Common use of Restoration Following Casualty Clause in Contracts

Restoration Following Casualty. In the event of the ------------------------------ happening of any casualty of any kind or nature (whether insured against or not), resulting in damage to or destruction of the Mortgaged Property, Trustor will give prompt notice thereof to Beneficiary, and, subject to the following sentence, Trustor will promptly restore, repair, replace, rebuild or alter the Mortgaged Property as nearly as possible to its value and condition immediately prior to such damage or destruction. In the event that the Mortgaged Property has been destroyed such that the value of the Mortgaged Property has been materially impaired, even if insurance proceeds are made available to Trustor to rebuild the damaged property, then Beneficiary need not provide such insurance proceeds to Trustor and may instead apply such insurance proceeds to prepay the Indebtedness in whole.