Common use of Payment and Application of Insurance Proceeds Clause in Contracts

Payment and Application of Insurance Proceeds. All proceeds of insurance shall be paid to Lender and, be (a) if such insurance proceeds are less than the actual cost of the Repair Work and the Borrower is unwilling to provide security or funds reasonably acceptable to Lender to such shortfall, applied to Borrower's Obligations or (b) released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, "Cost To Repair"). Notwithstanding the foregoing, if the Cost To Repair does not exceed $1,000,000, Lender shall release the insurance proceeds to Borrower and Borrower shall complete the requisite Repair Work, if: (i) in Lxxxxx's good faith judgment such proceeds, together with any additional funds as may be deposited with and pledged to Lender by Borrower, are sufficient to pay for the Cost To Repair; (ii) omitted; (iii) no continuing and uncured Event of Default exists under the Loan Documents; (iv) as soon as is reasonably practical, Borrower commences such Repair Work to completion; and (v) a sufficient number of tenants under existing lease and occupancy agreements concerning the Property which might otherwise have a right to terminate their leases on account of such Casualty shall have waived their rights to so terminate conditioned only upon the Repair Work being completed such that Lender is reasonably satisfied that Borrower will be in compliance with the DSCR Covenant following such completion. Notwithstanding anything contained herein or in any Loan Document, int the event the Lender elects to apply any proceeds from any casualty to the Obligations any and all prepayment penalties, fees or charges shall not apply to such application and such prepayment fees are expressly waived and terminated with respect to the same.

Payment and Application of Insurance Proceeds. All proceeds of insurance shall be paid to Lender and, at Lender’s option, be (a) if such insurance proceeds are less than the actual cost of the Repair Work and the Borrower is unwilling to provide security or funds reasonably acceptable to Lender to such shortfall, applied to Borrower's ’s Obligations or (b) released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, "“Cost To Repair"”). Notwithstanding In the foregoingevent any such insurance proceeds shall be used to reduce the Obligations, the same shall be applied by Lender, after the deduction therefrom and repayment to Lender of any and all costs incurred by Lender in the recovery thereof (including reasonable attorneys’ fees and disbursements), in any manner it shall designate, including but not limited to, the application of such proceeds to the then unpaid installments of the principal balance due under the Note in the inverse order of their maturity, such that the regular payments, if any, under the Note shall not be reduced or altered in any manner. Any prepayment of the Note from the proceeds of insurance shall be without prepayment premium. If the Cost To Repair does not exceed $1,000,000500,000, Lender shall release so much of the insurance proceeds as may be required to Borrower and Borrower pay for the actual Cost to Repair in accordance with the provisions of Section 14.4. Notwithstanding the foregoing, Lender shall complete also release so much of the requisite insurance proceeds as may be required to pay for the actual Cost To Repair Work, if: (i) in Lxxxxx's Lender’s good faith judgment such proceeds, proceeds together with any additional funds as may be deposited with and pledged to Lender by Borrower, are sufficient to pay for the Cost To Repair; (ii) omitted;in Lender’s good faith judgment the Repair Work is likely to be completed prior to the Maturity Date; and (iii) no continuing and uncured Event of Default exists under the Loan Documents; (iv) as soon as is reasonably practical, Borrower commences such Repair Work to completion; and (v) a sufficient number of tenants under existing lease and occupancy agreements concerning the Property which might otherwise have a right to terminate their leases on account of such Casualty shall have waived their rights to so terminate conditioned only upon the Repair Work being completed such that Lender is reasonably satisfied that Borrower will be in compliance with the DSCR Covenant following such completion. Notwithstanding anything contained herein or in any Loan Document, int the event the Lender elects to apply any proceeds from any casualty to the Obligations any and all prepayment penalties, fees or charges shall not apply to such application and such prepayment fees are expressly waived and terminated with respect to the same.

Payment and Application of Insurance Proceeds. All proceeds of insurance shall be paid to Lender Administrative Agent and, at Administrative Agent's option, be (a) if such insurance proceeds are less than the actual cost of the Repair Work and the Borrower is unwilling to provide security or funds reasonably acceptable to Lender to such shortfall, applied to Borrower's Obligations or (b) released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, "Cost To Repair"). Notwithstanding the foregoing, if If the Cost To Repair does not exceed One Million Dollars ($1,000,0001,000,000.00), Lender Administrative Agent shall release so much of the insurance proceeds as may be required to Borrower and Borrower pay for the actual Cost to Repair in accordance with the provisions of Section 14.4. Notwithstanding the foregoing, Administrative Agent shall complete also release so much of the requisite insurance proceeds as may be required to pay for the actual Cost To Repair Work, if: (i) in LxxxxxAdministrative Agent's good faith judgment such proceeds, proceeds together with any additional funds as may be deposited with and pledged to Lender by BorrowerAdministrative Agent, on behalf of the Lenders, are sufficient to pay for the Cost To Repair; (ii) omittedin Administrative Agent's good faith judgment the Repair Work is likely to be completed prior to the Maturity Date; (iii) no continuing and uncured Event of Default exists under the Loan Documents;; and (iv) as soon as is reasonably practical, Borrower commences such Repair Work to completion; and (v) a sufficient number each tenant leasing more than 5% of tenants under existing lease and occupancy agreements concerning the rentable square feet in the Property which might otherwise have a right to terminate their leases its lease on account of such Casualty shall have waived their rights its right to so terminate conditioned only upon the Repair Work being completed within a reasonable period of time acceptable to Administrative Agent all such that Lender is reasonably upon completion of the Repair Work the Loan To Value Ratio shall be satisfied that Borrower and the Debt Service Coverage covenant as projected by Administrative Agent will be in compliance with the DSCR Covenant following such completion. Notwithstanding anything contained herein or in any Loan Document, int the event the Lender elects to apply any proceeds from any casualty to the Obligations any and all prepayment penalties, fees or charges shall not apply to such application and such prepayment fees are expressly waived and terminated with respect to the samecomplied with.

Payment and Application of Insurance Proceeds. All proceeds of insurance shall be paid to Lender andAgent for the pro rata benefit of Lenders or, at Required Lenders' option, shall be (a) if such insurance proceeds are less than the actual cost of the Repair Work and the Borrower is unwilling to provide security or funds reasonably acceptable to Lender to such shortfall, applied to Borrower's Obligations or (b) released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, "“Cost To to Repair"”). Notwithstanding the foregoing, if the Cost To to Repair does not exceed $1,000,00050% of the Approved Appraised Value of the Property, Lender Agent shall release so much of the insurance proceeds as may be required to Borrower and Borrower shall complete pay for the requisite actual Cost to Repair Work, in accordance with the provisions of Section 14.4 if: (i) in LxxxxxAgent's good faith judgment such proceeds, together with any additional funds as that may be deposited with and pledged to Lender by BorrowerAgent for the benefit of Lenders, are sufficient to pay for the Cost To to Repair; (ii) omittedin Agent's good faith judgment the Repair Work is likely to be completed prior to the Maturity Date (or, if the Loan Term has been extended in accordance with Sections 2.2 and 2.3 above, prior to the then applicable Extended Maturity Date); (iii) no continuing and uncured Event of Default exists under the Loan Documents; (iv) to the extent required by Agent, tenants leasing (in the aggregate) at least ninety percent (90%) of the NRSF of space in the Property shall have waived in writing any right to terminate their respective leases on account of such Casualty, conditioned only upon the Repair Work being completed within a reasonable period of time acceptable to Agent or such period as is expressly provided in the applicable leases, whichever is longer, so long as the period does not exceed the period for which rent loss insurance is available or for which, to the extent required by Agent, Borrower has deposited with Agent, an amount equal to all such lost rent which is not covered by rent loss insurance; and (v) as soon as is reasonably practical, Borrower commences such Repair Work and diligently prosecutes such Repair Work to completion; and (v) a sufficient number of tenants under existing lease and occupancy agreements concerning the Property which might otherwise have a right to terminate their leases on account of such Casualty shall have waived their rights to so terminate conditioned only upon the Repair Work being completed such that Lender is reasonably satisfied that Borrower will be in compliance with the DSCR Covenant following such completion. Notwithstanding anything contained herein or in any Loan Document, int the event the Lender elects to apply any proceeds from any casualty to the Obligations any and all prepayment penalties, fees or charges shall not apply to such application and such prepayment fees are expressly waived and terminated with respect to the same.

Payment and Application of Insurance Proceeds. All proceeds of insurance in excess of $250,000.00 shall be paid to Lender Agent and, if delivered to Agent, at Agent’s option, be (a) if such insurance proceeds are less than the actual cost of the Repair Work and the Borrower is unwilling to provide security or funds reasonably acceptable to Lender to such shortfall, either applied to Borrower's ’s Obligations (without prepayment premium, breakage costs or (bCost Maintenance Fees) or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, "“Cost To Repair")”) as more fully set forth below. Notwithstanding the foregoing, if If the Cost To Repair does not exceed $1,000,000250,000.00, Lender Agent shall release so much of the insurance proceeds as may be required to Borrower and Borrower pay for the actual Cost to Repair in accordance with the provisions of Section 14.4. Notwithstanding the foregoing, Agent shall complete also release so much of the requisite insurance proceeds as may be required to pay the actual Cost To Repair Work, if: (i) in Lxxxxx's In Agent’s good faith judgment such proceeds, proceeds together with any additional funds as may be deposited with and pledged to Lender by Borrower, Agent are sufficient to pay for the Cost To Repair; (ii) omittedIn Agent’s good faith judgment the Repair Work is likely to be completed prior to the Maturity Date; (iii) no continuing and uncured No Event of Default exists under the Loan Documents;; and (iv) as soon as is reasonably practical, Borrower commences such Repair Work to completion; and (v) Each tenant under a sufficient number of tenants under existing lease and occupancy agreements concerning the Property Major Lease which might otherwise have a right to terminate their leases its lease on account of such Casualty shall have waived their rights its right to so terminate conditioned only upon the Repair Work being completed within a reasonable period of time acceptable to Agent, all such that Lender is at completion of the Repair Work the Loan to Value Ratio shall not be less than 75% and the Debt Service Coverage shall be at least 1.25:1 (taking into account any business or rental interruption coverage), as reasonably satisfied that Borrower will be in compliance with the DSCR Covenant following such completionprojected by Agent. Notwithstanding anything contained herein or in any the Loan DocumentDocuments to the contrary, int if Agent shall apply the event the Lender elects to apply any insurance proceeds from any casualty to the Obligations any and all prepayment penalties(which application shall be made in accordance with the Note), fees or charges then Borrower shall have the right (but not apply the obligation) to such application and such prepayment fees are expressly waived and terminated with respect prepay the balance of the Loan subject to the sameprepayment premium, breakage costs and Cost Maintenance Fees set forth in the Note.