Common use of Notice; Restoration Clause in Contracts

Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 16 contracts

Samples: Loan Agreement (OVERSTOCK.COM, Inc), Loan Agreement (Broad Street Realty, Inc.), Loan Agreement

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Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are availableavailable (unless Lender has breached its obligation (if any) to make such insurance proceeds available pursuant to Section 7.4.1), shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 7 contracts

Samples: Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.), Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Thomas Properties Group Inc)

Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”"CASUALTY"), Borrower Borrowers shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, BorrowerBorrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 5 contracts

Samples: Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Reit I Inc)

Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall will give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall will promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 3 contracts

Samples: Loan Agreement (Lodging Fund REIT III, Inc.), Loan Agreement (Lodging Fund REIT III, Inc.), Loan Agreement (Lodging Fund REIT III, Inc.)

Notice; Restoration. If the any Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower Borrowers shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, BorrowerBorrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the affected Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 3 contracts

Samples: Loan Agreement (GTJ Reit, Inc.), Loan Agreement (American Finance Trust, Inc), Loan Agreement (Supertel Hospitality Inc)

Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a "Casualty"), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 3 contracts

Samples: Loan Agreement (Medalist Diversified REIT, Inc.), Loan Agreement (Medalist Diversified REIT, Inc.), Loan Agreement (First Union Real Estate Equity & Mortgage Investments)

Notice; Restoration. If the any Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower Borrowers shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, BorrowerBorrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 1 contract

Samples: Loan Agreement (Inland Diversified Real Estate Trust, Inc.)

Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.. 52

Appears in 1 contract

Samples: Loan Agreement (Hines Global REIT, Inc.)

Notice; Restoration. If the any Property is damaged or destroyed, ------------------- in whole or in part, by fire or other casualty (a “Casualty”"Casualty "), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the affected Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 1 contract

Samples: Loan Agreement (Konover Property Trust Inc)

Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall will give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall will ​ ​ ​ promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 1 contract

Samples: Loan Agreement (Lodging Fund REIT III, Inc.)

Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.. Table of Contents

Appears in 1 contract

Samples: Loan Agreement (Thomas Properties Group Inc)

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Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly commence and proceed to restore, repair, replace or rebuild the Property within a reasonable period of time after the Casualty, in accordance with Legal Requirements to Requirements, such that the Property when restored shall be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 1 contract

Samples: Loan Agreement (Prime Group Realty Trust)

Notice; Restoration. If the Property is shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”"CASUALTY"), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements same to be of at least equal value and of substantially the same character as prior to such damage or destruction.destruction (a "CASUALTY RESTORATION"), all to be effected in accordance with applicable law

Appears in 1 contract

Samples: Loan Agreement (Maguire Properties Inc)

Notice; Restoration. If the an Individual Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the applicable Individual Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 1 contract

Samples: Loan Agreement (Strategic Realty Trust, Inc.)

Notice; Restoration. If the any Property is damaged or destroyed, in whole or in part, by fire or other casualty (a "Casualty"), Borrower Borrowers shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, BorrowerBorrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the affected Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 1 contract

Samples: Loan Agreement (Humphrey Hospitality Trust Inc)

Notice; Restoration. If the any Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”"CASUALTY"), Borrower Borrowers shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, BorrowerBorrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the such Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 1 contract

Samples: Loan Agreement (Acadia Realty Trust)

Notice; Restoration. If the any Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”"CASUALTY"), Borrower Borrowers shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, BorrowerBorrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the affected Property in accordance with Legal Requirements to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 1 contract

Samples: Loan Agreement (Lodgian Inc)

Notice; Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are availableavailable for restoration, shall promptly proceed to restore, repair, replace or rebuild the Property in accordance with Legal Requirements Requirements, the Severance Lease, the Condominium Documents and the Net Lease to be of at least equal value and of substantially the same character as prior to such damage or destruction.

Appears in 1 contract

Samples: Loan Agreement (Corporate Property Associates 17 - Global INC)

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