Common use of DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS Clause in Contracts

DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS. Any restoration or repair shall be done under the supervision of an architect acceptable to Lender and pursuant to plans and specifications approved by the Lender. In any case where Lender may elect to apply the proceeds to repair or restoration or permit the Borrower to so apply the proceeds they shall be held by Lender for such purposes and will from time to time be disbursed by Lender to defray the costs of such restoration or repair under such safeguards and controls as Lender may establish to assure completion in accordance with the approved plans and specifications and free of liens or claims. Borrower shall on demand deposit with Lender any sums necessary to make up any deficits between the actual cost of the work and the proceeds and provide such lien waivers and completion bonds as Lender may reasonably require. Any surplus which may remain after payment of all costs of restoration or repair may at the option of the Lender be applied on account of the Indebtedness Secured Hereby then most remotely to be paid, whether due or not, without application of any prepayment premium or shall be returned to Borrower as its interest may appear, the choice of application to be solely at the discretion of Lender.

DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS. Any restoration or repair shall be done under the supervision of an architect acceptable to Lender Mortgagee and pursuant to plans and specifications approved by the LenderMortgagee. In any case where Lender Mortgagee may elect to apply the proceeds to repair or restoration or permit the Borrower Mortgagor to so apply the proceeds they shall be held by Lender Mortgagee for such purposes and will from time to time be disbursed by Lender Mortgagee to defray the costs of such restoration or repair under such safeguards and controls as Lender Mortgagee may establish to assure completion in accordance with the approved plans and specifications and free of liens or claims. Borrower Mortgagor shall on demand deposit with Lender Mortgagee any sums necessary to make up any deficits between the actual cost of the work and the proceeds and provide such lien waivers and completion bonds as Lender Mortgagee may reasonably require. Any surplus which may remain after payment of all costs of restoration or repair may at the option of the Lender Mortgagee be applied on account of the Indebtedness Secured Hereby then most remotely to be paid, whether due or not, without application of any prepayment premium or shall be returned to Borrower Mortgagor as its interest may appear, the choice of application to be solely at the discretion of LenderMortgagee.

DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS. Any restoration or repair shall be done under the supervision of an architect acceptable to Lender Mortgagee and pursuant to plans and specifications approved by the LenderMortgagee. In any case where Lender Mortgagee may elect to apply the proceeds to repair or restoration or permit the Borrower Mortgagor to so apply the proceeds they shall be held by Lender Mortgagee for such purposes and will from time to time be disbursed by Lender Mortgagee to defray the costs of such restoration or repair under such safeguards and controls as Lender Mortgagee may establish to assure completion in accordance with the approved plans and specifications and free of liens or claims. Borrower Mortgagor shall on demand deposit with Lender Mortgagee any sums necessary to make up any deficits between the actual cost of the work and the proceeds and provide such lien waivers and completion bonds as Lender Mortgagee may reasonably require. Any surplus which may remain after payment of all costs of restoration or repair may at the option of the Lender Mortgagee be applied on account of the Indebtedness Secured Hereby then most remotely to be paid, whether due or not, without application of any prepayment premium or shall be returned to Borrower Mortgagor as its interest may appear, the choice of application to be solely at the discretion of LenderMortgagee.

DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS. Any restoration or repair shall be done under the supervision of an architect acceptable to Lender Mortgagee and pursuant to plans and specifications approved by the LenderMortgagee. In any case where Lender Mortgagee may elect to apply the proceeds to repair or restoration or permit the Borrower Mortgagor to so apply the proceeds they shall be held by Lender Mortgagee for such purposes and will from time to time be disbursed by Lender Mortgagee to defray the costs of such restoration or repair under such safeguards and controls as Lender Mortgagee may establish to assure completion in accordance with the approved plans and specifications and free of liens or claims. Borrower Mortgagor shall on demand deposit with Lender Mortgagee any sums necessary to make up any deficits between the actual cost of the work and the proceeds and provide such lien waivers and completion bonds as Lender Mortgagee may reasonably require. Any surplus which may remain after payment of all costs of restoration or repair may at the option of the Lender Mortgagee be applied on account of the Indebtedness Secured Hereby then most remotely to be paid, whether due or not, without application of any prepayment premium or shall be returned to Borrower Mortgagor as its interest may appear, the choice of application to be solely at the discretion of LenderMortgagee.

DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS. Any restoration or repair shall be done under the supervision of an architect acceptable to Lender Beneficiary and pursuant to plans and specifications approved by the LenderBeneficiary. In any case where Lender Beneficiary may elect to apply the proceeds to repair or restoration or permit the Borrower Grantor to so apply the proceeds they shall be held by Lender Beneficiary for such purposes and will from time to time be disbursed by Lender Beneficiary to defray the costs of such restoration or repair under such safeguards and controls as Lender Beneficiary may establish to assure completion in accordance with the approved plans and specifications and free of liens or claims. Borrower Grantor shall on demand deposit with Lender Beneficiary any sums necessary to make up any deficits between the actual cost of the work and the proceeds and provide such lien waivers and completion bonds as Lender Beneficiary may reasonably require. Any surplus which may remain after payment of all costs of restoration or repair may at the option of the Lender Beneficiary be applied on account of the Indebtedness Secured Hereby then most remotely to be paid, whether due or not, without application of any prepayment premium or shall be returned to Borrower Grantor as its interest may appear, the choice of application to be solely at the discretion of LenderBeneficiary.