Common use of Notice; Restoration Clause in Contracts

Notice; Restoration. The affected Borrower shall give Agent prompt written notice of the actual or threatened (in writing) commencement of any Partial Condemnation or Total Condemnation affecting its Property and shall deliver to Agent copies of any and all material documents received or prepared by such Borrower in connection therewith. The affected Borrower shall, at its expense, diligently prosecute any such proceeding. Agent is hereby irrevocably appointed as Borrower's attorney-in-fact, coupled with an interest, with exclusive power to collect, receive and retain any Net Proceeds in respect of a Condemnation and to make any compromise or settlement in connection with such Condemnation, subject to the provisions of this Section. Provided no Event of Default has occurred and is continuing, (i) in the event of a Condemnation where the loss does not exceed $250,000, Borrower may settle and compromise such Condemnation and to collect and receive any resulting Net Proceeds; provided that the same is effected in a competent and timely manner, and (ii) in the event of a Condemnation, where the loss is equal to or exceeds $250,000, Borrower may settle and compromise the Net Proceeds only with the consent of Agent (which consent shall not be unreasonably withheld, conditioned or delayed) and Agent shall have the opportunity to participate, at Borrower's cost, in any litigation and settlement discussions in respect thereof. Notwithstanding any Condemnation by any public or quasi-public authority (including any transfer made in lieu of or in anticipation of such a Condemnation), Borrower shall continue to pay the Debt at the time and in the manner provided for in the Notes, this Agreement and the other Loan Documents, and the Debt shall not be reduced unless and until any Net Proceeds shall have been actually received and applied by Agent to expenses of collecting such Net Proceeds and to the reduction and/or the discharge of the Debt. Agent shall not be limited to the interest paid on the award by the condemning authority but shall be entitled to receive out of the award interest at the Applicable Interest Rate provided for herein. If any Property or any portion thereof is the subject of a Partial Condemnation or Total Condemnation, then, subject to the foregoing provisions of this Section 8.1.3(a), all Condemnation Proceeds relating thereto shall be paid to Agent and, in the case of a Partial Condemnation, the affected Borrower shall promptly commence and diligently prosecute, or cause to be promptly commenced and diligently prosecuted, the Restoration of such Property and otherwise comply with the provisions of Section 8.1.4.

Notice; Restoration. The affected Borrower shall promptly give Agent prompt written (or shall cause Operating Lessee to give) Lender notice of the actual or threatened (in writing) commencement of any Partial Condemnation condemnation or Total Condemnation eminent domain proceeding affecting its any Individual Property (a “Condemnation”) and shall deliver to Agent Lender copies of any and all material documents received or prepared by such Borrower papers served in connection therewithwith such Condemnation. The affected Borrower shallFollowing the occurrence of a Condemnation, Borrower, regardless of whether an Award is available, shall promptly proceed to restore, repair, replace or rebuild (or shall cause Operating Lessee to promptly restore, repair, replace or rebuild) such Individual Property in accordance with Legal Requirements to the extent practicable to be of at its expense, diligently prosecute any least equal value and of substantially the same character (and to have the same utility) as prior to such proceedingCondemnation. Agent Collection of Award . Lender is hereby irrevocably appointed as Borrower's ’s and Operating Lessee’s attorney-–in-–fact, coupled with an interest, with exclusive power to collect, receive and retain any Net Proceeds award or payment in respect of a Condemnation (an “Award”) and to make any compromise compromise, adjustment or settlement in connection with such Condemnation, subject to the provisions of this Section. Provided no Event of Default has occurred and is continuing, (i) in the event of a Condemnation where the loss does not exceed $250,000, Borrower may settle and compromise such Condemnation and to collect and receive any resulting Net Proceeds; provided that the same is effected in a competent and timely manner, and (ii) in the event of a Condemnation, where the loss is equal to or exceeds $250,000, Borrower may settle and compromise the Net Proceeds only with the consent of Agent (which consent shall not be unreasonably withheld, conditioned or delayed) and Agent shall have the opportunity to participate, at Borrower's cost, in any litigation and settlement discussions in respect thereof. Notwithstanding any Condemnation by any public (or quasi-public authority (including any transfer made in lieu of or in anticipation of such a Condemnation), Borrower shall continue to pay the Debt at the time and in the manner provided for in the Notes, this Agreement and the other Loan Documents, and the Debt shall not be reduced unless and until any Net Proceeds Award shall have been actually received and applied by Agent Lender to expenses of collecting such Net Proceeds the Award and to the reduction and/or the discharge of the Debt. Agent Lender shall not be limited to the interest paid on the award Award by the condemning authority but shall be entitled to receive out of the award Award interest at the Applicable Interest Rate rate or rates provided for hereinin the Note. If any Individual Property is sold, through foreclosure or any portion thereof is the subject of a Partial Condemnation or Total Condemnationotherwise, then, subject prior to the foregoing provisions receipt by Lender of this Section 8.1.3(a)such Award, all Condemnation Proceeds relating thereto Lender shall have the right, whether or not a deficiency judgment on the Note shall be recoverable or shall have been sought, recovered or denied, to receive all or a portion of the Award sufficient to pay the Debt that remains outstanding. Borrower and Operating Lessee shall cause any Award that is payable to Borrower or to Operating Lessee to be paid directly to Agent and, Lender. Lender shall hold such Award in the case of a Partial Condemnation, the affected Borrower shall promptly commence Casualty/Condemnation Subaccount and diligently prosecute, or cause to be promptly commenced and diligently prosecuted, the Restoration of disburse such Property and otherwise comply Award in accordance with the provisions terms hereof. Application of Section 8.1.4Proceeds or Award .

Notice; Restoration. The affected Borrower shall promptly give Agent prompt written (or shall cause Operating Lessee Owner or the Mortgage Loan Parties to give) Lender notice of the actual or threatened (in writing) commencement of any Partial Condemnation condemnation or Total Condemnation eminent domain proceeding affecting its any Individual Property (a “Condemnation”) and shall deliver (or cause Operating Lessee Owner or the Mortgage Loan Parties to Agent deliver) to Lender copies of any and all material documents received or prepared by such Borrower papers served in connection therewithwith such Condemnation. The affected Borrower shallFollowing the occurrence of a Condemnation, Borrower, regardless of whether an Award is available, shall promptly proceed (or cause Operating Lessee Owner or the Mortgage Loan Parties to promptly proceed) to restore, repair, replace or rebuild such Individual Property in accordance with Legal Requirements to the extent practicable to be of at its expenseleast equal value and of substantially the same character (and to have the same utility) as prior to such Condemnation. Collection of Award . Subject to the rights of Mortgage Lender under the Mortgage Loan Documents, diligently prosecute any such proceeding. Agent Lender is hereby irrevocably appointed as Borrower's ’s, Operating Lessee’s and each Mortgage Loan Party’s attorney-–in-–fact, coupled with an interest, with exclusive power to collect, receive and retain any Net Proceeds award or payment in respect of a Condemnation (an “Award”) and to make any compromise compromise, adjustment or settlement in connection with such Condemnation, subject to the provisions of this Section. Provided no Event of Default has occurred and is continuing, (i) in the event of a Condemnation where the loss does not exceed $250,000, Borrower may settle and compromise such Condemnation and to collect and receive any resulting Net Proceeds; provided that the same is effected in a competent and timely manner, and (ii) in the event of a Condemnation, where the loss is equal to or exceeds $250,000, Borrower may settle and compromise the Net Proceeds only with the consent of Agent (which consent shall not be unreasonably withheld, conditioned or delayed) and Agent shall have the opportunity to participate, at Borrower's cost, in any litigation and settlement discussions in respect thereof. Notwithstanding any Condemnation by any public (or quasi-public authority (including any transfer made in lieu of or in anticipation of such a Condemnation), Borrower shall continue to pay the Debt at the time and in the manner provided for in the Notes, this Agreement and the other Loan Documents, and the Debt shall not be reduced unless and until any Net Liquidation Proceeds After Debt Service shall have been actually received and applied by Agent Lender to expenses of collecting such Net Proceeds the Award and to the reduction and/or the discharge of the Debt. Agent Lender shall not be limited to the interest paid on the award Award by the condemning authority but shall be entitled to receive out of the award Net Liquidation proceeds After Debt Service interest at the Applicable Interest Rate rate or rates provided for hereinin the Note. If any Individual Property is sold, through foreclosure or any portion thereof is otherwise, prior to the subject receipt by Lender or Mortgage Lender of a Partial Condemnation or Total Condemnation, thensuch Award, subject to the foregoing provisions rights of this Section 8.1.3(a)Mortgage Lender under the Mortgage Loan Documents, all Condemnation Proceeds relating thereto Lender shall have the right, whether or not a deficiency judgment on the Note shall be paid recoverable or shall have been sought, recovered or denied, to Agent andreceive all or a portion of the Award sufficient to pay the Debt that remains outstanding. Subject to the rights of Mortgage Lender under the Mortgage Loan Documents, in the case of a Partial Condemnation, the affected Borrower and Operating Lessee shall promptly commence and diligently prosecute, cause any Award that is payable to Mortgage Borrower or cause to Operating Lessee to be promptly commenced and diligently prosecuted, paid directly to Lender. Lender shall hold such Award in a casualty/condemnation subaccount of the Restoration of Cash Management Accounts with respect to such Individual Property and otherwise comply disburse such Award in accordance with the provisions terms of Section 8.1.4the Mortgage Loan Agreement.

Notice; Restoration. The affected Borrower shall promptly give Agent prompt written (or shall cause Operating Lessee to give) Lender notice of the actual or threatened (in writing) commencement of any Partial Condemnation condemnation or Total Condemnation eminent domain proceeding affecting its any Individual Property (a “Condemnation”) and shall deliver to Agent Lender copies of any and all material documents received or prepared by such Borrower papers served in connection therewithwith such Condemnation. The affected Borrower shallFollowing the occurrence of a Condemnation, Borrower, regardless of whether an Award is available, shall promptly proceed to restore, repair, replace or rebuild (or shall cause Operating Lessee to promptly restore, repair, replace or rebuild) such Individual Property in accordance with Legal Requirements to the extent practicable to be of at its expense, diligently prosecute any least equal value and of substantially the same character (and to have the same utility) as prior to such proceedingCondemnation. Agent Collection of Award . Lender is hereby irrevocably appointed as Borrower's ’s and Operating Lessee’s attorney-–in-–fact, coupled with an interest, with exclusive power to collect, receive and retain any Net Proceeds award or payment in respect of a Condemnation (an “Award”) and to make any compromise compromise, adjustment or settlement in connection with such Condemnation, subject to the provisions of this Section. Provided no Event of Default has occurred and is continuing, (i) in the event of a Condemnation where the loss does not exceed $250,000, Borrower may settle and compromise such Condemnation and to collect and receive any resulting Net Proceeds; provided that the same is effected in a competent and timely manner, and (ii) in the event of a Condemnation, where the loss is equal to or exceeds $250,000, Borrower may settle and compromise the Net Proceeds only with the consent of Agent (which consent shall not be unreasonably withheld, conditioned or delayed) and Agent shall have the opportunity to participate, at Borrower's cost, in any litigation and settlement discussions in respect thereof. Notwithstanding any Condemnation by any public (or quasi-public authority (including any transfer made in lieu of or in anticipation of such a Condemnation), Borrower shall continue to pay the Debt at the time and in the manner provided for in the Notes, this Agreement and the other Loan Documents, and the Debt shall not be reduced unless and until any Net Proceeds Award shall have been actually received and applied by Agent Lender to expenses of collecting such Net Proceeds the Award and to the reduction and/or the discharge of the Debt. Agent Lender shall not be limited to the interest paid on the award Award by the condemning authority but shall be entitled to receive out of the award Award interest at the Applicable Interest Rate rate or rates provided for hereinin the Note. If any Individual Property is sold, through foreclosure or any portion thereof is the subject of a Partial Condemnation or Total Condemnationotherwise, then, subject prior to the foregoing provisions receipt by Lender of this Section 8.1.3(a)such Award, all Condemnation Proceeds relating thereto Lender shall have the 74 right, whether or not a deficiency judgment on the Note shall be recoverable or shall have been sought, recovered or denied, to receive all or a portion of the Award sufficient to pay the Debt that remains outstanding. Borrower and Operating Lessee shall cause any Award that is payable to Borrower or to Operating Lessee to be paid directly to Agent and, Lender. Lender shall hold such Award in the case of a Partial Condemnation, the affected Borrower shall promptly commence Casualty/Condemnation Subaccount and diligently prosecute, or cause to be promptly commenced and diligently prosecuted, the Restoration of disburse such Property and otherwise comply Award in accordance with the provisions terms hereof. Application of Section 8.1.4Proceeds or Award .