Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Property and the Net 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, Borrower shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement.
Appears in 4 contracts
Samples: Loan Agreement (Reckson Operating Partnership Lp), Loan Agreement (Reckson Associates Realty Corp), Loan Agreement (Beacon Capital Partners Inc)
Minor Casualty or Condemnation. If a Casualty or Condemnation has occurred to the an Individual Property and the Net 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, Borrower shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement.
Appears in 3 contracts
Samples: Loan Agreement (Host Marriott L P), Loan Agreement (Host Marriott Corp/), Loan Agreement (Hilton Hotels Corp)
