Common use of Insurance Proceeds and Condemnation Awards Clause in Contracts

Insurance Proceeds and Condemnation Awards. (i) Seller has not modified the provisions of the Loan Documents which provide that insurance proceeds and condemnation awards will be applied to one of the following: (A) restoration or repair of the Property, (B) restoration or repair of the Property, with any excess insurance proceeds or condemnation awards after restoration or repair being paid to Borrower, or (C) reduction of the principal amount of the Loan. (ii) To Seller’s knowledge, there is no proceeding pending for the total or partial condemnation of the Property that would have a material adverse effect on the use or value of the Property.

Insurance Proceeds and Condemnation Awards. (ia) Seller has not modified the provisions of the Loan Documents which provide that insurance proceeds and condemnation awards will be applied to one of the following: (Ai) restoration or repair of the Property, (Bii) restoration or repair of the Property, with any excess insurance proceeds or condemnation awards after restoration or repair being paid to Borrower, or (Ciii) reduction of the principal amount of the Loan. (iib) To Seller’s knowledge, there is no proceeding pending for the total or partial condemnation of the Property that would have a material adverse effect on the use or value of the Property.