Common use of Restoration Advances Clause in Contracts

Restoration Advances. In the event that the Beneficiary, in its sole discretion, elects to apply insurance proceeds to the restoration of the Improvements, the insurance proceeds (or, in the case of condemnation or taking, the award therefor in the event that the Beneficiary, in its sole discretion, shall elect to apply such award to repair and restoration) recovered by the Beneficiary on account of damage or destruction to the Improvements (if any) less the cost, if any, to the Beneficiary of such recovery and of paying out such proceeds (including reasonable attorneys' fees and costs allocable to inspecting the Work and the plans and specifications therefor), shall be applied by the Beneficiary to the payment of the cost of the Work and shall be paid out from time to time to the Grantor and/or, at the Beneficiary's option exercised from time to time, directly to the contractor, subcontractors, materialmen, laborers, engineers, architects and other persons rendering services or materials for the Work, as said Work progresses except as otherwise hereinafter provided, but subject to the following conditions, any of which the Beneficiary may waive: (i) if the Work to be done is Major Work, as determined by the Beneficiary, the Architect shall be in charge of the Work; (ii) each request for payment shall be made on seven (7) days' prior notice to the Beneficiary and shall be accompanied by (a) a certificate of the president or chief financial officer of the Grantor, as applicable, specifying the party to whom (and for the account of which) such payment is to be made and (b) a certificate of the Architect if one be required under Section 2.05 above, otherwise by a certificate of the president or chief financial officer of the Grantor, as applicable, stating (a) that all of the Work completed has been done in compliance with the approved plans and specifications, if any be required under said Section 2.05, and in accordance with all provisions of law; (b) the sum requested is justly required to reimburse the Grantor for payments by the Grantor to, or is justly due to, the contractor, subcontractors, materialmen, laborers, engineers, architects or other persons rendering services or materials for the Work (giving a brief description of such services and materials), and that when added to all sums, if any, previously paid out by the Beneficiary does not exceed the value of the Work done to the date of such certificate, and (c) (unless the Grantor shall have complied with the provisions of paragraph (vii) of this Section) that the amount of such proceeds remaining in the hands of the Beneficiary, together with any sums deposited with the Beneficiary pursuant to clause (vii) of this Section 2.06, will be sufficient on completion of the Work to pay for the same in full (giving in such reasonable detail as the Beneficiary may require an estimate of the cost of such completion); (iii) each request shall be accompanied by waivers of liens, or if unavailable, lxxx xxxxx, satisfactory to the Beneficiary covering that part of the Work previously paid for, if any, and by a search prepared by the title insurance company insuring the lien of this Deed of Trust or by such other title company or licensed abstractor satisfactory to the Beneficiary or by other evidence satisfactory to the Beneficiary, that there has not been filed with respect to the Premises any mechanic's lien or other lien or instrument for the retention of title in respect of any part of the Work not discharged of record and that there exist no encumbrances on or affecting the Premises (or any part thereof) other than encumbrances, if any, existing as of the date hereof and which have been approved by the Beneficiary; (iv) no event shall have occurred and be continuing which with the passage of time or the giving of notice, or both, would constitute an Event of Default; (v) the request for any payment after the Work has been completed shall be accompanied by certified copies of all certificates, permits, licenses, waivers and/or other documents required by law (or pursuant to any agreement binding upon the Grantor or affecting the Premises or any part thereof) to render occupancy of the Premises legal; (vi) the Work can be completed on or before the Maturity Date; and (vii) the Grantor, prior to the commencement of the Work, shall have deposited with the Beneficiary an amount equal to the difference between the cost of the Work, as estimated by the Architect, and the net insurance proceeds (or condemnation award, as the case may be) after the deduction therefrom of the cost, if any, to the Beneficiary of the recovery and paying out of such proceeds (including reasonable attorneys' fees and costs allocable to inspecting the Work and the plans and specifications therefor). Upon completion of the Work and payment in full therefor, or upon failure on the part of the Grantor promptly to commence or diligently to continue the Work, or at any time upon request by the Grantor, the Beneficiary may, at its option, apply the amount of any such proceeds then or thereafter in the hands of the Beneficiary to the payment of the Indebtedness, provided, however, that nothing herein contained shall prevent the Beneficiary from applying at any time the whole or any part of such proceeds to the curing of any Event of Default. In the event the Work to be done is not Major Work, as determined by the Beneficiary, then the net insurance proceeds held by the Beneficiary for application thereto shall be paid to the Grantor by the Beneficiary from time to time upon submission to the Beneficiary of bills and/or invoices showing costs incurred in connection with the Work, subject, however, to the foregoing provisions of this Section 2.06, except those which are applicable only if the Work to be done is Major Work, as determined by the Beneficiary.

Restoration Advances. In the event that the BeneficiaryMortgagee is required, or in its sole discretion, elects to apply insurance proceeds to the restoration of the Improvements, the insurance proceeds (or, in the case of condemnation or taking, the award therefor in the event that the BeneficiaryMortgagee, in its sole discretion, shall elect to apply such award to repair and restoration) recovered by the Beneficiary Mortgagee on account of damage or destruction to the Improvements (if any) less the cost, if any, to the Beneficiary Mortgagee of such recovery and of paying out such proceeds (including reasonable attorneys' fees and costs allocable to inspecting the Work and the plans and specifications therefor), shall be applied by the Beneficiary Mortgagee to the payment of the cost of the Work and shall be paid out from time to time to the Grantor Mortgagor and/or, at the BeneficiaryMortgagee's option exercised from time to time, directly to the contractor, subcontractors, materialmen, laborers, engineers, architects and other persons rendering services or materials for the Work, as said Work progresses except as otherwise hereinafter provided, but subject to the following conditions, any of which the Beneficiary Mortgagee may waive: (i) if the Work to be done is Major Work, as determined by the BeneficiaryMortgagee, the Architect shall be in charge of the Work; (ii) each request for payment shall be made on seven (7) days' prior notice to the Beneficiary Mortgagee and shall be accompanied by (a) a certificate of the president or chief financial authorized officer of the GrantorMortgagor, as applicable, specifying the party to whom (and for the account of which) such payment is to be made and (b) a certificate of the Architect if one be required under Section 2.05 SECTION 2.5 above, otherwise by a certificate of the president or chief financial authorized officer of the GrantorMortgagor, as applicable, stating stating (a) that all of the Work completed has been done in compliance with the approved plans and specifications, if any be required under said Section 2.05SECTION 2.5, and in accordance with all provisions of law; (b) the sum requested is justly required to reimburse the Grantor Mortgagor for payments by the Grantor Mortgagor to, or is justly due to, the contractor, subcontractors, materialmen, laborers, engineers, architects or other persons rendering services or materials for the Work (giving a brief description of such services and materials), and that when added to all sums, if any, previously paid out by the Beneficiary Mortgagee does not exceed the value of the Work done to the date of such certificate, and (c) (unless the Grantor shall have complied with the provisions of paragraph (vii) of this Section) that the amount of such proceeds remaining in the hands of the BeneficiaryMortgagee, together with any sums deposited with made available by the Beneficiary pursuant to clause (vii) of this Section 2.06Mortgagor, will be sufficient on completion of the Work to pay for the same in full (giving in such reasonable detail as the Beneficiary Mortgagee may require an estimate of the cost of such completion); (iii) each request shall be accompanied by waivers of liens, or if unavailable, lxxx xxxxxlien bonds, satisfactory to the Beneficiary Mortgagee covering that part of the Work previously Xxxx xxxxiously paid for, if any, and by a search prepared by the title insurance company insuring the lien of this Deed of Trust Mortgage or by such other title company or licensed abstractor satisfactory to the Beneficiary Mortgagee or by other evidence satisfactory to the BeneficiaryMortgagee, that there has not been filed with respect to the Premises any mechanic's lien or other lien or instrument for the retention of title in respect of any part of the Work not discharged of record and that there exist no encumbrances on or affecting the Premises (or any part thereof) other than encumbrances, if any, existing as of the date hereof and which have been approved by the BeneficiaryMortgagee; (iv) no event shall have occurred and be continuing which with the passage of time or the giving of notice, or both, would constitute an Event of Default; (v) the request for any payment after the Work has been completed shall be accompanied by certified copies of all certificates, permits, licenses, waivers and/or .and/or other documents required by law (or pursuant to any agreement binding upon the Grantor Mortgagor or affecting the Premises or any part thereof) to render occupancy of the Premises legal; (vi) the Work can be completed on or before not later than one (1) month prior to the Maturity Termination Date; and. (vii) the GrantorMortgagor, prior to the commencement of the Work, shall have deposited with the Beneficiary Mortgagee an amount equal to the difference between the cost of the Work, as estimated by the Architect, and the net insurance proceeds (or condemnation award, as the case may be) after the deduction therefrom of the cost, if any, to the Beneficiary Mortgagee of the recovery and paying out of such proceeds (including reasonable attorneys' fees and costs allocable to inspecting the Work and the plans and specifications therefor). Upon completion of the Work and payment in full therefor, or upon failure on the part of the Grantor Mortgagor promptly to commence or diligently to continue the Work, or at any time upon request by the GrantorMortgagor, the Beneficiary Mortgagee may, at its option, apply the amount of any such proceeds then or thereafter in the hands of the Beneficiary Mortgagee to the payment of the Indebtedness, providedPROVIDED , howeverHOWEVER, that nothing herein contained shall prevent the Beneficiary Mortgagee from applying at any time the whole or any part of such proceeds to the curing of any Event of Default. In the event the Work to be done is not Major Work, as determined by the BeneficiaryMortgagee, then the net insurance proceeds held by the Beneficiary Mortgagee for application thereto shall be paid to the Grantor Mortgagor by the Beneficiary Mortgagee from time to time upon submission to the Beneficiary Mortgagee of bills and/or invoices showing costs incurred in connection with the Work, subject, however, to the foregoing provisions of this Section 2.06SECTION 2.6, except those which are applicable only if the Work to be done is Major Work, as determined by the BeneficiaryMortgagee.

Restoration Advances. In the event that the BeneficiaryBeneficiary is required, or in its sole discretion, elects to apply insurance proceeds to the restoration of the Improvements, the insurance proceeds (or, in the case of condemnation or taking, the award therefor in the event that the Beneficiary, in its sole discretion, shall elect to apply such award to repair and restoration) recovered by the Beneficiary on account of damage or destruction to the Improvements (if any) less the cost, if any, to the Beneficiary of such recovery and of paying out such proceeds (including reasonable attorneys' fees and costs allocable to inspecting the Work and the plans and specifications therefor), shall be applied by the Beneficiary to the payment of the cost of the Work and shall be paid out from time to time to the Grantor and/or, at the Beneficiary's option exercised from time to time, directly to the contractor, subcontractors, materialmen, laborers, engineers, architects and other persons rendering services or materials for the Work, as said Work progresses except as otherwise hereinafter provided, but subject to the following conditions, any of which the Beneficiary may waive: (i) if the Work to be done is Major Work, as determined by the Beneficiary, the Architect shall be in charge of the Work; (ii) each request for payment shall be made on seven (7) days' days prior notice to the Beneficiary and shall be accompanied by (a) a certificate of the president or chief financial authorized officer of the Grantor, as applicable, specifying the party to whom (and for the account of which) such payment is to be made and (b) a certificate of the Architect if one be required under Section 2.05 SECTION 2.5 above, otherwise by a certificate of the president or chief financial authorized officer of the Grantor, as applicable, stating (a) that all of the Work completed has been done in compliance with the approved plans and specifications, if any be required under said Section 2.05SECTION 2.5, and in accordance with all provisions of law; (b) the sum requested is justly required to reimburse the Grantor for payments by the Grantor to, or is justly due to, the contractor, subcontractors, materialmen, laborers, engineers, architects or other persons rendering services or materials for the Work (giving a brief description of such services and materials), and that when added to all sums, if any, previously paid out by the Beneficiary does not exceed the value of the Work done to the date of such certificate, and (c) (unless the Grantor shall have complied with the provisions of paragraph (vii) of this Section) that the amount of such proceeds remaining in the hands of the Beneficiary, together with any sums deposited with made available by the Beneficiary pursuant to clause (vii) of this Section 2.06, Grantor will be sufficient on completion of the Work to pay for the same in full (giving in such reasonable detail as the Beneficiary may require an estimate of the cost of such completion); (iii) each request shall be accompanied by waivers of liens, or if unavailable, lxxx xxxxxlien bonds, reasonably satisfactory to the Beneficiary covering that part xxxx xxxx of the Work previously paid for, if any, and by a search prepared by the title insurance company insuring the lien of this Leasehold Deed of Trust or by such other title company or licensed abstractor satisfactory to the Beneficiary or by other evidence satisfactory to the Beneficiary, that there has not been filed with respect to the Premises any mechanic's lien or other lien or instrument for the retention of title in respect of any part of the Work not discharged of record and that there exist no encumbrances on or affecting the Premises (or any part thereof) other than encumbrances, if any, existing as of the date hereof and which have been approved by the Beneficiary; (iv) no event shall have occurred and be continuing which with the passage of time or the giving of notice, or both, would constitute an Event of Default; (v) the request for any payment after the Work has been completed shall be accompanied by certified copies of all certificates, permits, licenses, waivers and/or other documents required by law (or pursuant to any agreement binding upon the Grantor or affecting the Premises or any part thereof) to render occupancy of the Premises legal;; and (vi) the Work can be completed on or before not later than one (1) month prior to the Maturity Termination Date; and (vii) the Grantor, prior to the commencement of the Work, shall have deposited with the Beneficiary an amount equal to the difference between the cost of the Work, as estimated by the Architect, and the net insurance proceeds (or condemnation award, as the case may be) after the deduction therefrom of the cost, if any, to the Beneficiary of the recovery and paying out of such proceeds (including reasonable attorneys' fees and costs allocable to inspecting the Work and the plans and specifications therefor). Upon completion of the Work and payment in full therefor, or upon failure on the part of the Grantor promptly to commence or diligently to continue the Work, or at any time upon request by the Grantor, the Beneficiary may, at its option, apply the amount of any such proceeds then or thereafter in the hands of the Beneficiary to the payment of the Indebtedness, provided, however, that nothing herein contained shall prevent the Beneficiary from applying at any time the whole or any part of such proceeds to the curing of any Event of Default. In the event the Work to be done is not Major Work, as determined by the Beneficiary, then the net insurance proceeds held by the Beneficiary for application thereto shall be paid to the Grantor by the Beneficiary from time to time upon submission to the Beneficiary of bills and/or invoices showing costs incurred in connection with the Work, subject, however, to the foregoing provisions of this Section 2.06, SECTION 2.6. except those which are applicable only if the Work to be done is Major Work, as determined by the Beneficiary.

Restoration Advances. In the event that the Beneficiary------------ --------------------- Mortgagee, in its sole discretion, elects to apply insurance proceeds to the restoration of the Improvements, the insurance proceeds (or, in the case of condemnation or taking, the award therefor in the event that the BeneficiaryMortgagee, in its sole discretion, shall elect to apply such award to repair and restoration) recovered by the Beneficiary Mortgagee on account of damage or destruction to the Improvements (if any) less the cost, if any, to the Beneficiary Mortgagee of such recovery and of paying out such proceeds (including reasonable attorneys' fees and costs allocable to inspecting the Work and the plans and specifications therefor), shall be applied by the Beneficiary Mortgagee to the payment of the cost of the Work and shall be paid out from time to time to the Grantor Mortgagor and/or, at the BeneficiaryMortgagee's option exercised from time to time, directly to the contractor, subcontractors, materialmen, laborers, engineers, architects and other persons rendering services or materials for the Work, as said Work progresses except as otherwise hereinafter provided, but subject to the following conditions, any of which the Beneficiary Mortgagee may waive: (i) if the Work to be done is Major Work, as determined by the BeneficiaryMortgagee, the Architect shall be in charge of the Work; (ii) each request for payment shall be made on seven (7) days' prior notice to the Beneficiary Mortgagee and shall be accompanied by (a) a certificate of the president or chief financial officer of the GrantorMortgagor, as applicable, specifying the party to whom (and for the account of which) such payment is to be made and (b) a certificate of the Architect if one be required under Section 2.05 above, otherwise by a certificate of the president or chief financial officer of the GrantorMortgagor, as applicable, stating (a) that all of the Work completed has been done in compliance with the approved plans and specifications, if any be required under said Section 2.05, and in accordance with all provisions of law; (b) the sum requested is justly required to reimburse the Grantor Mortgagor for payments by the Grantor Mortgagor to, or is justly due to, the contractor, subcontractors, materialmen, laborers, engineers, architects or other persons rendering services or materials for the Work (giving a brief description of such services and materials), and that when added to all sums, if any, previously paid out by the Beneficiary Mortgagee does not exceed the value of the Work done to the date of such certificate, and (c) (unless the Grantor shall have complied with the provisions of paragraph (vii) of this Section) that the amount of such proceeds remaining in the hands of the BeneficiaryMortgagee, together with any sums deposited with the Beneficiary Mortgagee pursuant to clause (vii) of this Section 2.06, will be sufficient on completion of the Work to pay for the same in full (giving in such reasonable detail as the Beneficiary Mortgagee may require an estimate of the cost of such completion); (iii) each request shall be accompanied by waivers of liens, or if unavailable, lxxx xxxx xxxxx, satisfactory to the Beneficiary Mortgagee covering that part of the Work previously paid for, if any, and by a search prepared by the title insurance company insuring the lien of this Deed of Trust Mortgage or by such other title company or licensed abstractor satisfactory to the Beneficiary Mortgagee or by other evidence satisfactory to the BeneficiaryMortgagee, that there has not been filed with respect to the Premises any mechanic's lien or other lien or instrument for the retention of title in respect of any part of the Work not discharged of record and that there exist no encumbrances on or affecting the Premises (or any part thereof) other than encumbrances, if any, existing as of the date hereof and which have been approved by the BeneficiaryMortgagee; (iv) no event shall have occurred and be continuing which with the passage of time or the giving of notice, or both, would constitute an Event of Default; (v) the request for any payment after the Work has been completed shall be accompanied by certified copies of all certificates, permits, licenses, waivers and/or other documents required by law (or pursuant to any agreement binding upon the Grantor Mortgagor or affecting the Premises or any part thereof) to render occupancy of the Premises legal; (vi) the Work can be completed on or before not later than one (1) month prior to the Maturity Dateexpiration of the term of the Loan Agreement; and (vii) the GrantorMortgagor, prior to the commencement of the Work, shall have deposited with the Beneficiary Mortgagee an amount equal to the difference between the cost of the Work, as estimated by the Architect, and the net insurance proceeds (or condemnation award, as the case may be) after the deduction therefrom of the cost, if any, to the Beneficiary Mortgagee of the recovery and paying out of such proceeds (including reasonable attorneys' fees and costs allocable to inspecting the Work and the plans and specifications therefor). Upon completion of the Work and payment in full therefor, or upon failure on the part of the Grantor Mortgagor promptly to commence or diligently to continue the Work, or at any time upon request by the GrantorMortgagor, the Beneficiary Mortgagee may, at its option, apply the amount of any such proceeds then or thereafter in the hands of the Beneficiary Mortgagee to the payment of the Indebtedness, provided, -------- however, that nothing herein contained shall prevent the Beneficiary Mortgagee from applying ------- at any time the whole or any part of such proceeds to the curing of any Event of Default. In the event the Work to be done is not Major Work, as determined by the BeneficiaryMortgagee, then the net insurance proceeds held by the Beneficiary Mortgagee for application thereto shall be paid to the Grantor Mortgagor by the Beneficiary Mortgagee from time to time upon submission to the Beneficiary Mortgagee of bills and/or invoices showing costs incurred in connection with the Work, subject, however, to the foregoing provisions of this Section 2.06, except those which are applicable only if the Work to be done is Major Work, as determined by the BeneficiaryMortgagee.

Restoration Advances. In the event that the Beneficiary, in its sole discretion, elects to apply insurance proceeds to the restoration of the Improvements, the Landlord recovers insurance proceeds (or, in the case of condemnation or taking, the award therefor in the event that the Beneficiary, in its sole discretion, shall elect to apply such award to repair and restorationtherefor) recovered by the Beneficiary on account of damage or destruction to the Improvements Demised Premises, such proceeds or award (if any) less the cost, if any, to the Beneficiary Landlord of such recovery and of paying out such proceeds (including reasonable attorneys' fees and costs allocable to inspecting the Work and the plans and specifications therefor), shall be applied by the Beneficiary Landlord to the payment of the cost of the Work and shall be paid out from time to time to the Grantor Tenant and/or, at the BeneficiaryLandlord's option exercised from time to time, directly to the contractor, subcontractors, materialmen, laborers, engineers, architects and other persons rendering services or materials for the Work, as said Work progresses except as otherwise hereinafter provided, but subject to the following conditions, any of which the Beneficiary Landlord may waive: (i) if the Work to be done is Major Work, as determined by the Beneficiary, the Architect shall be in charge of the Work; (ii) each request for payment shall be made on seven (7) days' prior notice to the Beneficiary Landlord and shall be accompanied by (aA) a certificate of the president or chief financial officer of the Grantor, as applicableTenant, specifying the party to whom (and for the account of which) such payment is to be made and (bB) a certificate of the Architect if one be required under Section 2.05 subsection (d) above, otherwise by a certificate of the president or chief financial officer of the GrantorTenant, as applicable, stating (a1) that all of the Work completed has been done in compliance with the approved plans and specifications, if any be required under said Section 2.05subsection (d), and in accordance with all provisions of law; (b2) the sum requested is justly required to reimburse the Grantor Tenant for payments by the Grantor Tenant to, or is justly due to, the contractor, subcontractors, materialmen, laborers, engineers, architects or other persons rendering services or materials for the Work (giving a brief description of such services and materials), and that when added to all sums, if any, previously paid out by the Beneficiary Landlord does not exceed the value of the Work done to the date of such certificate, and (c) (unless the Grantor shall have complied with the provisions of paragraph (vii) of this Section3) that the amount of such proceeds remaining in the hands of the Beneficiary, together with any sums deposited with the Beneficiary pursuant to clause (vii) of this Section 2.06Landlord, will be sufficient on completion of the Work to pay for the same in full (giving in such reasonable detail as the Beneficiary Landlord may require an estimate of the cost of such completion); (iii) each request shall be accompanied by waivers of liens, or if unavailable, lxxx xxxx xxxxx, satisfactory to the Beneficiary Landlord covering that part of the Work previously paid for, if any, and by a search prepared by the a title insurance company insuring the lien of this Deed of Trust or by such other title company or licensed abstractor satisfactory to the Beneficiary Landlord or by Landlord's counsel or by other evidence satisfactory to the BeneficiaryLandlord, that there has not been filed with respect to the Demised Premises any mechanic's lien or other lien or instrument for the retention of title in respect of any part of the Work not discharged of record and that there exist no encumbrances on or affecting the Demised Premises (or any part thereof) other than encumbrances, if any, existing as of the date hereof and which have been approved by the BeneficiaryLandlord; (iv) no event shall have occurred and be continuing which with the passage of time or the giving of notice, or both, would constitute an Event of Default;Default pursuant to Section 20 hereof; and (v) the request for any payment after the Work has been completed shall be accompanied by certified copies of all certificates, permits, licenses, waivers and/or other documents required by law (or pursuant to any agreement binding upon the Grantor Tenant or affecting the Demised Premises or any part thereof) to render occupancy of the Demised Premises legal; (vi) . Any such proceeds or award remaining in the Work can be completed on or before the Maturity Date; and (vii) the Grantor, prior to the commencement of the Work, shall have deposited with the Beneficiary an amount equal to the difference between the cost of the Work, as estimated by the Architect, and the net insurance proceeds (or condemnation award, as the case may be) Landlord's hands after the deduction therefrom of the cost, if any, to the Beneficiary of the recovery and paying out of such proceeds (including reasonable attorneys' fees and costs allocable to inspecting the Work and the plans and specifications therefor). Upon completion of the Work and payment in full therefor, or upon the Tenant's failure on the part of the Grantor promptly to commence or and diligently to continue complete the Work, shall be the sole property of the Landlord, and the Landlord shall owe no duty to account therefor to Tenants or at any time upon request by the Grantor, the Beneficiary may, at its option, to apply the amount of any such proceeds then or thereafter in the hands of the Beneficiary same to the payment of the Indebtedness, provided, however, that nothing herein contained shall prevent the Beneficiary from applying at any time the whole or any part of such proceeds amounts due to the curing of any Event of Default. In Landlord from the event the Work to be done is not Major Work, as determined by the Beneficiary, then the net insurance proceeds held by the Beneficiary for application thereto shall be paid to the Grantor by the Beneficiary from time to time upon submission to the Beneficiary of bills and/or invoices showing costs incurred in connection with the Work, subject, however, to the foregoing provisions of this Section 2.06, except those which are applicable only if the Work to be done is Major Work, as determined by the BeneficiaryTenant hereunder.