Common use of Restoration of Property Clause in Contracts

Restoration of Property. In the event that Mortgage Borrower is permitted pursuant to the terms of the Loan Agreement (Mortgage) to reconstruct, restore or repair the Property following a casualty to any portion of the Property, Mezzanine Borrower shall cause Mortgage Borrower to promptly and diligently repair and restore the Property in the manner and within the time periods required by the Loan Agreement (Mortgage), the Operating Agreements and any other agreements affecting the Property. In the event that Mortgage Borrower is permitted pursuant to terms of the Loan Agreement (Mortgage) to elect to not reconstruct, restore or repair the Property following a casualty to any portion of the Property, Mezzanine Borrower shall not permit Mortgage Borrower to elect not to reconstruct, restore or repair the Property without the prior written consent of Mezzanine Lender, provided that the prior written consent of Mezzanine Lender shall not be required during the period when the Mortgage Borrower shall be complying with the last sentence of Section 6.2.4(a) of the Loan Agreement (Mortgage) or where the full Mezzanine Release Price with respect to such Property has been paid to Mezzanine Lender and the conditions to the release of such Property as set forth in Section 2.3.4 have been satisfied.