiary, and Beneficiary may make proof of loss if not made promptly by Grantor. Grantor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary instead of to Grantor and Beneficiary jointly, and Grantor appoints Beneficiary as Grantor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary is hereby authorized and empowered by Grantor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claim. Grantor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary as security for payment of the Liabilities. Beneficiary and Grantor shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit AgreementIndenture.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor shall give notice to Beneficiary. Grantor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with Beneficiary, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary may participate in any such proceeding and Grantor shall from time to time deliver to Beneficiary all instruments requested by it to permit such participation. Grantor shall not, without Beneficiary’s prior written consent in accordance with the Credit AgreementIndenture, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to Beneficiary, and Grantor, upon request by Beneficiary, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and Grantor, in accordance with the applicable provisions of the Credit AgreementIndenture.
(d) Nothing herein shall relieve Grantor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement Indenture or Other Collateral Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit AgreementIndenture, the term of the Credit Agreement Indenture shall apply.
Appears in 3 contracts
Samples: Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Styrochem U S LTD), Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Styrochem U S LTD), Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Styrochem U S LTD)
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor Borrower under the Credit Agreement Loan Documents, and Grantor Borrower shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor Borrower shall give prompt notice thereof to BeneficiaryLender, and Beneficiary Lender may make proof of loss if not made promptly by GrantorBorrower. Grantor Borrower hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary Lender instead of to Grantor Borrower and Beneficiary Lender jointly, and Grantor Borrower appoints Beneficiary Lender as GrantorBorrower’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary Lender is hereby authorized and empowered by Grantor Borrower to settle, adjust or compromise, in consultation with Borrower, any claim claims for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claimProperty. Grantor Borrower shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor Borrower shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary Lender as security for payment of the Liabilities. Beneficiary and Grantor Lender shall pay have the option, in its sole discretion, of paying or apply applying all or any part of the insurance proceeds to: (i) reduction of the Liabilities; (ii) restoration, replacement or repair of the Property in accordance with the terms of the Credit AgreementLender’s standard construction loan disbursement conditions and requirements; or (iii) Borrower.
(c) Promptly Immediately upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor Borrower shall give notice to BeneficiaryLender. Grantor Borrower shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with BeneficiaryLender, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary Lender may participate in any such proceeding proceeding, and Grantor Borrower shall from time to time deliver to Beneficiary Lender all instruments requested by it to permit such participation. Grantor Borrower shall not, without BeneficiaryLender’s prior written consent in accordance with the Credit Agreementconsent, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to BeneficiaryLender, and GrantorBorrower, upon request by BeneficiaryLender, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary Lender to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and GrantorLender, in its sole discretion, to: (i) reduction of the Liabilities; (ii) restoration, replacement or repair of the Property in accordance with the applicable provisions of the Credit AgreementLender’s standard construction loan disbursement conditions and requirements; or (iii) Borrower.
(d) Nothing herein shall relieve Grantor Borrower of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement or Other Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.
Appears in 2 contracts
Samples: Mortgage Agreement, Mortgage, Security Agreement and Fixture Filing (Saddlebrook Resorts Inc)
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor Mortgagor under the Credit Agreement Loan Documents and Grantor Mortgagor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor Mortgagor shall give prompt notice thereof to BeneficiaryMortgagee, and Beneficiary Mortgagee may make proof of loss if not made promptly by GrantorXxxxxxxxx. Grantor Mortgagor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary Mortgagee instead of to Grantor Mortgagor and Beneficiary Mortgagee jointly, and Grantor Xxxxxxxxx appoints Beneficiary Mortgagee as Grantor’s Xxxxxxxxx's attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary Mortgagee is hereby authorized and empowered by Grantor Xxxxxxxxx to settle, adjust or compromise, in consultation with Xxxxxxxxx, any claim claims for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claimProperty. Grantor Mortgagor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor Xxxxxxxxx shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary Mortgagee as security for payment of the Liabilities. Beneficiary and Grantor Mortgagee shall pay have the option, in its sole discretion, of paying or apply applying all or any part of the insurance proceeds to: (i) reduction of the Liabilities; (ii) restoration, replacement or repair of the Property in accordance with the terms of the Credit Agreement.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor shall give notice to Beneficiary. Grantor shall, at its sole cost Mortgagee's standard construction loan disbursement conditions and expense, diligently prosecute any such proceeding and shall consult with Beneficiary, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary may participate in any such proceeding and Grantor shall from time to time deliver to Beneficiary all instruments requested by it to permit such participation. Grantor shall not, without Beneficiary’s prior written consent in accordance with the Credit Agreement, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, requirements; or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to Beneficiary, and Grantor, upon request by Beneficiary, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and Grantor, in accordance with the applicable provisions of the Credit Agreement.
(d) Nothing herein shall relieve Grantor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement or Other Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.iii)
Appears in 1 contract
Samples: Construction Loan Agreement (Arvida JMB Partners L P)
Damage, Destruction and Condemnation. (ai) If all or any part of the Property Premises shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of any of the Property Premises shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor the Mortgagor hereunder or under the Credit Agreement Note and/or the Loan Documents, and Grantor the Mortgagor shall continue to be obligated to make such payments.
(bii) If all the Premises or any part of the Property thereof is partially or totally damaged or destroyeddestroyed by f ire or any other cause, Grantor the Mortgagor shall give prompt express written notice thereof to Beneficiary, and Beneficiary may make proof of loss if not made promptly by Grantorthe Mortgagee. Grantor The Mortgagor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, proceeds directly to Beneficiary instead of to Grantor and Beneficiary jointly, and Grantor appoints Beneficiary as Grantor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocablethe Mortgagee. Beneficiary The Mortgagee is hereby authorized and empowered by Grantor the Mortgagor to settle, adjust or compromise, any claim for loss, damage or destruction to in consultation with the Property if Grantor does not promptly settle, adjust or compromise such claimMortgagor. Grantor The Mortgagor shall pay all costs of collection of insurance proceeds payable on an account of such damage of destruction.
(iii) In the event of partial or destruction. Grantor shall have no claim against --tal destruction of the Premises by fire or in the event all or a part of the Premises is condemned by a governmental agency, the proceeds of such insurance proceedsor condemnation will be payable to the Mortgagee provided the loss to the Mortgagor is for more than ten (10.0%) of the then aggregate principal balance of the Loan, at the time of said casualty or be entitled to any portion thereofcondemncation, and all rights to the insurance proceeds are hereby assigned to Beneficiary as security for payment Mortgagee will have the option in its sole discretion, of the Liabilities. Beneficiary and Grantor shall pay or apply applying all or any part of the insurance proceeds to (a) to reduce the outstanding principal balance of the Note and the Loan Documents, (b) to the repair, restoration, replacement and rebuilding of the Premises in accordance with the terms of Mortgagee's standard construction loan disbursement conditions and requirements, or (c) to the Credit AgreementMortgagor.
(civ) Promptly Immediately upon obtaining knowledge of the institution of any proceeding proceedings for the condemnation of all the Premises, or any part portion thereof, the Mortgagor shall notify the Mortgagee of the Property, Grantor shall give notice to Beneficiarypendency of such proceedings. Grantor The Mortgagee may participate in any such proceedings and the Mortgagor shall, at its the sole cost and expenseexpense of the Mortgagor, diligently prosecute any such proceeding and shall consult with Beneficiarythe Mortgagee, its attorneys and experts, experts and shall cooperate with it in the any defense of any such proceedingproceedings. Beneficiary may participate in any such proceeding and Grantor shall from time to time deliver to Beneficiary all instruments requested by it to permit such participation. Grantor The Mortgagor shall not, without Beneficiary’s the Mortgagee's prior express written consent in accordance with the Credit Agreementconsent, enter into any agreement (i) for the taking or conveyance in lieu thereof of all the Premises, or any part of thereof, with anyone authorized to acquire the Propertysame by eminent domain, condemnation or (ii) to compromise, settle like power or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby shall be assigned to Beneficiarythe Mortgagee, and Grantor, upon request by Beneficiary, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and Grantorthe Mortgagee, in accordance with the applicable provisions subparagraph (iii) of the Credit Agreementthis Section.
(dv) In the event any insurance proceeds or condemnation awards are applied by the Mortgagor to reduce the outstanding principal balance of the Note, said payments shall be applied against the outstanding principal balance in the inverse order of maturity, without penalty or premium.
(vi) Nothing herein in this Section shall relieve Grantor the Mortgagor of its the Mortgagor's duty to repair, restore, rebuild or replace the Property Premises following damage or destruction by fire or other casualty or partial condemnation if no in the event that the Mortgagee elects to use the proceeds of insurance or inadequate condemnation awards to restore, rebuild, repair or replace the Premises and said proceeds of insurance proceeds or condemnation awards are available inadequate to defray the cost of repairsuch repairing, restorationrestoring, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement or Other Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.
Appears in 1 contract
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit AgreementIndenture, there shall be no abatement or reduction in the amounts payable by Grantor under the Credit Agreement Indenture and Grantor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor shall give prompt notice thereof to Beneficiary, and Beneficiary may make proof of loss if not made promptly by Grantor. Grantor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary instead of to Grantor and Beneficiary jointly, and Grantor appoints Beneficiary as Grantor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary is hereby authorized and empowered by Grantor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claim. Grantor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary as security for payment of the Liabilities. Beneficiary and Grantor shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit AgreementIndenture.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor shall give notice to Beneficiary. Grantor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with Beneficiary, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary may participate in any such proceeding and Grantor shall from time to time deliver to Beneficiary all instruments requested by it to permit such participation. Grantor shall not, without Beneficiary’s prior written consent in accordance with the Credit AgreementIndenture, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to Beneficiary, Beneficiary and Grantor, upon request by Beneficiary, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and Grantor, in accordance with the applicable provisions of the Credit AgreementIndenture.
(d) Nothing herein shall relieve Grantor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement Indenture or Other Collateral Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit AgreementIndenture, the term of the Credit Agreement Indenture shall apply.
Appears in 1 contract
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor Mortgagor under the Credit Agreement Loan Documents and Grantor Mortgagor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor Mortgagor shall give prompt notice thereof to BeneficiaryMortgagee, and Beneficiary Mortgagee may make proof of loss if not made promptly by GrantorMortgagor. Grantor Mortgagor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary Mortgagee instead of to Grantor and Beneficiary jointly, and Grantor appoints Beneficiary as Grantor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocableMortgagor. Beneficiary is hereby authorized and empowered by Grantor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claim. Grantor Mortgagor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary as security for payment of the Liabilities. Beneficiary and Grantor shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit Agreement.
(c) Promptly Immediately upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor Mortgagor shall give notice to BeneficiaryMortgagee. Grantor Mortgagor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with BeneficiaryMortgagee, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary Mortgagee may participate in any such proceeding and Grantor Mortgagor shall from time to time deliver to Beneficiary Mortgagee all instruments requested by it to permit such participation. Grantor Mortgagor shall not, without BeneficiaryMortgagee’s prior written consent in accordance with the Credit Agreementconsent, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to Beneficiary, and Grantor, upon request by Beneficiary, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and Grantor, in accordance with the applicable provisions of the Credit Agreement.
(d) Nothing herein shall relieve Grantor With respect to any proceeds obtained or received pursuant to Section 2.11 (b) or Section 2.11(c) above, the Mortgagee and Mortgagor will apply any sums received by them first to the payment of its duty all of their costs and expenses (including, but not limited to repairlegal fees and disbursements) incurred in obtaining those sums, restore, rebuild or replace and then:
(i) if the Loan is not in default as of the date of the casualty loss to the Property following damage or destruction or partial condemnation if no or inadequate the date of the settlement of the insurance proceeds claim or condemnation awards are available award, whichever shall first occur, and the improvements as they existed prior to defray the cost casualty loss can be rebuilt or repaired under the then existing building and zoning ordinances, the balance of repairthe insurance or condemnation award proceeds shall be retained by Mortgagee in a construction account for the benefit of the Mortgagor, restorationwhich shall be disbursed by Mortgagee to or for the account of the Mortgagor, rebuilding to either restore or replacement.repair the damaged or lost portion of the Property in substantially the same condition as it was prior to the casualty, casualty loss, or condemnation loss; or
(eii) Nothing if the Loan is in this Section 2.8 shall be deemed to limit in any respect the obligations default as of the Grantor date of the casualty loss or the date of the settlement of the insurance claim or condemnation award, whichever shall first occur, or if the improvements as they existed prior to the casualty loss cannot be rebuilt under the then existing building and zoning ordinances, the balance of the insurance or condemnation proceeds, in Mortgagee’s discretion, may be applied to the payment of the indebtedness and obligations secured by the Mortgage. In such event, Mortgagor shall not be charged a “prepayment fee” provided for under any applicable provision of the Credit Agreement or Other Documents. In the event of Loan Documents with respect to any conflict between the terms of this Section 2.8 and the terms portion of the Credit Agreement, the term principal balance of the Credit Agreement shall apply.Loan that is reduced by the application of insurance or condemnation proceeds under this provision
Appears in 1 contract
Damage, Destruction and Condemnation. (a) If all or any part of the Property Mortgaged Premises shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property Mortgaged Premises shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor Mortgagor under the Credit Agreement Loan Documents and Grantor Mortgagor shall continue to be obligated to make such payments.
(b) If all or any part of the Property Mortgaged Premises is partially or totally damaged or destroyed, Grantor Mortgagor shall give prompt notice thereof to BeneficiaryMortgagee, and Beneficiary Mortgagee may make proof of loss if not made promptly by GrantorMortgagor. Grantor Mortgagor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary Mortgagee instead of to Grantor Mortgagor and Beneficiary Mortgagee jointly, and Grantor Mortgagor appoints Beneficiary Mortgagee as GrantorMortgagor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary Mortgagee is hereby authorized and empowered by Grantor Mortgagor to settle, adjust or compromise, in consultation with Mortgagor, any claim claims for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claimMortgaged Premises. Grantor Mortgagor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor Mortgagor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary Mortgagee as additional security for payment of the LiabilitiesObligations. Beneficiary and Grantor Mortgagee shall pay have the option, in its sole discretion, of paying or apply applying all or any part of the insurance proceeds to: (1) reduction of the Obligations; (2) restoration, replacement or repair of the Mortgaged Premises in accordance with the terms of the Credit Agreement.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor shall give notice to Beneficiary. Grantor shall, at its sole cost Mortgagee’s standard construction loan disbursement conditions and expense, diligently prosecute any such proceeding and shall consult with Beneficiary, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary may participate in any such proceeding and Grantor shall from time to time deliver to Beneficiary all instruments requested by it to permit such participation. Grantor shall not, without Beneficiary’s prior written consent in accordance with the Credit Agreement, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, requirements; or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to Beneficiary, and Grantor, upon request by Beneficiary, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and Grantor, in accordance with the applicable provisions of the Credit Agreement.
(d) Nothing herein shall relieve Grantor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement or Other Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.3)
Appears in 1 contract
Samples: Mortgage and Security Agreement (Ep Medsystems Inc)
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit AgreementIndenture, there shall be no abatement or reduction in the amounts payable by Grantor under the Credit Agreement Indenture and Grantor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor shall give prompt notice thereof to Beneficiary, and Beneficiary may make proof of loss if not made promptly by Grantor. Grantor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary instead of to Grantor and Beneficiary jointly, and Grantor appoints Beneficiary as Grantor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary is hereby authorized and empowered by Grantor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claim. Grantor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary as security for payment of the Liabilities. Beneficiary and Grantor shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit AgreementIndenture.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor shall give notice to Beneficiary. Grantor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with Beneficiary, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary may participate in any such proceeding and Grantor shall from time to time deliver to Beneficiary all instruments requested by it to permit such participation. Grantor shall not, without Beneficiary’s prior written consent in accordance with the Credit AgreementIndenture, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to Beneficiary, and Grantor, upon request by BeneficiaryXxxxxxxxxxx, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and Grantor, in accordance with the applicable provisions of the Credit AgreementIndenture.
(d) Nothing herein shall relieve Grantor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement Indenture or Other Collateral Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit AgreementIndenture, the term of the Credit Agreement Indenture shall apply.
Appears in 1 contract
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor Mortgagor under the Credit Agreement Loan Documents and Grantor Mortgagor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor Mortgagor shall give prompt notice thereof to BeneficiaryMortgagee, and Beneficiary Mortgagee may make proof of loss if not made promptly by GrantorMortgagor. Grantor Mortgagor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary Mortgagee instead of to Grantor Mortgagor and Beneficiary Mortgagee jointly, and Grantor Mortgagor appoints Beneficiary Mortgagee as GrantorMortgagor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary Mortgagee is hereby authorized and empowered by Grantor Mortgagor to settle, adjust or compromise, in consultation with Mortgagor, any claim claims for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claimProperty. Grantor Mortgagor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor Mortgagor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary Mortgagee as security for payment of the Liabilities. Beneficiary and Grantor Mortgagee shall pay have the option, in its sole discretion, of paying or apply applying all or any part of the insurance proceeds to: (i) reduction of the Liabilities; (ii) restoration, replacement or repair of the Property in accordance with the terms of the Credit AgreementMortgagee’s standard construction loan disbursement conditions and requirements; or (iii) Mortgagor.
(c) Promptly Immediately upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor Mortgagor shall give notice to BeneficiaryMortgagee. Grantor Mortgagor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with BeneficiaryMortgagee, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary Mortgagee may participate in any such proceeding and Grantor Mortgagor shall from time to time deliver to Beneficiary Mortgagee all instruments requested by it to permit such participation. Grantor Mortgagor shall not, without BeneficiaryMortgagee’s prior written consent in accordance with the Credit Agreementconsent, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to BeneficiaryMortgagee, and GrantorMortgagor, upon request by BeneficiaryMortgagee, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary Mortgagee to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and GrantorMortgagee, in its sole discretion, to: (i) reduction of the Liabilities; (ii) restoration, replacement or repair of the Property in accordance with the applicable provisions of the Credit AgreementMortgagee’s standard construction loan disbursement conditions and requirements; or (iii) Mortgagor.
(d) Nothing herein shall relieve Grantor Mortgagor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing Notwithstanding the provisions of subparagraphs (b) and (c) above, in this Section 2.8 shall be deemed to limit in the event that all or any respect the obligations part of the Grantor Property is damaged by fire or other casualty, and Mortgagor promptly notifies Mortgagee of its desire to repair and restore the same, then provided that the following terms and conditions are and remain fully satisfied by Mortgagor, Mortgagee shall disburse insurance proceeds for repair and restoration of the Property against completed work in accordance with Mortgagee’s standard construction loan disbursement conditions and requirements (which may be contained in an agreement which Mortgagee may require Mortgagor to sign); otherwise, and to the extent of any excess proceeds, Mortgagee shall have the right to apply the proceeds toward reduction of the Liabilities:
(i) no Event of Default or event which, with the giving of notice or the passage of time, or both, would constitute an Event of Default under any applicable provision of the Credit Agreement Loan Documents shall have occurred and be continuing;
(ii) Mortgagor shall have delivered evidence satisfactory to Mortgagee that the Property can be fully repaired and restored prior to the maturity of the Notes;
(iii) no material Lease or Other Documents. In contract is cancelable or terminable by the tenant, purchaser or Mortgagor on account of the casualty or, if it is, either (1) the tenant, purchaser or Mortgagor, as applicable, has waived in writing its right to cancel, or (2) in the event any Lease or contract is cancelled or terminated, Mortgagor has provided to Mortgagee substitute collateral in the form of any conflict between cash in the terms amount represented by the cancelled or terminated Lease or contract;
(iv) the work is performed under a stipulated sum or guaranteed maximum price contract satisfactory to Mortgagee in accordance with plans and specifications and a budget satisfactory to Mortgagee and in compliance with all Legal Requirements;
(v) Mortgagor shall have deposited with Mortgagee for disbursement in connection with the restoration the greater of: (1) the applicable deductible under the insurance policies covering the loss; or (2) the amount by which the cost of this Section 2.8 and the terms restoration of the Credit AgreementProperty to substantially the same value, condition and character as existed prior to such damage is reasonably estimated by Mortgagee to exceed the term net insurance proceeds available for restoration; and
(vi) Mortgagor has paid as and when due all of Mortgagee’s costs and expenses incurred in connection with the Credit Agreement shall applycollection and disbursement of insurance proceeds, including without limitation, inspection, monitoring, engineering and legal fees. If not paid on demand, and at Mortgagee’s option, such costs may be deducted from the disbursements made by Mortgagee or added to the sums secured by this Mortgage in accordance with the provisions of Section 1 hereof.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Trailer Bridge Inc)
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor Mortgagor under the Credit Loan Agreement and Grantor Mortgagor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor shall give prompt notice thereof to Beneficiary, and Beneficiary may make proof of loss if not made promptly by Grantor. Grantor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary instead of to Grantor and Beneficiary jointly, and Grantor appoints Beneficiary as Grantor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary is hereby authorized and empowered by Grantor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claim. Grantor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary Mortgagee as security for payment of the Liabilities. Beneficiary and Grantor Mortgagee shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit Loan Agreement.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor Mortgagor shall give notice to BeneficiaryMortgagee. Grantor Mortgagor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with BeneficiaryMortgagee, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary Mortgagee may participate in any such proceeding and Grantor Mortgagor shall from time to time deliver to Beneficiary Mortgagee all instruments requested by it to permit such participation. Grantor Mortgagor shall not, without Beneficiary’s Mortgagee's prior written consent in accordance with the Credit Agreementconsent, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 100,000 are hereby assigned to BeneficiaryMortgagee, and GrantorMortgagor, upon request by BeneficiaryMortgagee, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary Mortgagee to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and GrantorMortgagee, in accordance with the applicable provisions its sole discretion, to: (i) Obligations, in such order as Mortgagee shall determine, in its sole discretion; (ii) restoration, replacement or repair of the Credit Agreement.
Property subject to such conditions as Mortgagee determines to be appropriate and as are customarily imposed by institutional lenders for similar properties; or (d) Nothing herein shall relieve Grantor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement or Other Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.iii)
Appears in 1 contract
Damage, Destruction and Condemnation. (a) If all or any part of the Property Mortgaged Premises shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property Mortgaged Premises shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor Mortgagor under the Credit Agreement Reimbursement Documents and Grantor Mortgagor shall continue to be obligated to make such payments.
(b) If all or any part of the Mortgaged Property is partially or totally damaged or destroyed, Grantor Mortgagor shall give prompt notice thereof to BeneficiaryMortgagee, and Beneficiary Mortgagee may make proof of loss if not made promptly by GrantorMortgagor. Grantor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary instead of to Grantor and Beneficiary jointly, and Grantor appoints Beneficiary as Grantor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary is hereby authorized and empowered by Grantor to Mortgagor may only settle, adjust or compromise, compromise any claim for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claim. Grantor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary as security for payment of the Liabilities. Beneficiary and Grantor shall pay or apply all or any part Mortgaged Property with the written consent of the insurance proceeds in accordance with the terms of the Credit AgreementMortgagee, which consent will not be unreasonably withheld or delayed.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Mortgaged Property, Grantor Mortgagor shall give notice to BeneficiaryMortgagee. Grantor Mortgagor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with Beneficiary, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary may participate in any such proceeding and Grantor Mortgagor shall from time to time deliver to Beneficiary Mortgagee all instruments requested by it to permit such participation. Grantor Mortgagor shall not, without Beneficiary’s Mortgagee's prior written consent, which consent in accordance with the Credit Agreementshall not be unreasonably withheld, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Mortgaged Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to Beneficiary, and Grantor, upon request by Beneficiary, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and Grantor, in accordance with the applicable provisions of the Credit Agreement.
(d) Nothing herein Subject to the terms and conditions of the Reimbursement Agreement, nothing in this Section 5.14 shall relieve Grantor Mortgagor of its duty to repair, restore, rebuild or replace the Mortgaged Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement or Other Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.
Appears in 1 contract
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor under the Credit Agreement and Grantor shall continue to be obligated to make such payments.
(b) If all or any part of the Property Mortgaged Premises is partially or totally damaged or destroyed, Grantor Mortgagor shall give prompt notice thereof to BeneficiaryMortgagee, and Beneficiary Mortgagee may make proof of loss if not made promptly by GrantorMortgagor. Grantor Mortgagor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary Mortgagee instead of to Grantor Mortgagor and Beneficiary Mortgagee jointly, and Grantor Mortgagor appoints Beneficiary Mortgagee as Grantor’s Mortgagor's attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary Subject to the provision of subsection (d) hereof, Mortgagee is hereby authorized and empowered by Grantor Mortgagor to settle, adjust or compromise, in consultation with Mortgagor, any claim claims for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claimMortgaged Premises. Grantor Mortgagor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all All rights to the insurance proceeds are hereby assigned to Beneficiary Mortgagee as additional security for payment of the Liabilities. Beneficiary and Grantor shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit Agreement.
(cb) Promptly Immediately upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the PropertyMortgaged Premises, Grantor Mortgagor shall give notice to BeneficiaryMortgagee. Grantor Mortgagor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with Beneficiary, its attorneys and experts, Mortgagee and shall cooperate with it in the defense of any such proceeding. Beneficiary Mortgagee may participate in any such proceeding and Grantor Mortgagor shall from time to time deliver to Beneficiary Mortgagee all instruments requested by it to permit such participation. Grantor Mortgagor shall not, without Beneficiary’s Mortgagee's prior written consent in accordance with the Credit Agreementwhich will not be unreasonably withheld or delayed, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceedingMortgaged Premises. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to BeneficiaryMortgagee, and GrantorMortgagor, upon request by BeneficiaryMortgagee, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary Mortgagee to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and GrantorMortgagee, subject to the provision of subsection (d) hereof, to: (i) reduction of the Liabilities; (ii) restoration, replacement or repair of the Mortgaged Premises in accordance with the applicable provisions of the Credit Agreement.
Mortgagee's standard construction loan disbursement conditions and requirements; or (d) Nothing herein shall relieve Grantor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement or Other Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.iii)
Appears in 1 contract
Samples: Mortgage and Security Agreement (Burlington Coat Factory Warehouse Corp)
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, Indenture there shall be no abatement or reduction in the amounts payable by Grantor Mortgagor under the Credit Agreement Indenture and Grantor Mortgagor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor Mortgagor shall give prompt notice thereof to BeneficiaryMortgagee, and Beneficiary Mortgagee may make proof of loss if not made promptly by GrantorMortgagor. Grantor Mortgagor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary Mortgagee instead of to Grantor Mortgagor and Beneficiary Mortgagee jointly, and Grantor Mortgagor appoints Beneficiary Mortgagee as GrantorMortgagor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary Mortgagee is hereby authorized and empowered by Grantor Mortgagor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor Mortgagor does not promptly settle, adjust or compromise such claim. Grantor Mortgagor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor Mortgagor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary Mortgagee as security for payment of the Liabilities. Beneficiary Mortgagee and Grantor Mortgagor shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit AgreementIndenture.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor Mortgagor shall give notice to BeneficiaryMortgagee. Grantor Mortgagor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with BeneficiaryMortgagee, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary Mortgagee may participate in any such proceeding and Grantor Mortgagor shall from time to time deliver to Beneficiary Mortgagee all instruments requested by it to permit such participation. Grantor Mortgagor shall not, without BeneficiaryMortgagee’s prior written consent in accordance with the Credit AgreementIndenture, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to BeneficiaryMortgagee, and GrantorMortgagor, upon request by BeneficiaryMortgagee, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary Mortgagee to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary Mortgagee and GrantorMortgagor, in accordance with the applicable provisions of the Credit AgreementIndenture.
(d) Nothing herein shall relieve Grantor Mortgagor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor Mortgagor under any applicable provision of the Credit Agreement Indenture or Other Collateral Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit AgreementIndenture, the term of the Credit Agreement Indenture shall apply.
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Styrochem U S LTD)
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor Mortgagor under the Credit Agreement Loan Documents and Grantor Mortgagor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor Mortgagor shall give prompt notice thereof to BeneficiaryMortgagee, and Beneficiary Mortgagee may make proof of loss if not made promptly by GrantorMortgagor. Grantor Mortgagor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary Mortgagee instead of to Grantor Mortgagor and Beneficiary Mortgagee jointly, and Grantor Mortgagor appoints Beneficiary Mortgagee as Grantor’s Mortgagor's attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary Mortgagee is hereby authorized and empowered by Grantor Mortgagor to settle, adjust or compromise, in consultation with Mortgagor, any claim claims for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claimProperty. Grantor Mortgagor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor Mortgagor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary Mortgagee as security for payment of the Liabilities. Beneficiary and Grantor Mortgagee shall pay have the option, in its sole discretion, of paying or apply applying all or any part of the insurance proceeds in accordance with the terms of the Credit Agreement.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor shall give notice to Beneficiary. Grantor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with Beneficiary, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary may participate in any such proceeding and Grantor shall from time to time deliver to Beneficiary all instruments requested by it to permit such participation. Grantor shall not, without Beneficiary’s prior written consent in accordance with the Credit Agreement, enter into any agreement to: (i) for the taking or conveyance in lieu thereof of all or any part reduction of the Property, or Liabilities; (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to Beneficiary, and Grantor, upon request by Beneficiary, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and Grantor, in accordance with the applicable provisions of the Credit Agreement.
(d) Nothing herein shall relieve Grantor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement or Other Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.,
Appears in 1 contract
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, Agreement there shall be no abatement or reduction in the amounts payable by Grantor Mortgagor under the Credit Agreement and Grantor Mortgagor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor Mortgagor shall give prompt notice thereof to BeneficiaryMortgagee, and Beneficiary Mortgagee may make proof of loss if not made promptly by GrantorMortgagor. Grantor Mortgagor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary Mortgagee instead of to Grantor Mortgagor and Beneficiary Mortgagee jointly, and Grantor Mortgagor appoints Beneficiary Mortgagee as GrantorMortgagor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary Mortgagee is hereby authorized and empowered by Grantor Mortgagor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor Mortgagor does not promptly settle, adjust or compromise such claim. Grantor Mortgagor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor Mortgagor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary Mortgagee as security for payment of the Liabilities. Beneficiary Mortgagee and Grantor Mortgagor shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit Agreement.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor Mortgagor shall give notice to BeneficiaryMortgagee. Grantor Mortgagor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with BeneficiaryMortgagee, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary Mortgagee may participate in any such proceeding and Grantor Mortgagor shall from time to time deliver to Beneficiary Mortgagee all instruments requested by it to permit such participation. Grantor Mortgagor shall not, without BeneficiaryMortgagee’s prior written consent in accordance with the Credit Agreement, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to BeneficiaryMortgagee, and GrantorMortgagor, upon request by BeneficiaryMortgagee, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary Mortgagee to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary Mortgagee and GrantorMortgagor, in accordance with the applicable provisions of the Credit Agreement.
(d) Nothing herein shall relieve Grantor Mortgagor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor Mortgagor under any applicable provision of the Credit Agreement or Other Collateral Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.
Appears in 1 contract
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor Borrower under the Credit Agreement Loan Documents, and Grantor Borrower shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor Borrower shall give prompt notice thereof to BeneficiaryLender, and Beneficiary Lender may make proof of loss if not made promptly by GrantorBorrower. Grantor Borrower hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary Lender instead of to Grantor Borrower and Beneficiary Lender jointly, and Grantor Borrower appoints Beneficiary Xxxxxx as GrantorXxxxxxxx’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary Lender is hereby authorized and empowered by Grantor Borrower to settle, adjust or compromise, in consultation with Borrower, any claim claims for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claimProperty. Grantor Borrower shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor Borrower shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary Lender as security for payment of the Liabilities. Beneficiary and Grantor Lender shall pay have the option, in its sole discretion, of paying or apply applying all or any part of the insurance proceeds to: (i) reduction of the Liabilities; (ii) restoration, replacement or repair of the Property in accordance with the terms of the Credit AgreementLender’s standard construction loan disbursement conditions and requirements; or (iii) Borrower.
(c) Promptly Immediately upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor Borrower shall give notice to BeneficiaryLender. Grantor Borrower shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with BeneficiaryLender, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary Lender may participate in any such proceeding proceeding, and Grantor Borrower shall from time to time deliver to Beneficiary Lender all instruments requested by it to permit such participation. Grantor Borrower shall not, without BeneficiaryXxxxxx’s prior written consent in accordance with the Credit Agreementconsent, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to BeneficiaryXxxxxx, and GrantorXxxxxxxx, upon request by BeneficiaryXxxxxx, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary Xxxxxx to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and GrantorLender, in its sole discretion, to: (i) reduction of the Liabilities; (ii) restoration, replacement or repair of the Property in accordance with the applicable provisions of the Credit AgreementLender’s standard construction loan disbursement conditions and requirements; or (iii) Borrower.
(d) Nothing herein shall relieve Grantor Borrower of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement or Other Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (Saddlebrook Resorts Inc)
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor under the Credit Agreement and Grantor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor shall give prompt notice thereof to Beneficiary, and Beneficiary may make proof of loss if not made promptly by Grantor. Grantor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 under such insurance, including return of unearned premiums, to Beneficiary instead of to Grantor and Beneficiary jointly, and Grantor appoints Beneficiary as Grantor’s attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary is hereby authorized and empowered by Grantor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor does not promptly settle, adjust or compromise such claim. Grantor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary as security for payment of the Liabilities. Beneficiary and Grantor shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit Agreement.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor shall give notice to Beneficiary. Grantor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with Beneficiary, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary may participate in any such proceeding and Grantor shall from time to time deliver to Beneficiary all instruments requested by it to permit such participation. Grantor shall not, without Beneficiary’s prior written consent in accordance with the Credit Agreement, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 are hereby assigned to Beneficiary, and Grantor, upon request by BeneficiaryXxxxxxxxxxx, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and Grantor, in accordance with the applicable provisions of the Credit Agreement.
(d) Nothing herein shall relieve Grantor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement or Other Collateral Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.
Appears in 1 contract
Damage, Destruction and Condemnation. (a) If all or any part of the Property shall be damaged or destroyed, or if title to or the temporary use of the whole or any part of the Property shall be taken or condemned by a competent authority for any public or quasi-public use or purpose, subject to the terms of the Credit Agreement, there shall be no abatement or reduction in the amounts payable by Grantor Mortgagor under the Credit Loan Agreement and Grantor Mortgagor shall continue to be obligated to make such payments.
(b) If all or any part of the Property is partially or totally damaged or destroyed, Grantor Mortgagor shall give prompt notice thereof to BeneficiaryMortgagee, and Beneficiary Mortgagee may make proof of loss if not made promptly by GrantorMortgagor. Grantor Mortgagor hereby authorizes and directs any affected insurance company to make payment in excess of $500,000 100,000 under such insurance, including return of unearned premiums, to Beneficiary Mortgagee instead of to Grantor Mortgagor and Beneficiary Mortgagee jointly, and Grantor Mortgagor appoints Beneficiary Mortgagee as Grantor’s Mortgagor's attorney-in-fact to endorse any draft thereof, which appointment, being for security, is coupled with an interest and irrevocable. Beneficiary Mortgagee is hereby authorized and empowered by Grantor Mortgagor to settle, adjust or compromise, any claim for loss, damage or destruction to the Property if Grantor Mortgagor does not promptly settle, adjust or compromise such claim. Grantor shall pay all costs of collection of insurance proceeds payable on account of such damage or destruction. Grantor Mortgagor shall have no claim against the insurance proceeds, or be entitled to any portion thereof, and all rights to the insurance proceeds are hereby assigned to Beneficiary Mortgagee as security for payment of the Liabilities. Beneficiary and Grantor Mortgagee shall pay or apply all or any part of the insurance proceeds in accordance with the terms of the Credit Loan Agreement.
(c) Promptly upon obtaining knowledge of the institution of any proceeding for the condemnation of all or any part of the Property, Grantor Mortgagor shall give notice to BeneficiaryMortgagee. Grantor Mortgagor shall, at its sole cost and expense, diligently prosecute any such proceeding and shall consult with BeneficiaryMortgagee, its attorneys and experts, and shall cooperate with it in the defense of any such proceeding. Beneficiary Mortgagee may participate in any such proceeding and Grantor Mortgagor shall from time to time deliver to Beneficiary Mortgagee all instruments requested by it to permit such participation. Grantor Mortgagor shall not, without Beneficiary’s Mortgagee's prior written consent in accordance with the Credit Agreementconsent, enter into any agreement (i) for the taking or conveyance in lieu thereof of all or any part of the Property, or (ii) to compromise, settle or adjust any such proceeding. All awards and proceeds of condemnation in excess of $500,000 100,000 are hereby assigned to BeneficiaryMortgagee, and GrantorMortgagor, upon request by BeneficiaryMortgagee, agrees to make, execute and deliver any additional assignments or documents necessary from time to time to enable Beneficiary Mortgagee to collect the same. Such awards and proceeds shall be paid or applied by Beneficiary and GrantorMortgagee, in accordance with the applicable provisions its sole discretion, to: (i) Obligations, in such order as Mortgagee shall determine, in its sole discretion; (ii) restoration, replacement or repair of the Credit Agreement.
Property subject to such conditions as Mortgagee determines to be appropriate and as are customarily imposed by institutional lenders for similar properties; or (d) Nothing herein shall relieve Grantor of its duty to repair, restore, rebuild or replace the Property following damage or destruction or partial condemnation if no or inadequate insurance proceeds or condemnation awards are available to defray the cost of repair, restoration, rebuilding or replacement.
(e) Nothing in this Section 2.8 shall be deemed to limit in any respect the obligations of the Grantor under any applicable provision of the Credit Agreement or Other Documents. In the event of any conflict between the terms of this Section 2.8 and the terms of the Credit Agreement, the term of the Credit Agreement shall apply.iii)
Appears in 1 contract
