Common use of Restoration Following Casualty Clause in Contracts

Restoration Following Casualty. If any acts or occurrences of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, shall result in damage to or loss or destruction of the Mortgaged Property, Grantor will give prompt notice thereof to Beneficiary. If (a) there are sufficient insurance proceeds or sufficient other amounts available to Grantor to fully pay for the restoration, repair or replacement (hereinafter called "Work") of the Mortgaged Property, (b) no Default or Event of Default shall have occurred and be continuing, (c) neither Grantor nor Lessor has elected to terminate the Encumbered Lease, if any, pursuant to the terms thereof and confirmation of the same has been delivered to Beneficiary, (d) the Grantor presents sufficient evidence to the Beneficiary that the damaged property will be restored prior to the earliest to occur of the Revolving Credit Maturity Date, the Term Loan A Maturity Date, the Term Loan B Maturity Date or the Term Loan C Maturity Date and (e) the Beneficiary will not incur any liability to any other person as a result of such use or release of insurance proceeds, then Grantor may so certify to Beneficiary, and if Grantor delivers such certificate, will certify that it will, and shall, within 90 days following reaching an agreement with the insurer under the casualty insurance policy relating thereto with regard to the disbursement of insurance proceeds commence and thereafter continue diligently to completion, to restore, repair, replace and rebuild such Mortgaged Property as nearly as possible to its value, condition and character immediately prior to such damage, loss or destruction with such alterations, modifications and/or betterments reasonably deemed necessary or desirable by Grantor in its business judgment. If the conditions set forth in such certificate of Grantor are not satisfied with respect to a casualty, or if Grantor fails to deliver such a certificate to Beneficiary by the date that is the later of 90 days after so reaching an agreement with the insurer or 180 days following the casualty, or if Grantor shall thereafter fail to diligently pursue the restoration, repair, replacement or rebuilding of such Mortgaged Property as provided herein, the insurance proceeds related thereto shall be promptly paid to Beneficiary and applied to the outstanding balance of the Obligations in accordance with Section 2.06(d) of the Credit Agreement.

Restoration Following Casualty. If any acts act or occurrences occurrence of any kind or nature, ordinary nature (including any casualty for which insurance was not obtained or extraordinary, foreseen or unforeseen, obtainable) shall result in damage to or loss or destruction of the Mortgaged Property, Grantor will give prompt notice thereof to Beneficiary. If (a) there are sufficient insurance proceeds or sufficient other amounts available to Grantor to fully pay for In case of loss in which the cost of the restoration, repair or replacement (hereinafter called referred to as the "Work") of the Mortgaged PropertyProperty estimated by Beneficiary shall not exceed $1,000,000.00 then such proceeds may be used for the prosecution of the Work in the manner hereinafter provided. If the cost of the Work estimated by Beneficiary shall exceed $1,000,000.00, (b) no Default or Event Beneficiary, at its option, shall be entitled to receive and retain the proceeds of Default shall have occurred and be continuingthe insurance policies, (c) neither Grantor nor Lessor has elected to terminate applying the Encumbered Leasesame upon the Indebtedness; however, if anysuch repairs are essential to Grantor's ongoing business and the repayment of the Indebtedness, pursuant Beneficiary shall be reasonable in determining whether or not to make such funds available to pay the cost of the Work. Notwithstanding anything herein to the terms thereof and confirmation contrary if any loss shall occur at anytime when Grantor shall be in default in the performance of this covenant, Beneficiary shall be entitled to the benefit of all insurance policies held by or for any Grantor, to the extent as if same has had been delivered made payable to Beneficiary; and upon foreclosure hereunder, (d) Beneficiary shall become the Grantor presents sufficient evidence to the Beneficiary that the damaged property will be restored prior to the earliest to occur owner of the Revolving Credit Maturity Date, the Term Loan A Maturity Date, the Term Loan B Maturity Date or the Term Loan C Maturity Date and (e) the Beneficiary will not incur any liability to any other person as a result of such use or release of insurance proceeds, then Grantor may so certify to Beneficiary, and if Grantor delivers such certificate, will certify that it will, and shall, within 90 days following reaching an agreement with the insurer under the casualty insurance policy relating thereto with regard to the disbursement of insurance proceeds paid or to be paid under said policies and shall promptly apply such proceeds to reduce the Indebtedness. In the event Beneficiary elects to make such insurance proceeds available to Grantor for such purpose, Grantor will promptly and at Grantor's sole cost and expense and regardless of whether the insurance proceeds (if any) shall be sufficient for the purpose, commence and thereafter continue diligently to completion, completion to restore, repair, replace and rebuild such the Mortgaged Property as nearly as possible to its value, condition and character immediately prior to such damage, loss or destruction with such alterations, modifications and/or betterments reasonably deemed necessary or desirable by Grantor in its business judgmentdestruction. If In the conditions set forth in such certificate of Grantor event insurance proceeds are not satisfied with respect made available to a casualty, or if Grantor fails to deliver such a certificate to Beneficiary by the date that is the later of 90 days after so reaching an agreement with the insurer or 180 days following the casualty, or if Grantor shall thereafter fail to diligently pursue the restorationrestore, repair, replacement replace or rebuilding of such rebuild the Mortgaged Property as provided hereinaforesaid, the insurance proceeds related thereto Grantor shall not be promptly paid obligated to Beneficiary perform such work but shall clean up any damaged areas in a commercially reasonable manner at Grantor's sole cost and applied to the outstanding balance of the Obligations in accordance with Section 2.06(d) of the Credit Agreementexpense.

Restoration Following Casualty. If any acts or occurrences of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, shall result in damage to or loss or destruction of the Mortgaged PropertyProperty in excess of Five Hundred Thousand Dollars ($500,000.00), Grantor Borrowers will give prompt notice thereof to BeneficiaryGMAC. If (a) there are sufficient insurance proceeds or sufficient other amounts available to Grantor the cost to fully pay for the restoration, repair or replacement (hereinafter called the "Work") of the Mortgaged Property is less than Five Hundred Thousand Dollars ($500,000) in the aggregate, the insurance proceeds shall be made available to Borrowers to restore, repair, replace or rebuild the Mortgaged Property, so long as no Default or Event of Default shall have occurred. If (a) the cost to fully pay for the Work is equal to or greater than Five Hundred Thousand Dollars ($500,000), (b) there are sufficient insurance proceeds or sufficient other amounts available to Borrowers to fully pay for the work and the projected appraised value of the Mortgaged Property upon completion of the Work is equal to or greater than the appraised value of the Mortgaged Property immediately prior to the casualty, (c) no Default or Event of Default shall have occurred and be continuing, (cd) neither Grantor Borrowers nor Lessor the tenant leasing the Mortgaged Property has elected to terminate the Encumbered Lease, if any, Lease of the Mortgaged Property pursuant to the terms thereof Lease and confirmation of the same has been delivered to BeneficiaryGMAC, (de) Borrowers have received and are entitled to continue to receive full rental payments under the Grantor presents Lease throughout the period of the Work, whether such payments are made by the tenant or from rental or business interruption insurance proceeds, (f) all parties having operating, management or franchise interests in, and arrangements concerning, the Mortgaged Property agree that they will continue their interests and arrangements for the contract terms then in effect following the restoration or repair, (g) all parties having commitments to provide financing with respect to the Mortgaged Property, to purchase Borrowers' interest in full or in part in the Mortgaged Property or to purchase the Borrowers' Liabilities agree in a manner satisfactory to GMAC that their commitments will continue in full force and effect and, if necessary, the expiration of such commitments will be extended by the time necessary to complete the restoration or repair, (h) Borrowers present sufficient evidence to the Beneficiary GMAC that the damaged property will be restored prior to the earliest to occur applicable date of maturity of the Revolving Credit Maturity DateMortgage Note relating to the applicable Mortgaged Property, the Term Loan A Maturity Date, the Term Loan B Maturity Date or the Term Loan C Maturity Date and (ei) the Beneficiary GMAC will not incur any liability to any other person as a result of such use or release of insurance proceeds, then Grantor may Borrowers will so certify to BeneficiaryGMAC, and if Grantor delivers such certificate, will certify that it will, and shall, within 90 30 days following reaching an agreement with the insurer under the casualty insurance policy relating thereto with regard to the disbursement of insurance proceeds commence and thereafter continue diligently to completion, to restore, repair, replace and rebuild such Mortgaged Property as nearly as possible to its value, condition and character immediately prior to such damage, loss or destruction with such alterations, modifications and/or betterments reasonably deemed necessary or desirable by Grantor Borrowers in its their business judgment. If the conditions set forth in such certificate of Grantor Borrowers are not satisfied with respect to a casualty, or if Grantor fails Borrowers fail to deliver such a certificate to Beneficiary by the date that is the later of GMAC within 90 days after so reaching an agreement with the insurer or 180 days following the casualty, or if Grantor Borrowers shall thereafter otherwise fail to diligently pursue the restorationrestore, repair, replacement replace or rebuilding of rebuild such Mortgaged Property as provided herein, the insurance proceeds related thereto shall be promptly paid to Beneficiary GMAC and applied to the outstanding balance of the Obligations in accordance with Section 2.06(d) of the Credit AgreementBorrowers' Liabilities.

Restoration Following Casualty. If any acts or occurrences of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, shall result in damage to or loss or destruction of the Mortgaged PropertyProperty or any Project Property in excess of Five Hundred Thousand Dollars ($500,000.00), Grantor the Loan Parties will give prompt notice thereof to BeneficiaryGMAC. If (a) there are sufficient insurance proceeds or sufficient other amounts available to Grantor the cost to fully pay for the restoration, repair or replacement (hereinafter called "the “Work"”) of the Mortgaged Property is less than Five Hundred Thousand Dollars ($500,000) in the aggregate, the insurance proceeds shall be made available to the Loan Parties to restore, repair, replace or rebuild the Mortgaged Property, so long as no Default or Event of Default shall have occurred. If (a) the cost to fully pay for the Work is equal to or greater than Five Hundred Thousand Dollars ($500,000), (b) there are sufficient insurance proceeds or sufficient other amounts available to the Loan Parties to fully pay for the work and the projected appraised value of the Mortgaged Property upon completion of the Work is equal to or greater than the appraised value of the Mortgaged Property immediately prior to the casualty, (c) no Default or Event of Default shall have occurred and be continuing, (cd) neither Grantor the Loan Parties nor Lessor the tenant leasing the Mortgaged Property has elected to terminate the Encumbered Lease, if any, Lease of the Mortgaged Property pursuant to the terms thereof Lease and confirmation of the same has been delivered to BeneficiaryGMAC, (de) the Grantor presents Loan Parties have received and are entitled to continue to receive full rental payments under the Lease throughout the period of the Work up to one year after the date of the damage or destruction, whether such payments are made by the tenant or from rental or business interruption insurance proceeds, (f) all parties having operating, management or franchise interests in, and arrangements concerning, the Mortgaged Property agree that they will continue their interests and arrangements for the contract terms then in effect following the restoration or repair, (g) the Loan Parties present sufficient evidence to the Beneficiary GMAC that the damaged property will be restored prior to within eighteen months after the earliest to occur date of the Revolving Credit Maturity Date, the Term Loan A Maturity Date, the Term Loan B Maturity Date damage or the Term Loan C Maturity Date destruction and (eh) the Beneficiary GMAC will not incur any liability to any other person as a result of such use or release of insurance proceeds, then Grantor may the Loan Parties and its tenant or tenants of such damaged or destroyed Mortgaged Property will so certify to BeneficiaryGMAC, and if Grantor delivers such certificate, will certify that it will, and shall, within 90 30 days following reaching an agreement with the insurer under the casualty insurance policy relating thereto with regard to the disbursement of insurance proceeds commence and thereafter continue diligently to completion, to restore, repair, replace and rebuild such Mortgaged Property as nearly as possible to its value, condition and character immediately prior to such damage, loss or destruction with such alterations, modifications and/or betterments reasonably deemed necessary or desirable by Grantor the Loan Parties in its their business judgment. If the conditions set forth in such certificate of Grantor the Loan Parties are not satisfied with respect to a casualty, or if Grantor fails the Loan Parties fail to deliver such a certificate to Beneficiary by the date that is the later of GMAC within 90 days after so reaching an agreement with the insurer or 180 days following the casualty, or if Grantor the Loan Parties shall thereafter otherwise fail to diligently pursue the restorationrestore, repair, replacement replace or rebuilding of rebuild such Mortgaged Property as provided herein, the insurance proceeds related thereto shall be promptly paid to Beneficiary GMAC and applied to the outstanding balance of the Obligations in accordance with Section 2.06(d) of the Credit AgreementBorrowers’ Liabilities.