Surplus Restoration Proceeds After Restoration Completion. Any Restoration Proceeds remaining after full payment of Restoration costs and unpaid expenses due to Lender for which Lender is permitted reimbursement under this Section 9.04 shall be released to Borrower provided no Event of Default exists, and Borrower delivers evidence satisfactory to Lender that (i) Restoration has been fully completed in accordance with all Requirements of Law and (ii) the Property is free and clear of all Liens which may be asserted with respect to the Restoration.
Appears in 8 contracts
Samples: Loan Agreement (Independence Realty Trust, Inc), Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.), Loan Agreement (Macquarie Infrastructure CO LLC)
Surplus Restoration Proceeds After Restoration Completion. Any Restoration Proceeds remaining after full payment of Restoration costs and unpaid expenses due to Lender for which Lender is permitted reimbursement under this Section 9.04 shall be released to Borrower provided no Event of Default exists, and Borrower delivers evidence satisfactory to Lender that (iA) Restoration has been fully completed in accordance with all Requirements of Law and (iiB) the Property is free and clear of all Liens which may be asserted with respect to the Restoration.
Appears in 2 contracts
Samples: Loan Agreement (Resource Real Estate Opportunity REIT, Inc.), Loan Agreement (Angeles Income Properties LTD Ii)
