Notice of Condemnation. Borrower shall: promptly notify Lender of any Condemnation Action of which Borrower has knowledge; appear in and prosecute or defend, at its own cost and expense, any action or proceeding relating to any Condemnation Action, including any defense of Lender’s interest in the Mortgaged Property tendered to Borrower by Lender, unless otherwise directed by Lender in writing; and execute such further evidence of assignment of any condemnation award in connection with a Condemnation Action as Lender may require. Condemnation Proceeds. Borrower shall pay to Lender all awards or proceeds of a Condemnation Action promptly upon receipt.
Appears in 5 contracts
Samples: Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement
