Distribution of Insurance and Condemnation Proceeds. In the event that the Property is partially or totally destroyed and insurance proceeds are distributed to Owner instead of being used to rebuild, or in the event of condemnation, if proceeds thereof are distributed to Owner, or in the event of termination of any applicable homeowner’s association and distribution of the assets of the association to the members thereof, including Owner, any surplus proceeds so distributed remaining after payment of encumbrances of said Property shall be distributed as follows: that portion of the surplus up to, but not to exceed, the net amount that Owner would have received under the formula set forth in Section 8 above had City exercised its Option to Purchase the Property on the date of the destruction, condemnation valuation date, or liquidation, shall be distributed to Owner, and the balance of such surplus, if any, shall be distributed to City or its successors or assigns.
Distribution of Insurance and Condemnation Proceeds. In the event that the Residence is destroyed and insurance proceeds are distributed to Owner instead of being used to rebuild, or in the event of condemnation, if proceeds thereof are distributed to Owner, any surplus proceeds so distributed remaining after payment of encumbrances of said Residence shall be distributed as follows: that portion of the surplus up to but not to exceed the net amount that Owner would have received under the formula set forth in Section 9 of this Agreement had Residence been transferred on the date of the destruction or condemnation valuation date, shall be distributed to Owner, and the balance of such surplus, if any, shall be distributed to City or its successors or assigns.
Distribution of Insurance and Condemnation Proceeds. In the event that the improvements on the Property are destroyed and insurance proceeds are distributed to Owner instead of being used to rebuild, or in the event of condemnation, if proceeds thereof are distributed to Owner, or in the case of a condominium project, in the event of liquidation of the homeowners' association and distribution of the assets of the association to the members thereof including Owner, any surplus of proceeds so distributed remaining after payment of encumbrances of said Property, with the first claim accruing to the primary lender, shall be distributed as follows: That portion of the surplus up to but not to exceed the net amount that Owner would have received under Section 1 above had City exercised its right to purchase the Property on the date of the destruction, condemnation valuation date, or liquidation, shall be distributed to Owner, and the balance of such surplus, if any, shall be distributed to the City.
Distribution of Insurance and Condemnation Proceeds. Except as may be required to satisfy the first claim of the FNMA pursuant to the Community Partnership Program, in the event that the Premises consist of a unit in a condominium project and the condominium project is destroyed and insurance proceeds are distributed to Owner instead of being used to rebuild; or in the event of condemnation, if proceeds thereof are distributed to Owner; or in the event of termination of the condominium, liquidation of the association and distribution of the assets of the association to the members thereof, including Owner, any surplus of proceeds so distributed remaining after payment of encumbrances of said Premises shall be distributed as follows: That portion of the surplus up to but not to exceed the net amount that Owner would have received under the formula set forth above had City exercised its right to purchase the Premises on the date of the destruction, condemnation valuation date, or liquidation, shall be distributed to Owner, and the balance of such surplus, if any, shall be distributed to City.
Distribution of Insurance and Condemnation Proceeds. Insurance and condemnation proceeds shall be distributed between Landlord and Tenant in accordance with the relative values of their interest in the Land and Improvements thereon damaged or destroyed by casualty or taken by condemnation determined without regard to any termination of the Lease as a result of such damage or destruction or condemnation. Any such distribution shall be subject to the provisions set forth in Section 22.10 above. If Landlord, Tenant (or their respective successors or assigns) and VHDA cannot agree upon such distribution within thirty (30) days after such proceeds are available for distribution, then the matters may be submitted by Landlord, Tenant (or their respective successors or assigns) or VHDA to the Arlington County Circuit Court for a decision.
Distribution of Insurance and Condemnation Proceeds. In the event the improvements on the Property are destroyed and insurance proceeds are distributed to Grantee instead of being used to rebuild, or in the event of condemnation, if proceeds thereof are distributed to Grantee, such proceeds (the “Proceeds”) shall be paid and distributed as follows: (i) first, to the holder of the first lien priority note, to pay the remaining balance owed thereon, (ii) second, to the extent Proceeds remain, to the holder of the second lien priority note, and any other monetary liens senior to that or the Deed of Trust, if any, to pay the remaining balance owed thereon, (iii) third, to the extent Proceeds remain, to the County, to pay the remaining balance owed thereon, and (iv) all remaining Proceeds shall be distributed to Grantee.
Distribution of Insurance and Condemnation Proceeds. The proceeds from any insurance policies and the proceeds arising from a condemnation shall be paid to and held by Real Property Lender or, if the Real Property Loan shall have been satisfied, to the holder of the senior most leasehold mortgage and applied in accordance with the provisions of the Deed of Trust or such leasehold mortgage, as applicable, or if no leasehold mortgage exists, in the manner which would be required if the Deed of Trust were still in effect and the Equity Loan were secured by the Deed of Trust. Each of Commission and Lessee hereby waive any rights it may have to terminate the Lease under California Civil Code Section 1932 or 1933 or California Code of Civil Procedure Section 1265.130 or any similar statutes permitting the termination of a lease upon the taking or destruction of all or any part of the property being leased. Neither Commission nor Lessee may terminate the Lease under Section 1100 2(a) of the Lease without the prior written consent of each of the Holders.
Distribution of Insurance and Condemnation Proceeds. The proceeds from any insurance policies and the proceeds arising from a condemnation shall be paid to and held by the Holder of the senior most leasehold mortgage and applied in accordance with the provisions of such leasehold mortgage, or, if no Holder exists, in accordance with the Lease. Each of Commission and Lessee hereby waive any rights it may have to terminate the Lease under California Civil Code Section 1932 or 1933 or California Code of Civil Procedure Section 1265.130 or any similar statutes permitting the termination of a lease upon the taking or destruction of all or any part of the property being leased. Neither Commission nor Lessee may terminate the Lease under Section 1100 2(a) of the Lease without the prior written consent of the Holder of the senior most leasehold mortgage.
Distribution of Insurance and Condemnation Proceeds. The proceeds from any insurance policies and the proceeds arising from a condemnation shall be paid to and held by the Holder of the senior most leasehold mortgage and applied in accordance with the provisions of such leasehold mortgage, or, if no Holder exists, in accordance with the Lease. Each of Commission and Borrower hereby waive any rights it may have to terminate the Lease under California Civil Code Sections 1932 or 1933 or California Code of Civil Procedure Section 1265.130 or any similar statutes permitting the termination of a lease upon the taking or destruction of all or any part of the property being leased.
