Mortgage Loan Administration Matters Regarding Condemnation. Application of Condemnation Awards. Lender may apply any awards or proceeds of a Condemnation Action, after the deduction of Lender’s expenses incurred in the collection of such amounts, to: the restoration or repair of the Mortgaged Property, if applicable; the payment of the Indebtedness, with the balance, if any, paid to Borrower; or Borrower.
Appears in 4 contracts
Samples: Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement
Mortgage Loan Administration Matters Regarding Condemnation. Application of Condemnation Awards. Lender may apply any awards or proceeds of a Condemnation Action, after the deduction of Lender’s expenses incurred in the collection of such amounts, to: the restoration or repair of the Mortgaged Property, if applicable; the payment of the Indebtedness, with the balance, if any, paid to BorrowerIDOT Guarantor; or BorrowerIDOT Guarantor.
Appears in 1 contract
