Common use of Preservation of Mortgaged Property Clause in Contracts

Preservation of Mortgaged Property. (i) Borrower will restore or repair promptly, in a good and workmanlike manner, any damaged part of the Mortgaged Property to the equivalent of its original condition, or such other condition as Lender may approve in writing, whether or not Insurance proceeds or Condemnation awards are available to cover any costs of such Restoration or repair; provided, however, that Borrower will not be obligated to perform such Restoration or repair if (A) no Event of Default has occurred and is continuing, and (B) Lender has elected to apply any available Insurance proceeds and/or Condemnation awards to the payment of Indebtedness pursuant to Sections 6.10(j), 6.10(k), 6.10(l), 6.11(b), or 6.11(d). (ii) Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement.

Preservation of Mortgaged Property. (i) Borrower will restore or repair promptly, in a good and workmanlike manner, any damaged part of the Mortgaged Property to the equivalent of its original condition, or such other condition as Funding Lender may approve in writing, whether or not Insurance proceeds or Condemnation awards are available to cover any costs of such Restoration or repair; provided, however, that Borrower will not be obligated to perform such Restoration or repair if (A) no Event of Default has occurred and is continuing, and (B) Funding Lender has elected to apply any available Insurance proceeds and/or Condemnation awards to the payment of Indebtedness pursuant to Sections 6.10(j), 6.10(k), Section 6.10(l), ) or Section 6.11(b), ) or Section 6.11(d). (ii) Borrower will give Notice to Funding Lender of and, unless otherwise directed in writing by Funding Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Funding Lender’s security or Funding Lender’s rights under this Loan Continuing Covenant Agreement.

Preservation of Mortgaged Property. (i) Borrower will restore or repair promptly, in a good and workmanlike manner, any damaged part of the Mortgaged Property to the equivalent of its original condition, or such other condition as Funding Lender may approve in writing, whether or not Insurance proceeds or Condemnation awards are available to cover any costs of such Restoration or repair; provided, however, that Borrower will not be obligated to perform such Restoration or repair if (A) no Event of Default has occurred and is continuing, and (B) Lender Funding Xxxxxx has elected to apply any available Insurance proceeds and/or Condemnation awards to the payment of Indebtedness pursuant to Sections 6.10(j), 6.10(k), Section 6.10(l), ) or Section 6.11(b), ) or Section 6.11(d). (ii) Borrower will give Notice to Funding Lender of and, unless otherwise directed in writing by Funding Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, LenderFunding Xxxxxx’s security or Funding Lender’s rights under this Loan Continuing Covenant Agreement.

Preservation of Mortgaged Property. (i) Borrower will restore or repair promptly, in a good and workmanlike manner, any damaged part of the Mortgaged Property to the equivalent of its original condition, or such other condition as Funding Lender may approve in writing, whether or not Insurance proceeds or Condemnation awards are available to cover any costs of such Restoration or repair; provided, however, that Borrower will not be obligated to perform such Restoration or repair if (A) no Event of Default has occurred and is continuing, and (B) Lender Funding Xxxxxx has elected to apply any available Insurance proceeds and/or Condemnation awards to the payment of Indebtedness pursuant to Sections 6.10(j), 6.10(k), 6.10(l), 6.11(b), or 6.11(d). (ii) Borrower will give Notice to Funding Lender of and, unless otherwise directed in writing by Funding Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, LenderFunding Xxxxxx’s security or Funding Lender’s rights under this Loan Continuing Covenant Agreement. (iii) through (v) are reserved.

Preservation of Mortgaged Property. (i) Borrower will restore or repair promptly, in a good and workmanlike manner, any damaged part of the Mortgaged Property to the equivalent of its original condition, or such other condition as Funding Lender may approve in writing, whether or not Insurance proceeds or Condemnation awards are available to cover any costs of such Restoration or repair; provided, however, that Borrower will not be obligated to perform such Restoration or repair if (A) no Event of Default has occurred and is continuing, and (B) Funding Lender has elected to apply any available Insurance proceeds and/or Condemnation awards to the payment of Indebtedness pursuant to Sections 6.10(j), 6.10(k), 6.10(l), 6.11(b), or 6.11(d). (ii) Borrower will give Notice to Funding Lender of and, unless otherwise directed in writing by Funding Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, LenderFunding Xxxxxx’s security or Funding Lender’s rights under this Loan Continuing Covenant Agreement. (iii) through (v) are reserved.

Preservation of Mortgaged Property. (i) Borrower will restore or repair promptly, in a good and workmanlike manner, any damaged part of the Mortgaged Property to the equivalent of its original condition, or such other condition as Lender may approve in writing, whether or not Insurance proceeds or Condemnation awards are available to cover any costs of such Restoration or repair; provided, however, that Borrower will not be obligated to perform such Restoration or repair if (A) no Event of Default has occurred and is continuing, and (B) Lender has elected to apply any available Insurance proceeds and/or Condemnation awards to the payment of Indebtedness pursuant to Sections 6.10(j), 6.10(k), 6.10(l), 6.11(b), or 6.11(d). (ii) Borrower will give Notice to Lender of and, unless otherwise directed in writing by LenderXxxxxx, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, LenderXxxxxx’s security or LenderXxxxxx’s rights under this Loan Agreement.