Common use of Project Disposition Upon Condemnation, Damage or Destruction Clause in Contracts

Project Disposition Upon Condemnation, Damage or Destruction. In the event of any such condemnation, damage or destruction the Borrower, except as otherwise permitted or required by the Mortgage while the Mortgage is in effect shall: (1) At its own cost, repair, restore or reconstruct the Project Realty and Project Equipment to substantially its condition immediately prior to such event or to a condition of at least equivalent value, regardless of whether or not the proceeds of any and all policies of insurance covering such damage or destruction, or the amount of the award or compensation or damages recovered on account of such taking or condemnation, shall be available or sufficient to pay the cost thereof; (2) At its own cost, replace or relocate the Project Realty and Project Equipment at its site in such fashion as to render the replacement or relocated structures, improvements and items, machinery, equipment or other property of equivalent value to the Project Realty and Project Equipment immediately prior to such event; or (3) If and as permitted by Section 8.1 hereof, exercise its option to prepay its loan obligation in full.

Project Disposition Upon Condemnation, Damage or Destruction. In the event of any such condemnation, damage or destruction the Borrower, except as otherwise permitted or required by the Mortgage while the Mortgage is in effect Borrower shall: (1) At its own cost, repair, restore or reconstruct reconstruct, or cause to be repaired, restored or reconstructured, the Project Realty and Project Equipment to substantially its condition immediately prior to such event or to a condition of at least equivalent value, regardless of whether or not the proceeds of any and all policies of insurance covering such damage or destruction, or the amount of the award or compensation or damages recovered on account of such taking or condemnation, shall be available or sufficient to pay the cost thereof; (2) At its own cost, replace or relocate relocate, or cause to be replaced or relocated, the Project Realty and Project Equipment at its site in such fashion as to render the replacement or relocated structures, improvements and items, machinery, equipment or other property of equivalent value to the Project Realty and Project Equipment immediately prior to such event; or (3) If and as permitted by Section 8.1 hereof, exercise its option to prepay its loan obligation in full.

Project Disposition Upon Condemnation, Damage or Destruction. In the event of any such condemnation, damage or destruction the Borrower, except as otherwise permitted or required by the Mortgage while the Mortgage is in effect Borrower shall: (1) At its own cost, repair, restore or reconstruct reconstruct, or cause to be repaired, restored or reconstructured, the Project Realty and Project Equipment Project, or any portion thereof, to substantially its condition immediately prior to such event or to a condition of at least equivalent value, regardless of whether or not the proceeds of any and all policies of insurance covering such damage or destruction, or the amount of the award or compensation or damages recovered on account of such taking or condemnation, shall be available or sufficient to pay the cost thereof; (2) At its own cost, replace or relocate relocate, or cause to be replaced or relocated, the Project Realty and Project Equipment Project, or any portion thereof, at its site in such fashion as to render the replacement or relocated structures, improvements and items, machinery, equipment or other property of equivalent value to the Project Realty and Project Equipment immediately prior to such event; or (3) If and as permitted by Section 8.1 hereof, exercise its option to prepay its loan obligation in full.