Grantor’s Obligations. In the event of any damage to or loss or destruction of the Mortgaged Property, Grantor shall (i) promptly notify Mortgagee of such event, if such event would give rise to a claim under the insurance policies required to be maintained by Grantor pursuant to Section 3.04, (ii) take such steps as shall be reasonably necessary to preserve any undamaged portion of the Mortgaged Property and (iii) take such steps as shall be reasonable necessary to recover and apply the Net Loss Proceeds in connection with such damage or destruction in accordance with the terms of the Indenture, including depositing such Net Loss Proceeds into the Collateral Account.
Appears in 2 contracts
Samples: Leasehold Mortgage (Aventine Renewable Energy Holdings Inc), Mortgage, Assignment, Assignment of Rents, Security Agreement, Fixture Filing and Financing Statement (Aventine Renewable Energy Holdings Inc)
Grantor’s Obligations. In the event of any damage to or loss or destruction of the Mortgaged Security Property, Grantor shall (i) promptly notify Mortgagee Beneficiary of such event, if such event would give rise to a claim under the insurance policies required to be maintained by Grantor pursuant to Section 3.04, (ii) take such steps as shall be reasonably necessary to preserve any undamaged portion of the Mortgaged Security Property and (iii) take such steps as shall be reasonable necessary to recover and apply the Net Loss Proceeds in connection with such damage or destruction in accordance with the terms of the Indenture, including depositing such Net Loss Proceeds into the Collateral Account.
Appears in 2 contracts
Samples: Deed of Trust (Aventine Renewable Energy Holdings Inc), Deed of Trust (Aventine Renewable Energy Holdings Inc)
Grantor’s Obligations. In the event of any damage to or loss or destruction of the Mortgaged PropertyPremises, Grantor shall (i) promptly notify Mortgagee of such event, if such event would give rise to a claim under the insurance policies required to be maintained by Grantor pursuant to Section 3.04, (ii) take such steps as shall be reasonably necessary to preserve any undamaged portion of the Mortgaged Property Premises and (iii) take such steps as shall be reasonable necessary to recover and apply the Net Loss Proceeds in connection with such damage or destruction in accordance with the terms of the Indenture, including depositing such Net Loss Proceeds into the Collateral Account.
Appears in 1 contract
Samples: Indenture (Verasun Energy Corp)
