Common use of Insufficient Payments Clause in Contracts

Insufficient Payments. In the event that Borrower fails to pay all amounts due and payable on the Mortgage Note on any Due Date, unless otherwise determined by Lender, all cash paid by the Borrower on such date and all proceeds realized on the sale of Collateral pursuant to any of the Loan Documents shall be applied in the following order of priority to the extent of the cash so paid or proceeds realized: FIRST: to pay (a) all amounts that are due and unpaid under SECTION 12.7.1 hereof and under SECTION 7.5 hereof, if applicable, (b) all costs, if any, incurred by Lender in acting on behalf of Borrower as provided in the Loan Documents and (c), if applicable, all costs and expenses incurred by the Lender in enforcing this Loan Agreement and any of the other Loan Documents, including all costs and expenses of the foreclosure and/or sale of the Collateral or any part thereof or any interest therein, and all costs and expenses of entering upon, taking possession of, removing, holding, constructing improvements on, and operating and managing the Collateral or any part thereof, and all costs and expenses of repairs, renewals, replacements, additions, betterments, and improvements to the Collateral, in each case in accordance with the Loan Documents, and all reasonable attorneys' and accountants' fees and disbursements, including any appraisals that may reasonably be required by Lender, incurred in connection with any of the foregoing, together with any compensation payable under SECTION 4.3 of the Mortgage; SECOND: to pay interest at the Base Rate then due and payable on the Mortgage Note; THIRD: to pay all amounts of principal due and payable on the Mortgage Note (whether at maturity, on a date fixed for any payment or prepayment thereof, upon acceleration, or otherwise), until the principal balance has been reduced to zero;

Insufficient Payments. In the event that the Borrower fails to pay all amounts due and payable on the Mortgage Note on any Due Datedate (including payments from the proceeds of any sale of Collateral pursuant to any of the Loan Documents or payments from the Debt Service Reserve maintained pursuant to of the Cash Management Procedures attached as Schedule 5.11 hereto), unless otherwise determined by Lender, all cash paid by ------------- the Borrower on such date and all proceeds realized on the sale of Collateral pursuant to any of the Loan Documents shall be applied in the following order of priority to the extent of the cash so paid or proceeds realizedpaid: FIRST: to pay (a) all amounts that are due and unpaid under SECTION 12.7.1 Section 11.7.1 hereof and under SECTION Section 7.5 hereof, if applicable, applicable (b) all costs, if any, incurred by the Lender in acting on behalf of Borrower as provided in the Loan Documents and (c), if applicable, all costs and expenses incurred by the Lender in enforcing this Loan Agreement and any of the other Loan Documents, including all costs and expenses of the foreclosure and/or sale of the Collateral or any part thereof or any interest therein, and all costs and expenses of entering upon, taking possession of, removing, holding, constructing improvements on, and operating and managing the Collateral or any part thereof, and all costs and expenses of repairs, renewals, replacements, additions, betterments, and improvements to the Collateral, in each case in accordance with the Loan Documents, and all reasonable attorneys' and accountants' fees and disbursements, including any appraisals that may reasonably be required by Lender, incurred in connection with any of the foregoing, together with any compensation payable under SECTION Section 4.3 of the any Mortgage; SECOND: to pay interest at the Base Rate then due and payable on the Mortgage Note; THIRD: to pay all amounts of principal due and payable on the Mortgage Note (whether at maturity, on a date fixed for any payment or prepayment thereof, upon acceleration, or otherwise), until the principal balance has been reduced to zero;

Insufficient Payments. In the event that Borrower fails to pay all amounts due and payable on the Mortgage Note on any Due Date, unless otherwise determined by Lender, all cash paid by the Borrower on such date and all proceeds realized on the sale of Collateral pursuant to any of the Loan Documents shall be applied in the following order of priority to the extent of the cash so paid or proceeds realized: FIRST: to pay (a) all amounts that are due and unpaid under SECTION 12.7.1 hereof and under SECTION 7.5 hereof, if applicable, applicable (b) all costs, if any, incurred by Lender in acting on behalf of Borrower as provided in the Loan Documents and (c), if applicable, all costs and expenses incurred by the Lender in enforcing this Loan Agreement and any of the other Loan Documents, including all costs and expenses of the foreclosure and/or sale of the Collateral or any part thereof or any interest therein, and all costs and expenses of entering upon, taking possession of, removing, holding, constructing improvements on, and operating and managing the Collateral or any part thereof, and all costs and expenses of repairs, renewals, replacements, additions, betterments, and improvements to the Collateral, in each case in accordance with the Loan Documents, and all reasonable attorneys' and accountants' fees and disbursements, including any appraisals that may reasonably be required by Lender, incurred in connection with any of the foregoing, together with any compensation payable under SECTION 4.3 of the any Mortgage; SECOND: to pay interest at the Base Rate then due and payable on the Mortgage Note; THIRD: to pay all amounts of principal due and payable on the Mortgage Note (whether at maturity, on a date fixed for any payment or prepayment thereof, upon acceleration, or otherwise), until the principal balance has been reduced to zero;