Common use of Restoration of Property Clause in Contracts

Restoration of Property. Uniform Covenant 11 of the Instrument ("Condemnation") is amended to add the following provision at the end thereof: Lender shall permit Borrower to apply any such awards, payments, proceeds or damages, after deduction of Lender's expenses incurred in the collection of such amounts, to the payment of repairs to the Property if all of the following conditions are met: (i) Borrower is not in breach or default of any provision of the Instrument, the Reimbursement Agreement or any other Loan Document; (ii) Lender determines that there will be sufficient funds to restore and repair the Property to a condition approved by Lender; (iii) Lender determines that the rental income of the Property, after restoration and repair of the Property to a condition approved by Lender, will be sufficient to meet all operating costs and other expenses, payments for reserves and loan repayment obligations relating to the Property; (iv) Lender determines that restoration and repair of the Property to a condition approved by Lender will be completed prior to the earlier of either (1) the maturity date of the Xxxxxx Mae Credit Facility or (2) within one year of the date of the loss or casualty to the Property; and (v) Lender determines that upon the restoration and repair of the Property there will not have been a material dimunition in the value of the Property since the date immediately preceding the condemnation.

Restoration of Property. Uniform Covenant 11 of the Instrument ("Condemnation") is amended to add the following provision at the end thereof: Lender shall permit Borrower to apply any such awards, payments, proceeds or damages, after deduction of Lender's expenses incurred in the collection of such amounts, to the payment of repairs to the Property if all of the following conditions are met: (i) Borrower is not in breach or default of any provision of the Instrument, the Reimbursement Agreement Note or any other Loan loan Document; (ii) Lender determines that there will be sufficient funds to restore and repair the Property to a condition approved by Lender; (iii) Lender determines that the rental income of the Property, after restoration and repair of the Property to a condition approved by Lender, will be sufficient to meet all operating costs and other expenses, payments for reserves and loan repayment obligations relating to the Property; (iv) Lender determines that restoration and repair of the Property to a condition approved by Lender will be completed prior to the earlier of either (1) the maturity date of the Xxxxxx Mae Credit Facility Note or (2) within one year of the date of the loss or casualty to the Property; and (v) Lender determines that upon the restoration and repair of the Property there will not have been a material dimunition in the value of the Property since the date immediately preceding the condemnation.

Restoration of Property. Uniform Covenant 11 of the Instrument ("Condemnation") is amended to add the following provision at the end thereof: Lender shall permit Borrower to apply any such awards, payments, proceeds or damages, after deduction of Lender's expenses incurred in the collection of such amounts, to the payment of repairs to the Property if all of the following conditions are met: (i) Borrower is not in breach or default of any provision of the Instrument, the Reimbursement Agreement or any other Loan Document; (ii) Lender determines that there will be sufficient funds to restore and repair the Property to a condition approved by Lender; (iii) Lender determines that the rental income of the Property, after restoration and repair of the Property to a condition approved by Lender, will be sufficient to meet all operating costs and other expenses, payments for reserves and loan repayment obligations relating to the Property; (iv) Lender determines that restoration and repair of the Property to a condition approved by Lender will be completed prior to the earlier of either (1) the maturity date of the Xxxxxx Mae Credit Facility or (2) within one year of the date of the loss or casualty to the Property; and (v) Lender determines that upon the restoration and repair of the Property there will not have been a material dimunition diminution in the value of the Property since the date immediately preceding the condemnation.

Restoration of Property. Uniform Covenant 11 of the Instrument ("Condemnation") is amended to add the following provision at the end thereof: Lender shall permit Borrower to apply any such awards, payments, proceeds or damages, after deduction of Lender's expenses incurred in the collection of such amounts, to the payment of repairs to the Property if all of the following conditions are met: (i) Borrower is not in breach or default of any provision of the Instrument, the Reimbursement Agreement Note or any other Loan Document; (ii) Lender determines that there will be sufficient funds to restore and repair the Property to a condition approved by Lender; (iii) Lender determines that the rental income of the Property, after restoration and repair of the Property to a condition approved by Lender, will be sufficient to meet all operating costs and other expenses, payments for reserves and loan repayment obligations relating to the Property; (iv) Lender determines that restoration and repair of the Property to a condition approved by Lender will be completed prior to the earlier of either (1) the maturity date of the Xxxxxx Mae Credit Facility Note or (2) within one year of the date of the loss or casualty to the Property; and (v) Lender determines that upon the restoration and repair of the Property there will not have been a material dimunition diminution in the value of the Property since the date immediately preceding the condemnation.