DIRECT PAYMENT TO THE LENDER OF PROCEEDS. If the Insurance Proceeds received in connection with a casualty or the Condemnation Proceeds received in respect of a condemnation exceed $50,000, or if there is a Default, then such proceeds shall be paid directly to the Lender. The Lender shall have the right to endorse instruments which evidence proceeds that it is entitled to receive directly.
Appears in 5 contracts
Samples: Deed of Trust, Security Agreement and Fixture Filing, Future Advance Mortgage (Angeles Partners X), Deed of Trust, Security Agreement and Fixture Filing (United Investors Income Properties)
DIRECT PAYMENT TO THE LENDER OF PROCEEDS. If the Insurance Proceeds received in connection with a casualty or the Condemnation Proceeds received in respect of a condemnation exceed Two Hundred Fifty Thousand Dollars ($50,000250,000), or if there is a Default, then such proceeds shall be paid directly to the Lender. The Lender shall have the right to endorse instruments which evidence proceeds that it is entitled to receive directly.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement and Fixture Filing (RREEF Property Trust, Inc.)
