Right to Settle Claims. During the existence of any Event of Default, the Lender is hereby authorized to adjust, compromise and collect the proceeds of any eminent domain or similar award or settle a claim for damages and to apply the same (or any part thereof) to the then outstanding balance of the Loan.
Appears in 6 contracts
Samples: Loan Agreement (Wellsford Real Properties Inc), Loan Agreement (Brassie Golf Corp), Loan Agreement (RFS Hotel Investors Inc)
Right to Settle Claims. During the existence of any Event of Default, the The Lender is hereby authorized to adjust, compromise and collect the proceeds of any eminent domain or similar award or settle a claim for damages and to apply the same (or any part thereof) to the then outstanding balance of the Loan, subject to the provisions of subsection (c).
Appears in 1 contract
Samples: Mortgage and Security Agreement (Homegold Financial Inc)
