Common use of Obligation to Repair Clause in Contracts

Obligation to Repair. If all or any part of the Property shall be damaged or destroyed by fire or other casualty or shall be damaged or taken through the exercise of the power of eminent domain or other cause described in Section 1.6.3, the rights and responsibilities of the Grantor to restore and repair the Property and the disposition and use of the proceeds, award or other compensation related thereto as a result thereof shall be as set forth in the respective Loan Agreements, subject to the rights of the First Beneficiary under the First Priority Documents.

Obligation to Repair. If all or any part of the Property shall be damaged or destroyed by fire or other casualty or shall be damaged or taken through the exercise of the power of eminent domain or other cause described in Section 1.6.3, the rights and responsibilities of the Grantor to restore and repair the Property and the disposition and use of the proceeds, award or other compensation related thereto as a result thereof shall be as set forth in the respective Loan Agreements, subject to the rights of the First Beneficiary under the First Priority DocumentsIntercreditor Agreement.