Common use of LOSS OR CASUALTY Clause in Contracts

LOSS OR CASUALTY. Provided no Event of Default then exists and Borrower certifies as to same, the net insurance proceeds shall be made available for the restoration or repair of the Resort if (I) in Lender's reasonable judgment: (A) restoration or repair and the continued operation of the Resort is economically feasible; (B) the value of Lender's security is not reduced; and (C) the casualty loss does not exceed the net insurance proceeds available for restoration or Borrower or the Association (as defined in the Declaration) provides a deposit in the amount of such excess or other evidence satisfactory to Lender the Borrower or the Association has the funds available to pay any excess costs of restoration; (D) the loss does not occur in the six (6) month period preceding the Maturity Date and (E) Lender's independent consultant certifies that the restoration of the Property can be completed at least ninety (90) days prior to the Maturity Date. Borrower shall pay or cause to be paid all amounts, in addition to the net insurance proceeds, necessary to pay in full the cost of the restoration or repair. Notwithstanding the foregoing, it shall be a condition precedent to any disbursement of insurance proceeds held by Lender hereunder that Lender shall have approved (X) all plans and specifications for any proposed repair or restoration; (Y) the construction schedule; and (Z) the architect's and general contractor's contracts for restoration. Lender may establish other conditions it deems reasonably necessary to assure the work is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof, and in compliance with all applicable laws, rules and regulations. At Lender's option, the net insurance proceeds shall be disbursed pursuant to a construction escrow acceptable to Lender. If an Event of Default then exists, or any of the conditions set forth in this subsection have not been met or satisfied, the net insurance proceeds shall be applied to the Loan in such order and manner as Lender may elect, whether or not due and payable, with any excess paid to Borrower. Anything to the contrary herein notwithstanding, for so long as any part of the Resort is subject to the Declaration, any and all insurance proceeds arising from any damage or destruction to the Resort and any and all awards and payments with respect to condemnation or conveyances in lieu thereof received by Lender shall be delivered

LOSS OR CASUALTY. Provided no Event of Default then exists and Borrower Seller certifies as to same, the net insurance proceeds shall be made available for the restoration or repair of the Resort a Component Site if (Ii) in LenderBuyer's reasonable judgment: (A) restoration or repair and the continued operation of the Resort Project or Component Site is economically feasible; (BB-) the value of Lender's security the Receivables is not reduced; and (C) the casualty loss does not exceed the net insurance proceeds available for restoration restoration, or Borrower Seller or the Association (as defined in the Declaration) Managing Entity provides a deposit in the amount of any such excess or other evidence satisfactory to Lender the Borrower or the Association has the Buyer that funds are otherwise available to pay any excess costs of restoration; (D) the loss does not occur in the six (6) month period preceding the Maturity Date and (E) Lender's independent consultant certifies that the restoration of the Property can be completed at least ninety (90) days prior to the Maturity Date. Borrower Seller shall pay pay, or cause to be paid paid, all amounts, in addition to the net insurance proceeds, necessary to pay in full the cost of the restoration or repair. Notwithstanding the foregoingIn addition, it shall be a condition precedent prior to any disbursement of insurance proceeds held by Lender hereunder that Lender subject to this Agreement for renovation or repair to a Component Site, Buyer shall have approved in writing (Xi) all plans and specifications for any proposed repair or restoration; (Yii) the construction schedule; and (Ziii) the architect's and general contractor's contracts for restoration. Lender restoration exceeding one hundred thousand dollars (US$100,000.00) Buyer may establish other conditions it deems reasonably necessary to assure the work is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof, and in compliance -compliance with all applicable laws, rules and regulationsthe Law. At LenderBuyer's option, the net insurance proceeds shall be disbursed pursuant to a construction escrow acceptable to LenderBuyer. If an Event of Default then exists, or any of the conditions set forth in this subsection have not been met or satisfied, or the Component Site is not to be restored or repaired, the net insurance proceeds shall be applied to the Loan Obligations in such order and manner as Lender Buyer may elect, whether or not due and payable, with any excess paid to BorrowerSeller. Anything The Project Documents shall contain provisions which will require disbursement of insurance proceeds in accordance with this Section, which provisions shall not be modified in any way or deleted without the prior written consent of Buyer. In no event shall the Project Documents permit disbursement of the insurance proceeds for any Interval or Los Abrigados Interval financed through a Contract directly to such Purchaser to the contrary herein notwithstandingextent that any unpaid balance is due on such Contract. Notwithstanding the foregoing requirements of Section 5.2(c) ("Insurance Requirements"), for so long as any part since some of the Resort is subject Project Documents existing on the Effective Date fail to comply with the DeclarationInsurance Requirements, Seller, Los Abrigados, each Component Site Developer, and the Club hereby pledge to Buyer all of their right, title, and interest in and to any and all insurance proceeds arising from any damage or destruction to the Resort and any and all awards and payments with respect to condemnation or conveyances in lieu thereof received by Lender each Component Site and the Club. Seller represents and warrants to Buyer that all Project Documents for any additional Component Site which are not existing as of the Effective Date shall be deliveredcomply with the Insurance Requirements.

LOSS OR CASUALTY. Provided that no Event of Default hereunder then exists and Borrower certifies as to same, the net insurance proceeds shall be made available for the restoration or repair of the applicable Property and Resort if (Ii) in Lender's reasonable judgment: (A) restoration or repair and the continued operation of the such Resort is economically feasible; (B) the value of Lender's security is not reduced; and (C) the casualty loss does not exceed the net insurance proceeds available for restoration restoration, or Borrower or the applicable Resort Association (as defined in the Declaration) provides a deposit in the amount of any such excess or other evidence satisfactory to Lender the Borrower or the Association has the that funds are otherwise available to pay any excess costs of restoration; and (Dii) the loss does not occur in the six (6) month period preceding the Maturity Date Date, and (E) Lender's independent consultant certifies that the restoration of the Property applicable Resort can be completed at least ninety (90) days prior to the Maturity Date. Borrower or the Club shall pay pay, or cause to be paid paid, all amounts, in addition to the net insurance proceeds, necessary to pay in full the cost of the restoration or repair. Notwithstanding the foregoingIn addition, it shall be a condition precedent prior to any disbursement of insurance proceeds held by Lender hereunder that subject to this Agreement for renovation or repair to the applicable Resort, Lender shall have approved in writing (Xi) all plans and specifications for any proposed repair or restoration; (Yii) the construction schedule; and (Ziii) the architect's and general contractor's contracts for restorationrestoration exceeding $100,000.00. Lender may establish other conditions it deems reasonably necessary to assure the work is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof, and in compliance with all applicable laws, rules and regulationsApplicable Laws. At Lender's option, the net insurance proceeds shall be disbursed pursuant to a construction escrow acceptable to Lender. If an Event of Default hereunder then exists, or any of the conditions set forth in this subsection have not been met fully satisfied, or satisfiedthe applicable Property and Resort are not to be restored or repaired, the net insurance proceeds shall be applied to the Loan Indebtedness in such order and manner as Lender may elect, whether or not due and payable, with any excess paid to Borrower. Anything Notwithstanding anything in this Agreement to the contrary herein notwithstandingcontrary, for so long as any part of the Resort Interval to which a Financed Note Receivable relates is subject to the a Declaration, any and all insurance proceeds arising from any damage or destruction shall first be applied in accordance with such Declaration. All Resort Documents and Mortgages shall contain provisions that require disbursement of insurance proceeds to Lender to the extent available under the Declaration for disbursement to Purchasers of Intervals to which Financed Notes Receivable relate, which provisions shall not be modified in any way or deleted without the prior written consent of Lender. In no event shall any Resort and Documents or Mortgage permit disbursement of the insurance proceeds for any and all awards and payments with respect Interval financed through a Financed Note Receivable directly to condemnation or conveyances in lieu thereof received by Lender shall be deliveredsuch Purchaser to the extent that any unpaid balance is due on such Mortgage.

LOSS OR CASUALTY. Provided no Event of Default then exists and Borrower Seller certifies as to same, the net insurance proceeds shall be made available for the restoration or repair of the Resort a Component Site if (Ii) in Lender's Buyer’s reasonable judgment: (A) restoration or repair and the continued operation of the Resort or a Component Site is economically feasible; (B) the value of Lender's Buyer’s security is not reduced; and (C) the casualty loss does not exceed the net insurance proceeds available for restoration restoration, or Borrower Seller or the Association (as defined in the Declaration) Managing Entity provides a deposit in the amount of any such excess or other evidence satisfactory to Lender the Borrower or the Association has the Buyer that funds are otherwise available to pay any excess costs of restoration; (D) the loss does not occur in the six (6) month period preceding the Maturity Date and (E) Lender's independent consultant certifies that the restoration of the Property can be completed at least ninety (90) days prior to the Maturity Date. Borrower Seller shall pay pay, or cause to be paid paid, all amounts, in addition to the net insurance proceeds, necessary to pay in full the cost of the restoration or repair. Notwithstanding the foregoingIn addition, it shall be a condition precedent prior to any disbursement of insurance proceeds held by Lender hereunder that Lender subject to this Agreement for renovation or repair to the Resort or a Component Site, Buyer shall have approved in writing (Xi) all plans and specifications for any proposed repair or restoration; (Yii) the construction schedule; and (Ziii) the architect's ’s and general contractor's ’s contracts for restorationrestoration exceeding $100,000. Lender Buyer may establish other conditions it deems reasonably necessary to assure the work is fully completed in a good and workmanlike manner free of all liens or claims by reason thereof, and in compliance with all applicable laws, rules and regulationsthe Law. At Lender's Buyer’s option, the net insurance proceeds shall be disbursed pursuant to a construction escrow acceptable to LenderBuyer. If an Event of Default then exists, or any of the conditions set forth in this subsection have not been met or satisfied, or the Resort is not to be restored or repaired, the net insurance proceeds shall be applied to the Loan Indebtedness in such order and manner as Lender Buyer may elect, whether or not due and payable, with any excess paid to BorrowerSeller. Anything Notwithstanding anything in this Agreement to the contrary herein notwithstandingcontrary, for so long as any part Club Interest that is the subject of the Resort a sale to Buyer is subject to the Declaration, any and all insurance proceeds arising from any damage or destruction shall first be applied in accordance with the Declaration. The Project Documents and the Mortgages shall contain provisions which will require disbursement of insurance proceeds to Buyer to the Resort and extent available under the Declaration for disbursement to Purchasers of Intervals, which provisions shall not be modified in any and all awards and payments with respect to condemnation way or conveyances in lieu thereof received by Lender shall be delivereddeleted without the prior written consent of