Common use of Proceeds of Tax Claim Clause in Contracts

Proceeds of Tax Claim. In the event that the proceeds of any tax claim are paid after the Mortgagee has exercised its right to foreclose the Lien hereof, such Proceeds shall be paid to the Mortgagee to satisfy any deficiency remaining after such foreclosure. The Mortgagee shall retain its interest in the Proceeds of any tax claim during any redemption period. The amount of any such Proceeds in excess of any deficiency claim of the Mortgagee shall in a reasonably prompt manner be released to the Mortgagor. The amount of any such Proceeds in excess of any deficiency claim of the Mortgagee shall be applied in accordance with the Priority Intercreditor Agreement.

Proceeds of Tax Claim. In the event that the proceeds of any tax claim are paid after the Mortgagee has exercised its right to foreclose the Lien hereof, such Proceeds shall be paid to the Mortgagee to satisfy any deficiency remaining after such foreclosure. The Mortgagee shall retain its interest in the Proceeds of any tax claim during any redemption period. The amount of any such Proceeds in excess of any deficiency claim of the Mortgagee shall shall, in a reasonably prompt manner manner, be released to the Mortgagor. The amount of any such Proceeds in excess of any deficiency claim of the Mortgagee shall be applied in accordance with the Priority Intercreditor Agreement.

Proceeds of Tax Claim. In the event that the proceeds of any tax claim to which Mortgagor is entitled pursuant to the provisions of the Mortgaged Lease are paid after the Mortgagee has exercised its right to foreclose the Lien hereof, such Proceeds proceeds shall be paid to the Mortgagee to satisfy any deficiency remaining after such foreclosure. The Mortgagee shall retain its interest in the Proceeds proceeds of any tax claim during any redemption period. The Subject to the terms of the Mortgaged Leased, the amount of any such Proceeds proceeds in excess of any deficiency claim of the Mortgagee shall in a reasonably prompt manner be released to the Mortgagor. The amount of any such Proceeds in excess of any deficiency claim of the Mortgagee shall be applied in accordance with the Priority Intercreditor Agreement.