Common use of Notice; Settlement Clause in Contracts

Notice; Settlement. If Borrower has knowledge of a Casualty or an actual or threatened Condemnation with respect to the Mortgaged Property, Borrower will give or cause to be given prompt notice thereof to Lender which notice will set forth in reasonable’ detail the facts or circumstances known to Borrower about each such Casualty or Condemnation, and which will include, for any Condemnation copies of any papers Borrower, has received in connection with such proceeding. Except as otherwise permitted in the Lease, Borrower will not settle or adjust or permit the settlement or adjustment of any insurance claim or Condemnation award, compensation or other payment without Lender’s prior written consent. Notwithstanding any Destruction, Borrower must continue to pay the Debt at the time and in the manner provided for its payment in the Note and the Debt will not be reduced until Lender has actually received any Net Award and applied it to the discharge of the Debt. Lender will not be limited to the interest paid on the award by the Governmental Authority but may receive out of the Net Award interest at the rate or rates provided herein and in the Note. Borrower will cause the award, compensation or other payment made in any Condemnation which is payable to Borrower, to be paid directly to Lender.

Notice; Settlement. If Borrower has knowledge of a Casualty or an actual or threatened Condemnation with respect to the Mortgaged Property, Borrower will give or cause to be given prompt notice thereof to Lender which notice will set forth in reasonable’ reasonable detail the facts or circumstances known to Borrower about it with respect to each such Casualty or Condemnation, and which will include, for any Condemnation copies of any papers Borrower, Borrower has received in connection with such proceeding. Except as otherwise permitted in the Lease, Borrower will not settle or adjust or permit the settlement or adjustment of any insurance claim or Condemnation award, compensation or other payment without Lender’s 's prior written consent. Notwithstanding any Destruction, Borrower must continue to pay the Debt at the time and in the manner provided for its payment in the Note and the Debt will not be reduced until Lender has actually received any Net Award and applied it to the discharge of the Debt. Lender will not be limited to the interest paid on the award by the Governmental Authority but may receive out of the Net Award interest at the rate or rates provided herein and in the Note. Borrower will cause the award, compensation or other payment made in any Condemnation which is payable to Borrower, to be paid directly to Lender.