Common use of Minor Casualty or Condemnation Clause in Contracts

Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Property and the Net Proceeds (less any business interruption proceeds) shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, and provided no Event of Default shall have occurred and remain uncured, the Net Proceeds will be disbursed by Lender to Borrower. Promptly after receipt of the Net Proceeds, subject to Legal Requirements of any Governmental Authorities, Borrower shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Article V. If any Net Proceeds (other than business interruption insurance proceeds released to Borrower pursuant to Section 5.2.3) are received by Borrower and may be retained by Borrower pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Lender and shall be segregated from other funds of Borrower to be used to pay for the cost of Restoration in accordance with the terms hereof.

Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Property and (i) the net amount of all insurance proceeds payable as a result of a Casualty to the Property, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees), if any, in collecting such insurance proceeds, or (ii) the net amount of the Award, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees), if any, in collecting such Award (the “Net Proceeds (less any business interruption proceedsProceeds”) shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, and provided no Event of Default shall have occurred and remain uncured, then the Net Proceeds will be disbursed by Lender to Borrower. Promptly after receipt of the Net Proceeds, subject to Legal Requirements of any Governmental Authorities, Borrower shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Article V. Agreement. If any Net Proceeds (other than business interruption insurance proceeds released to Borrower pursuant to Section 5.2.3) are received by Borrower and may be retained by Borrower pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Lender and shall be segregated from other funds of Borrower to be used to pay for the cost of Restoration in accordance with the terms hereof.

Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Property and the Net Proceeds (less any business interruption proceeds) shall be less than the Restoration Threshold and the reasonably anticipated costs of completing the Restoration shall be less than the Restoration Threshold, and provided (a) no Event of Default shall have occurred and remain uncureduncured and (b) the Casualty or Condemnation shall have occurred prior to the Maturity Date, the Net Proceeds will be disbursed by Lender to Borrower. Promptly after receipt of the Net Proceeds, subject to Legal Requirements of any Governmental Authorities, Borrower shall commence and satisfactorily complete with due reasonable diligence the Restoration in accordance with the terms of this Article V. Agreement. If any Net Proceeds (other than business interruption insurance proceeds released to Borrower pursuant to Section 5.2.3) are received by Borrower and may be retained by Borrower pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Lender and shall be segregated from other funds of Borrower to be used to pay for the cost of Restoration in accordance with the terms hereof.

Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Property and the Net Proceeds (less any business interruption proceeds) shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, and provided (a) no Event of Default shall have occurred and remain uncureduncured and (b) the Casualty or Condemnation shall have occurred prior to the Maturity Date, the Net Proceeds will be promptly disbursed by Lender to Borrower. Promptly after receipt of the Net Proceeds, subject to Legal Requirements of any Governmental Authorities, Borrower shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Article V. Agreement. If any Net Proceeds (other than business interruption insurance proceeds released to Borrower pursuant to Section 5.2.3) are received by Borrower and may be retained by Borrower pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Lender and shall be segregated from other funds of Borrower to be used to pay for the cost of Restoration in accordance with the terms hereof.

Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Property and the Net Proceeds (less any business interruption proceeds) shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, and provided no Event of Default shall the conditions set forth in Section 5.3.2(a)(i) through illbelow have occurred and remain uncuredbeen met, the Net Proceeds will be disbursed by Lender to Borrower. Promptly after receipt of the Net Proceeds, subject to Legal Requirements of any Governmental Authorities, Borrower shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Article V. Agreement. If any Net Proceeds (other than business interruption insurance proceeds released to Borrower pursuant to Section 5.2.3) are received by Borrower and may be retained by Borrower pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Lender and shall be segregated from other funds of Borrower to be used to pay for the cost of Restoration in accordance with the terms hereof. Notwithstanding the foregoing or anything to the contrary contained herein, in the event that, in accordance with the applicable terms and conditions hereof, the Condemnation Net Proceeds are required to be applied to the principal amount of the Debt and the amount of the Condemnation Net Proceeds applied to the principal amount of the Debt in connection therewith are insufficient under REMIC Requirements because such Condemnation Net Proceeds (or a portion thereof) are paid to or held by a Person other than Lender, Borrower shall, within five (5) days of demand by Lender, prepay the principal amount of the Debt in an amount equal to such insufficiency plus the amount of any interest that would have accrued on such amounts through the next Monthly Payment Date (such payment, the "Condemnation Payment").

Minor Casualty or Condemnation. If Notwithstanding anything to the contrary herein, provided no Event of Default has occurred and is continuing, if a Casualty or Condemnation has occurred to the Mortgaged Property and the Net Proceeds (less any business interruption proceeds) shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, and provided no Event of Default shall have occurred and remain uncured, the Net Proceeds will be disbursed by Lender directly to BorrowerGrantor to be used for the Restoration of the Mortgaged Property. Promptly after receipt of the Net Proceeds, subject to Legal Requirements of any Governmental Authorities, Borrower Grantor shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Article V. Mortgage. If any Net Proceeds (other than business interruption insurance proceeds released to Borrower pursuant to Section 5.2.3) are received by Borrower Grantor and may be retained by Borrower Grantor pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Lender Agent and shall be segregated from other funds of Borrower Grantor to be used to pay for the cost of Restoration in accordance with the terms hereof. To the extent that a Restoration is undertaken, Grantor shall have (A) commenced with such Restoration within one hundred and twenty (120) days of the date of the Casualty (or promptly after the applicable claim has been settled with the insurer(s) if such claim has not been settled within ninety (90) days after the date of the Casualty or Condemnation), (B) thereafter proceeded continuously and diligently with the Restoration and (C) completed such Restoration on or before the earliest to occur of (i) the date which is three (3) months prior to the Termination Date (as the same may be extended), (ii) a date which is eighteen (18) months after such Casualty or Condemnation, and (iii) such time as may be required under applicable law in order to repair and restore the Mortgaged Property as required hereby.