Notice of Casualty. Borrower shall notify Lender promptly if any part of the Mortgaged Property suffers material damage or destruction, and Lender may, without liability, refuse to make further advances until Borrower makes arrangements satisfactory to Lender for restoration or replacement of the damaged or destroyed portion of the Mortgaged Property.
Appears in 6 contracts
Samples: Loan Agreement, Loan Agreement, Loan Agreement (United Development Funding Income Fund V)
Notice of Casualty. Borrower shall notify Lender promptly if any part of the Mortgaged Property suffers material damage or destruction, and Lender may, without liability, refuse to make further advances until Borrower makes arrangements satisfactory to Lender for restoration or replacement of the damaged or destroyed portion of the Mortgaged Property.
Appears in 1 contract
Samples: Loan Agreement (United Development Funding Income Fund V)
