Common use of Settlement of Proceeds Clause in Contracts

Settlement of Proceeds. In the event of a Casualty covered by any of the Policies (an "Insured Casualty") where the loss does not exceed One Hundred Thousand and 00/100 Dollars ($100,000.00), Borrower or Manager may settle and adjust any claim without the consent of Lender; provided such adjustment is carried out in a competent and timely manner; and Borrower or Manager is hereby authorized to collect and receipt for the insurance proceeds (the "Proceeds"). Lender shall be entitled at its option to participate in any compromise, adjustment or settlement in connection with any claims for loss, damage or destruction under any policy or policies of insurance, in excess of $100,000, and the Borrower and Manager shall within ten (10) Business Days after request therefor reimburse the Lender for all reasonable out-of-pocket expenses (including reasonable attorneys' fees and disbursements) incurred by the Lender in connection with such participation. The Borrower and Manager shall not make any compromise, adjustment or settlement in connection with any such claim in excess of $100,000, without the prior written approval of the Lender, which approval shall not be unreasonably withheld. The Proceeds shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Subaccount and disbursed in accordance with the terms of Section 7 of this Agreement.

Settlement of Proceeds. In the event of a Casualty covered by ---------------------- any of the Policies (an "Insured CasualtyINSURED CASUALTY") where the loss does not exceed One Hundred Thousand and 00/100 Dollars ($100,000.00)1,000,000, the applicable Borrower or Manager may settle and adjust any claim without the consent of Lender; provided such adjustment is carried out in a competent and timely manner; and such Borrower or Manager is hereby authorized to collect and receipt for the insurance proceeds (the "ProceedsPROCEEDS"). In the event of an Insured Casualty where the loss equals or exceeds $1,000,000, Lender shall may settle and adjust any claim without the consent of any Borrower and agree with the insurer(s) on the amount to be entitled at its option to participate in any compromise, adjustment or settlement in connection with any claims for paid on the loss, damage or destruction under any policy or policies of insurance, in excess of $100,000, and the Borrower and Manager shall within ten (10) Business Days after request therefor reimburse the Lender for all reasonable out-of-pocket expenses (including reasonable attorneys' fees and disbursements) incurred by the Lender in connection with such participation. The Borrower and Manager shall not make any compromise, adjustment or settlement in connection with any such claim in excess of $100,000, without the prior written approval of the Lender, which approval shall not be unreasonably withheld. The Proceeds shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Subaccount Fund and disbursed in accordance with herewith. The expenses incurred by Lender in the terms adjustment and collection of Section 7 the Proceeds shall become part of this Agreementthe Debt and shall be reimbursed by the applicable Borrower to Lender upon demand.

Settlement of Proceeds. In the event of a Casualty covered by any of the Policies (an "Insured CasualtyINSURED CASUALTY") where the loss does not exceed One Hundred Thousand and 00/100 Dollars ($100,000.00), Borrower or Manager may settle and adjust any claim without the consent of Lender; provided such adjustment is carried out in a competent and timely manner; and Borrower or Manager is hereby authorized to collect and receipt for the insurance proceeds (the "ProceedsPROCEEDS"). Lender shall be entitled at its option to participate in any compromise, adjustment or settlement in connection with any claims for loss, damage or destruction under any policy or policies of insurance, in excess of $100,000, and the Borrower and Manager shall within ten (10) Business Days after request therefor reimburse the Lender for all reasonable out-of-pocket expenses (including reasonable attorneys' fees and disbursements) incurred by the Lender in connection with such participation. The Borrower and Manager shall not make any compromise, adjustment or settlement in connection with any such claim in excess of $100,000, without the prior written approval of the Lender, which approval shall not be unreasonably withheld. The Proceeds shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Subaccount and disbursed in accordance with the terms of Section 7 of this Agreement.

Settlement of Proceeds. In the event of a Casualty covered ---------------------- by any of the Policies (an "Insured CasualtyINSURED CASUALTY") where the loss does not exceed One Hundred Thousand and 00/100 Dollars ($100,000.00)300,000, Borrower or Manager may settle and adjust any claim without the consent of Lender; provided such adjustment is carried out in a competent and timely manner; and Borrower or Manager is hereby authorized to collect and receipt for the insurance proceeds (the "Proceeds"). Lender shall be entitled at its option to participate in any compromise, adjustment or settlement in connection with any claims for loss, damage or destruction under any policy or policies of insurance, in excess of $100,000, and the Borrower and Manager shall within ten (10) Business Days after request therefor reimburse the Lender for all reasonable out-of-pocket expenses (including reasonable attorneys' fees and disbursements) incurred by the Lender in connection with such participation. The Borrower and Manager shall not make any compromise, adjustment or settlement in connection with any such claim in excess insurance proceeds. In the event of $100,000an Insured Casualty where the loss equals or exceeds$300,000, without the prior written approval of the Borrower may, with Lender, 's consent (which approval consent shall not be unreasonably withheld. The Proceeds withheld or delayed), settle and adjust of any claim and agree with the insurer(s) to be paid on the loss, and the proceeds of any such Policy shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Subaccount and disbursed in accordance with herewith. The expenses incurred by Lender (in the terms adjustment and collection of Section 7 insurance proceeds shall become part of this Agreementthe Debt and be secured hereby and shall be reimbursed by Borrower to Lender upon demand.