Common use of Disbursement for Restoration Clause in Contracts

Disbursement for Restoration. If Lender elects to make the insurance proceeds or Condemnation Proceeds available for Restoration of any Individual Property (or is required to make such proceeds available pursuant to Section 5.5(C) above), the proceeds shall be disbursed by Lender to, or as directed by, Borrowers from time to time during the course of the Restoration, but not more frequently than once a month and in requested amounts of not less than $100,000, upon receipt of evidence satisfactory to Lender that (i) all materials installed and work and labor performed in connection with the Restoration have been paid for in full (other than that to be paid from the current pending disbursement), and (ii) there exist no notices of pendency, mechanic’s or materialman’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the applicable Individual Property. Borrowers agree that, if at any time during the Restoration, the cost of completing such Restoration, as reasonably determined by Lender, exceeds the undisbursed insurance proceeds, Borrowers shall, promptly upon demand by Lender, deposit the amount of such excess with Lender, and Lender shall first disburse such deposit to pay for the costs of such Restoration on the same terms and conditions as the insurance proceeds are disbursed. If Borrowers deposit such excess with Lender and if, after completion of the Restoration, any funds remain from the combination of insurance proceeds or Condemnation Proceeds and the funds so deposited with Lender by Borrowers, and if no Event of Default shall have occurred and be continuing, then Lender shall disburse into the Deposit Account, for application pursuant to Article VII hereof, such remaining funds (together with any interest earned thereon).

Disbursement for Restoration. If Lender elects to make the insurance proceeds or Condemnation Proceeds available for Restoration of any a Individual Property (or is required to make such proceeds available pursuant to Section 5.5(C) above), the proceeds shall be disbursed by Lender to, or as directed by, Borrowers the related Borrower from time to time during the course of the Restoration, but not more frequently than once a month and in requested amounts of not less than $100,00050,000.00, upon receipt of evidence satisfactory to Lender that (i) all materials installed and work and labor performed in connection with the Restoration have been (or will be with the requested disbursement) paid for in full (other than that to be paid from the current pending disbursement)full, and (ii) there exist no notices of pendency, mechanic’s 's or materialman’s 's liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the applicable such affected Individual Property, subject to Borrowers' right to contest under Section 5.3(B) or which have been bonded or insured over to Lender's satisfaction. Borrowers agree that, if at any time during the Restoration, the cost of completing such Restoration, as reasonably determined by Lender, exceeds the undisbursed insurance proceeds, Borrowers shall, promptly upon demand by Lender, deposit the amount of such excess with Lender, and Lender shall first disburse such deposit to pay for the costs of such Restoration on the same terms and conditions as the insurance proceeds are disbursed. If Borrowers deposit such excess with Lender and if, after completion of the Restoration, any funds remain from the combination of insurance proceeds or Condemnation Proceeds and the funds so deposited with Lender by Borrowers, and if no Event of Default shall have occurred and be continuing, then Lender shall disburse into the Deposit Central Account, for application pursuant to Article VII hereof, such remaining funds (together with any interest earned thereon).

Disbursement for Restoration. If Where a loss exceeds the Restoration Threshold and Lender elects to hold the insurance proceeds, and if Lender elects to make the insurance proceeds or Condemnation Proceeds available for Restoration of any the affected Individual Property (or is required to make such proceeds available pursuant to Section 5.5(C) above), the proceeds shall be disbursed by Lender to, or as directed by, Borrowers Borrower from time to time during the course of the Restoration, but not more frequently than once a month and in requested amounts of not less than $100,00010,000, upon receipt of evidence satisfactory to Lender that (i) all materials installed and work and labor performed in connection with the Restoration have been paid for in full (other than that to be paid from the current pending disbursement), and (ii) there exist no notices of pendency, mechanic’s or materialman’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the applicable affected Individual Property. Borrowers agree Borrower agrees that, if at any time during the RestorationRestoration of a loss that exceeds the Restoration Threshold, the cost of completing such Restoration, as reasonably determined by Lender, exceeds the undisbursed insurance proceeds, Borrowers Borrower shall, promptly upon demand by Lender, deposit the amount of such excess with Lender, and Lender shall first disburse such deposit to pay for the costs of such Restoration on the same terms and conditions as the insurance proceeds are disbursed. If Borrowers deposit Borrower deposits such excess with Lender and if, after completion of the Restoration, any funds remain from the combination of insurance proceeds or Condemnation Proceeds and the funds so deposited with Lender by BorrowersBorrower, and if no Event of Default shall have occurred and be continuing, then Lender shall disburse into the Deposit Account, for application pursuant to Article VII hereof, such remaining funds (together with any interest earned thereon)to Borrower.