Common use of Restoration Following Casualty Clause in Contracts

Restoration Following Casualty. If any act or occurrence of any kind or nature, ordinary or extraordinary, foreseen or unforeseen (including any casualty for which insurance was not obtained or obtainable), shall result in material damage to or loss or destruction of the Mortgaged Property, Grantor will give notice thereof to Beneficiary and, subject to the terms and conditions of the Noteholder Documents related to insurance matters, including, without limitation, the application of proceeds of insurance, will promptly, at Grantor’s sole cost and expense and regardless of whether the insurance proceeds (if any) shall be sufficient for the purpose, commence and continue diligently to completion to restore, repair, replace and rebuild the Mortgaged Property as nearly as possible to its value, condition and character immediately prior to such damage, loss or destruction.

Restoration Following Casualty. If any act or occurrence of any kind or nature, ordinary or extraordinary, foreseen or unforeseen (including any casualty for which insurance was not obtained or obtainable), shall result in material damage to or loss or destruction of the Mortgaged Property, Grantor Trustor will give notice thereof to Beneficiary and, if so instructed by Beneficiary and subject to the terms and conditions of the Noteholder Documents Credit Agreement related to insurance matters, including, without limitation, the application of proceeds of insurance, will promptly, at GrantorTrustor’s sole cost and expense and regardless of whether the insurance proceeds (if any) shall be sufficient for the purpose, commence and continue diligently to completion to restore, repair, replace and rebuild the Mortgaged Property as nearly as possible to its value, condition and character immediately prior to such damage, loss or destruction.