Common use of DAMAGES; INSURANCE AND CONDEMNATION PROCEEDS Clause in Contracts

DAMAGES; INSURANCE AND CONDEMNATION PROCEEDS. (a) If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice of such damage to Administrative Agent, where the cost to repair and restore is in excess of the Casualty Threshold, and shall as soon as reasonably practicable commence and thereafter prosecute with reasonable diligence the completion of the restoration of the Property as nearly as possible to the condition the Property was in immediately prior to such Casualty with such alterations thereto as may be required by law (the “Restoration”). Borrower shall pay all costs of such Restoration whether or not such costs are covered by insurance. Administrative Agent may participate in any settlement discussions with any insurance companies (and shall approve the final settlement, which approval shall not be unreasonably withheld or delayed) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are equal to or greater than the Casualty Threshold and Borrower shall deliver to Administrative Agent all instruments required by Administrative Agent to permit such participation.

DAMAGES; INSURANCE AND CONDEMNATION PROCEEDS. (a) If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice of such damage to Administrative Agent, where the cost to repair and restore is in excess of the Casualty Threshold$10,000,000.00, and shall as soon as reasonably practicable commence and thereafter prosecute with reasonable diligence the completion of the restoration of the Property as nearly as possible to the equal or better condition than the Property was in immediately prior to such Casualty with such alterations thereto as may be required by law (the “Restoration”). Borrower shall pay all costs of such Restoration whether or not such costs are covered by insuranceinsurance and shall use any such insurance proceeds for the Restoration. Administrative Agent may participate in any settlement discussions with any insurance companies (and shall approve the final settlement, which approval shall not be unreasonably withheld or delayed) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are equal to or greater than the Casualty Threshold or any settlement which occurs during the continuance of a Default and Borrower shall deliver to Administrative Agent all instruments required by Administrative Agent to permit such participation.

DAMAGES; INSURANCE AND CONDEMNATION PROCEEDS. (a) If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice of such damage to Administrative Agent, where the cost to repair and restore is in excess of the Casualty Threshold, and shall as soon as reasonably practicable commence and thereafter prosecute with reasonable diligence the completion of the restoration of the Property as nearly as possible to the condition the Property was in immediately prior to such Casualty with such alterations thereto as may be required by law (the “Restoration”). Borrower shall pay all costs of such Restoration whether or not such costs are covered by insurance. Administrative Agent may participate in any settlement discussions with any insurance companies (and shall approve the final settlement, which approval shall not be unreasonably withheld or delayed) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are equal to or greater than the Casualty Threshold and Borrower shall deliver to Administrative Agent all instruments required by Administrative Agent to permit such participation.

DAMAGES; INSURANCE AND CONDEMNATION PROCEEDS. (a) If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice of such damage to Administrative AgentLender, where the cost to repair and restore is in excess of the Casualty Threshold, and shall as soon as reasonably practicable cause Mortgage Borrower to commence and thereafter prosecute with reasonable diligence the completion of the restoration of the Property as nearly as possible to the condition the Property was in immediately prior to such Casualty with such alterations thereto as may be required by law (the “Restoration”). Borrower shall pay or shall cause Mortgage Borrower to pay all costs of such Restoration whether or not such costs are covered by insurance. Administrative Agent Lender may participate in any settlement discussions with any insurance companies (and shall approve the final settlement, which approval shall not be unreasonably withheld or delayed) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are equal to or greater than the Casualty Threshold and Borrower shall deliver to Administrative Agent Lender all instruments required by Administrative Agent Lender to permit such participation.