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

DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS. If (i) in the sole opinion of Mortgagee, the proceeds from any insurance claim or condemnation award received pursuant to Section 3.01 or 3.02 (after payment of expenses as contemplated by such Sections), together with any monies deposited by Mortgagee with Mortgagor for the purposes of restoration or repair as hereinafter set forth are sufficient to repair and restore the Mortgaged Property to substantially the same condition as existed immediately prior to such damage, destruction or condemnation, and (ii) Mortgagor is not then in default under the Note, the Loan Agreement or this Mortgage, and (iii) such repair or restoration shall not result in the creation of any lien or encumbrance on the Mortgaged Property, other than Permitted Encumbrances, and (iv) Mortgagor pays Mortgagee's expenses in connection with the foregoing, and (v) the Casualty occurs at least twelve (12) months prior to the expiration of the Note, then Mortgagor shall have the right to use such proceeds to repair and restore the Mortgaged Property; provided, however, that Mortgagee shall have the right to approve (which approval shall not be unreasonably withheld) the plans for such repair and restoration. In the event that any insurance or condemnation proceeds are so applied to the restoration or repair of the Mortgaged Property, the restoration or repair shall be done under the supervision of an architect acceptable to Mortgagee and pursuant to plans and specifications approved by Mortgagee and subject to such other terms, provisions, requirements, safeguards and disbursement procedures as Mortgagee may require. In such case the proceeds shall be held by Mortgagee for such purposes and will from time to time be disbursed by Mortgagee to defray the costs of such restoration or repair under such safeguards and controls as Mortgagee may require to assure completion in accordance with the approved plans and specifications and free of liens or claims. Any insurance or condemnation proceeds which are not applied to repair or restoration of the Mortgaged Property and any surplus which may remain after payment of all costs of restoration or repair may at the option of Mortgagee be applied to reduction of that portion of the Indebtedness then most remotely to be paid, whether due or not, or returned to Mortgagor or other person entitled thereto, the choice of application to be solely at the discretion of Mortgagee.

DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS. If (i) in the sole opinion of Mortgagee, the proceeds from any insurance claim or condemnation award received pursuant to Section 3.01 or 3.02 (after payment of expenses as contemplated by such Sections), together with any monies deposited by Mortgagee with Mortgagor for the purposes of restoration or repair as hereinafter set forth are sufficient to repair and restore the Mortgaged Property to substantially the same condition as existed immediately prior to such damage, destruction or condemnation, and (ii) Mortgagor is not then in default under the Note, the Loan Agreement or this Mortgage, and (iii) such repair or restoration shall not result in the creation of any lien or encumbrance on the Mortgaged Property, other than Permitted Encumbrances, and (iv) Mortgagor pays Mortgagee's expenses in connection with the foregoing, and (v) the Casualty occurs at least twelve (12) months prior to the expiration of the Note, then Mortgagor shall have the right to use such proceeds to repair and restore the Mortgaged Property; provided, however, that Mortgagee shall have the right to approve (which approval shall not be unreasonably withheld) the plans for such repair and restoration. In the event that any insurance or condemnation proceeds are so applied to the restoration or repair of the Mortgaged Property, the Any restoration or repair shall be done under the supervision of an architect acceptable to Mortgagee and pursuant to plans and specifications approved by Mortgagee and subject to such other terms, provisions, requirements, safeguards and disbursement procedures as Mortgagee may requirethe Mortgagee. In such case where Mortgagee may elect to apply the proceeds to repair or restoration or permit the Mortgagor to so apply the proceeds, then the proceeds shall be held by Mortgagee for such purposes and will from time to time be disbursed by Mortgagee to defray the costs of such restoration or repair under such safeguards and controls as Mortgagee may require establish to assure completion in accordance with the approved plans and specifications and free of liens or claims. Any insurance or condemnation proceeds which are not applied Mortgagor shall on demand deposit with Mortgagee any sums necessary to repair or restoration make up any deficits between the actual cost of the Mortgaged Property work and any the proceeds and provide such lien waivers and completion bonds as Mortgagee may reasonably require. Any surplus which may remain after payment of all costs of restoration or repair may at the option of the Mortgagee be applied to reduction of that portion 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 Mortgagor or other person entitled theretoas Mortgagor's interest may appear, the choice of application to be solely at the discretion of Mortgagee.

DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS. If (i) in the sole opinion of Mortgagee, the proceeds from any insurance claim or condemnation award received pursuant to Section 3.01 or 3.02 (after payment of expenses as contemplated by such Sections), together with any monies deposited by Mortgagee with Mortgagor for the purposes of restoration or repair as hereinafter set forth are sufficient to repair and restore the Mortgaged Property to substantially the same condition as existed immediately prior to such damage, destruction or condemnation, and (ii) Mortgagor is not then in default under the Note, the Loan Agreement or this Mortgage, and (iii) such repair or restoration shall not result in the creation of any lien or encumbrance on the Mortgaged Property, other than Permitted Encumbrances, and (iv) Mortgagor pays Mortgagee's expenses in connection with the foregoing, and (v) the Casualty occurs at least twelve (12) months prior to the expiration of the Note, then Mortgagor shall have the right to use such proceeds to repair and restore the Mortgaged Property; provided, however, that Mortgagee shall have the right to approve (which approval shall not be unreasonably withheld) the plans for such repair and restoration. In the event that Should any insurance or condemnation proceeds are so be applied to the restoration or repair of the Mortgaged PropertyPremises in accordance with this Article 5, the restoration or repair shall be done under the supervision of an architect acceptable to the Mortgagee and pursuant to site and building plans and specifications approved by Mortgagee and subject to such other terms, provisions, requirements, safeguards and disbursement procedures as Mortgagee may requirethe Mortgagee. In such case the The proceeds shall be held by the Mortgagee for such purposes and will from time to time be disbursed by the Mortgagee to defray the costs of such restoration or repair under such safeguards and controls as the Mortgagee may require to assure completion and in accordance with standard construction loan procedures. Prior to the approved plans and specifications and free payment or application of liens insurance proceeds or claims. Any insurance a condemnation or condemnation proceeds which are not applied eminent domain award to the repair or restoration of the Mortgaged Property improvements upon the Premises, the Mortgagee shall be entitled to receive the following: Evidence that no Event of Default exists under any of the terms, covenants and any surplus which conditions of this Mortgage, the Note, or other collateral security documents. Evidence that all leasing requirements for the Premises as established by the Mortgagee have been met. Reasonably satisfactory proof that such improvements have been fully restored, or that the expenditure of money as may remain after payment be received from such insurance proceeds or eminent domain award will be sufficient to repair, restore or rebuild the Premises, free and clear of all costs liens, except the lien of restoration this Mortgage. In the event such insurance proceeds or repair may at eminent domain award shall be insufficient to repair, restore or rebuild the option of Mortgagee be applied to reduction of that portion of said improvements, the Indebtedness then most remotely to be paid, whether due or not, or returned to Mortgagor or other person entitled theretoits lessee shall deposit with the Mortgagee funds equaling such deficiency, which, together with the choice of application insurance proceeds or eminent domain award, shall be sufficient to be solely at restore, repair and rebuild the discretion of MortgageePremises.