Common use of Damage, Destruction or Taking Clause in Contracts

Damage, Destruction or Taking. In the event of any damage, destruction or Taking affecting all or any portion of the Property, Borrower shall give immediate written and oral notice thereof to Beneficiary and Trustee and proceed in accordance with the terms of the Loan Agreement. In case of any such material damage, destruction or Taking, Beneficiary shall be entitled to hold all insurance proceeds, payments or awards on account thereof, to the same extent Borrower would be entitled thereto under the Loan Agreement, and Borrower hereby irrevocably assigns to Beneficiary all of its rights to any such insurance proceeds, payments or awards. With respect to a Taking, and in accordance with its obligations under the Loan Agreement, Borrower will file or prosecute or will cause to be filed or prosecuted in good faith and with due diligence what would otherwise be its claim for any such award or payment and cause the same to be collected and paid over to Beneficiary. At the sole cost and expense of Borrower, Beneficiary may elect to monitor or participate in, and if reasonably necessary, may hire independent legal counsel to represent Beneficiary in connection with, any claim or the claims payment process. Borrower will pay or cause to be paid all costs and expenses reasonably incurred in connection with any Taking and the seeking and obtaining of any award or payment in respect thereof. Unless an Event of Default shall have occurred under the Loan Agreement, all sums so received by Beneficiary shall be applied in accordance with the provisions of the Loan Agreement.

Damage, Destruction or Taking. In the event of any damage, destruction or Taking affecting all or any portion of the Property, Borrower Grantor shall give immediate written and oral notice thereof to Beneficiary and Trustee Grantee and proceed in accordance with the terms of the Loan Agreement. In case of any such material damage, destruction or Taking, Beneficiary Grantee shall be entitled to hold all insurance proceeds, payments or awards on account thereof, to the same extent Borrower Grantor would be entitled thereto under the Loan Agreement, and Borrower Grantor hereby irrevocably assigns to Beneficiary Grantee all of its rights to any such insurance proceeds, payments or awards. With respect to a Taking, and in accordance with its obligations under the Loan Agreement, Borrower Grantor will file or prosecute or will cause to be filed or prosecuted in good faith and with due diligence what would otherwise be its claim for any such award or payment and cause the same to be collected and paid over to BeneficiaryGrantee. At the sole cost and expense of BorrowerGrantor, Beneficiary Grantee may elect to monitor or participate in, and if reasonably necessary, may hire independent legal counsel to represent Beneficiary Grantee in connection with, any claim or the claims payment process. Borrower Grantor will pay or cause to be paid all costs and expenses reasonably incurred in connection with any Taking and the seeking and obtaining of any award or payment in respect thereof. Unless an Event of Default shall have occurred under the Loan Agreement, all sums so received by Beneficiary Grantee shall be applied in accordance with the provisions of the Loan Agreement.

Damage, Destruction or Taking. In the event of any damage, destruction or Taking affecting all or any portion of the Property, Borrower Mortgagor shall give immediate written and oral notice thereof to Beneficiary and Trustee Mortgagee and proceed in accordance with the terms of the Loan Agreement. In case of any such material damage, destruction or Taking, Beneficiary Mortgagee shall be entitled to hold all insurance proceeds, payments or awards on account thereof, to the same extent Borrower Mortgagor would be entitled thereto under the Loan Agreement, and Borrower Mortgagor hereby irrevocably assigns to Beneficiary Mortgagee all of its rights to any such insurance proceeds, payments or awards. With respect to a Taking, and in accordance with its obligations under the Loan Agreement, Borrower Mortgagor will file or prosecute or will cause to be filed or prosecuted in good faith and with due diligence what would otherwise be its claim for any such award or payment and cause the same to be collected and paid over to BeneficiaryMortgagee. At the sole cost and expense of BorrowerMortgagor, Beneficiary Mortgagee may elect to monitor or participate in, and if reasonably necessary, may hire independent legal counsel to represent Beneficiary Mortgagee in connection with, any claim or the claims payment process. Borrower Mortgagor will pay or cause to be paid all costs and expenses reasonably incurred in connection with any Taking and the seeking and obtaining of any award or payment in respect thereof. Unless an Event of Default shall have occurred under the Loan Agreement, all sums so received by Beneficiary Mortgagee shall be applied in accordance with the provisions of the Loan Agreement.; and

Damage, Destruction or Taking. In the event of any damage, destruction or Taking affecting all or any portion of the Property, Borrower Trustor shall give immediate written and oral notice thereof to Beneficiary and Trustee and proceed in accordance with the terms of the Loan Agreement. In case of any such material damage, destruction or Taking, Beneficiary shall be entitled to hold all insurance proceeds, payments or awards on account thereof, to the same extent Borrower Trustor would be entitled thereto under the Loan Agreement, and Borrower Trustor hereby irrevocably assigns to Beneficiary all of its rights to any such insurance proceeds, payments or awards. With respect to a Taking, and in accordance with its obligations under the Loan Agreement, Borrower Trustor will file or prosecute or will cause to be filed or prosecuted in good faith and with due diligence what would otherwise be its claim for any such award or payment and cause the same to be collected and paid over to Beneficiary. At the sole cost and expense of BorrowerTrustor, Beneficiary may elect to monitor or participate in, and if reasonably necessary, may hire independent legal counsel to represent Beneficiary in connection with, any claim or the claims payment process. Borrower Trustor will pay or cause to be paid all costs and expenses reasonably incurred in connection with any Taking and the seeking and obtaining of any award or payment in respect thereof. Unless an Event of Default shall have occurred under the Loan Agreement, all sums so received by Beneficiary shall be applied in accordance with the provisions of the Loan Agreement.