Common use of Use and Application of Insurance Proceeds Clause in Contracts

Use and Application of Insurance Proceeds. Senior Lender shall apply insurance proceeds to costs of restoring any Property or portion thereof damaged by a casualty (a "Damaged Property") or the Loan as follows: (1) if the loss is less than or equal to the Restoration Threshold, Senior Lender shall apply the insurance proceeds to restoration provided (a) no Event of Default or Potential Default exists, and (b) Borrower or the applicable Subsidiary promptly commences and is diligently pursuing restoration of the Damaged Property; (2) if the loss exceeds the Restoration Threshold, Senior Lender shall apply the insurance proceeds to restoration, provided that, the following conditions are satisfied at all times during such restoration: (a) no Event of Default or Potential Default exists; (b) Senior Lender determines that there are sufficient funds available to restore and repair the Damaged Property to a condition and value at least equal and of substantially the same character as prior to such casualty and consistent with the applicable Loan Application; (c) Senior Lender determines that the Net Operating Income (including the proceeds of business or rental interruption insurance as to which the carrier has acknowledged coverage) of the Damaged Property during restoration will be sufficient to pay Debt Service; (d) Senior Lender determines not later than three (3) months after the loss or casualty, that the restoration and repair of the Damaged Property to the condition described in the preceding clause "b" hereof, will be completed within six (6) months after the date of such loss or casualty and in any event at least one hundred eighty (180) days prior to the Maturity Date; and (e) Borrower promptly commences and is diligently pursuing restoration of the Damaged Property; (3) if the conditions set forth above are not satisfied or the loss exceeds the maximum amount specified in Subsection 3.2(2) above, in Senior Lender's sole discretion, Senior Lender may apply any insurance proceeds it may receive to the payment of the applicable Original Allocated Loan Amount or allow all or a portion of such proceeds to be used for the restoration of the Damaged Property; and (4) Insurance proceeds applied to restoration will be disbursed on receipt of satisfactory plans and specifications, contracts and subcontracts, schedules, budgets, lien waivers and architects' certificates, and otherwise in accordance with Senior Lender's then current construction or restoration lending requirements as determined and applied by Senior Lender in its reasonable discretion. Section 3.3

Use and Application of Insurance Proceeds. Senior Lender The Administrative Agent shall apply insurance proceeds to costs of restoring any the Property or portion thereof damaged by a casualty (a "Damaged Property") or the Loan as follows: (1) if the loss is less than or equal to $___________, the Restoration Threshold, Senior Lender Administrative Agent shall apply upon receipt thereof release the insurance proceeds to the Borrower for restoration provided of the Property; provided, that: (ai) no Event of Default or Potential Default exists, ; and (bii) the Borrower or the applicable Subsidiary promptly commences and is diligently pursuing restoration of the Damaged Property; (2) if the loss exceeds $____________ but is not more than $___________, the Restoration Threshold, Senior Lender Administrative Agent shall apply the insurance proceeds to restoration; provided, provided that, the following conditions are satisfied that at all times during such restoration: (ai) no Event of Default or Potential Default exists; (bii) Senior Lender the Administrative Agent reasonably determines that there are sufficient funds available to restore and repair the Damaged Property to a condition and value at least equal and of substantially approved by the same character as prior to such casualty and consistent with the applicable Loan ApplicationAdministrative Agent; (ciii) Senior Lender the Administrative Agent reasonably determines that the aggregate of the Net Operating Income (including of the proceeds of Property during restoration and the business or rental interruption insurance as proceeds to which the carrier has acknowledged coverage) of the Damaged Property be received during restoration will be sufficient to pay Debt Service; (div) Senior Lender the Administrative Agent reasonably determines not later than three (3based on Approved Leases which will remain in effect after restoration is complete and the like) months that after restoration and the loss or casualtyextended period of indemnity during which business interruption insurance proceeds continue to be received, the Debt Yield will be at least equal to _____%; (v) the Administrative Agent reasonably determines that the restoration and repair of the Damaged Property to a condition approved reasonably by the condition described in the preceding clause "b" hereof, Administrative Agent will be completed within six eighteen (618) months after the date of such loss or casualty and in any event at least one hundred eighty (180) days prior to the Maturity Date; and (evi) the Borrower promptly commences and is diligently pursuing pursues restoration of the Damaged Property; (3) if the conditions set forth above are not satisfied or if in the Administrative Agent’s reasonable discretion the loss exceeds $__________, the maximum amount specified in Subsection 3.2(2) above, in Senior Lender's sole discretion, Senior Lender Administrative Agent may apply any insurance proceeds it may receive to the payment of the applicable Original Allocated Loan Amount or allow all or a portion of such proceeds to be used for the restoration of the Damaged Property, in the Administrative Agent’s sole discretion; and (4) Insurance with respect to a loss in excess of $__________ for which the Administrative Agent is required or elects, as applicable, to make insurance proceeds available to the Borrower for restoration, insurance proceeds applied to restoration will be disbursed on receipt of satisfactory plans and specifications, contracts and subcontracts, schedules, budgets, lien waivers and architects' ’ certificates, and otherwise in accordance with Senior Lender's then current prudent commercial construction or restoration lending requirements as determined practices for construction loan advances; and applied by Senior Lender the net proceeds of rent loss and/or business interruption insurance shall be paid to the Administrative Agent upon the occurrence of an Event of Default; otherwise, to the Borrower to be used in its reasonable discretion. Section 3.3accordance with the provisions hereof.

Use and Application of Insurance Proceeds. Senior The Lender shall apply insurance proceeds to costs of restoring any the Property or portion thereof damaged by a casualty (a "Damaged Property") or the Loan as follows: (1) if the loss is less than or equal to $___________, the Restoration Threshold, Senior Lender shall apply upon receipt thereof release the insurance proceeds to the Borrower for restoration provided of the Property; provided, that: (ai) no Event of Default or Potential Default exists, ; and (bii) the Borrower or the applicable Subsidiary promptly commences and is diligently pursuing restoration of the Damaged Property; (2) if the loss exceeds $____________ but is not more than $___________, the Restoration Threshold, Senior Lender shall apply the insurance proceeds to restoration; provided, provided that, the following conditions are satisfied that at all times during such restoration: (ai) no Event of Default or Potential Default exists; (bii) Senior the Lender reasonably determines that there are sufficient funds available to restore and repair the Damaged Property to a condition and value at least equal and of substantially approved by the same character as prior to such casualty and consistent with the applicable Loan ApplicationLender; (ciii) Senior the Lender reasonably determines that the aggregate of the Net Operating Income (including of the proceeds of Property during restoration and the business or rental interruption insurance as proceeds to which the carrier has acknowledged coverage) of the Damaged Property be received during restoration will be sufficient to pay Debt Service; (div) Senior the Lender reasonably determines not later than three (3based on Approved Leases which will remain in effect after restoration is complete and the like) months that after restoration and the loss or casualtyextended period of indemnity during which business interruption insurance proceeds continue to be received, the Debt Yield will be at least equal to _____%; (v) the Lender reasonably determines that the restoration and repair of the Damaged Property to a condition approved reasonably by the condition described in the preceding clause "b" hereof, Lender will be completed within six eighteen (618) months after the date of such loss or casualty and in any event at least one hundred eighty (180) days prior to the Maturity Date; and (evi) the Borrower promptly commences and is diligently pursuing pursues restoration of the Damaged Property; (3) if the conditions set forth above are not satisfied or if in the Lender’s reasonable discretion the loss exceeds $__________, the maximum amount specified in Subsection 3.2(2) above, in Senior Lender's sole discretion, Senior Lender may apply any insurance proceeds it may receive to the payment of the applicable Original Allocated Loan Amount or allow all or a portion of such proceeds to be used for the restoration of the Damaged Property, in the Lender’s sole discretion; and (4) Insurance with respect to a loss in excess of $__________ for which the Lender is required or elects, as applicable, to make insurance proceeds available to the Borrower for restoration, insurance proceeds applied to restoration will be disbursed on receipt of satisfactory plans and specifications, contracts and subcontracts, schedules, budgets, lien waivers and architects' ’ certificates, and otherwise in accordance with Senior Lender's then current prudent commercial construction or restoration lending requirements as determined practices for construction loan advances; and applied by Senior the net proceeds of rent loss and/or business interruption insurance shall be paid to the Lender upon the occurrence of an Event of Default; otherwise, to the Borrower to be used in its reasonable discretion. Section 3.3accordance with the provisions hereof.

Use and Application of Insurance Proceeds. Senior Lender shall apply insurance proceeds to costs of restoring any the Property or portion thereof damaged by a casualty (a "Damaged Property") or the Loan as follows: (1) if the loss is less than or equal to the Restoration Threshold$___________, Senior Lender shall apply upon receipt thereof release the insurance proceeds to Borrower for restoration provided of the Property; provided, that: (ai) no Event of Default or Potential Default exists, ; and (bii) Borrower or the applicable Subsidiary promptly commences and is diligently pursuing restoration of the Damaged Property; (2) if the loss exceeds the Restoration Threshold$____________ but is not more than $___________, Senior Lender shall apply the insurance proceeds to restoration; provided, provided that, the following conditions are satisfied that at all times during such restoration: (ai) no Event of Default or Potential Default exists; (bii) Senior Lender reasonably determines that there are sufficient funds available to restore and repair the Damaged Property to a condition and value at least equal and of substantially the same character as prior to such casualty and consistent with the applicable Loan Applicationapproved by Lender; (ciii) Senior Lender reasonably determines that the aggregate of the Net Operating Income (including of the proceeds of Property during restoration and the business or rental interruption insurance as proceeds to which the carrier has acknowledged coverage) of the Damaged Property be received during restoration will be sufficient to pay Debt Service; (div) Senior Lender reasonably determines not later than three (3based on Approved Leases which will remain in effect after restoration is complete and the like) months that after restoration and the loss or casualtyextended period of indemnity during which business interruption insurance proceeds continue to be received, the Debt Yield will be at least equal to _____%; (v) Lender reasonably determines that the restoration and repair of the Damaged Property to the a condition described in the preceding clause "b" hereof, approved reasonably by Lender will be completed within six eighteen (618) months after the date of such loss or casualty and in any event at least one hundred eighty (180) days prior to the Maturity Date; and (evi) Borrower promptly commences and is diligently pursuing pursues restoration of the Damaged Property; (3) if the conditions set forth above are not satisfied or if in Lender’s reasonable discretion the loss exceeds the maximum amount specified in Subsection 3.2(2) above$__________, in Senior Lender's sole discretion, Senior Lender may apply any insurance proceeds it may receive to the payment of the applicable Original Allocated Loan Amount or allow all or a portion of such proceeds to be used for the restoration of the Damaged Property, in Xxxxxx’s sole discretion; and (4) Insurance with respect to a loss in excess of $__________ for which Lender is required or elects, as applicable, to make insurance proceeds available to Borrower for restoration, insurance proceeds applied to restoration will be disbursed on receipt of satisfactory plans and specifications, contracts and subcontracts, schedules, budgets, lien waivers and architects' ’ certificates, and otherwise in accordance with Senior Lender's then current prudent commercial construction or restoration lending requirements as determined practices for construction loan advances; and applied by Senior the net proceeds of rent loss and/or business interruption insurance shall be paid to Lender upon the occurrence of an Event of Default; otherwise, to Borrower to be used in its reasonable discretion. Section 3.3accordance with the provisions hereof.

Use and Application of Insurance Proceeds. Senior Lender Administrative Agent shall apply insurance proceeds to costs of restoring any the Property or portion thereof damaged by a casualty (a "Damaged Property") or the Loan as follows: (1) if the loss is less than or equal to the Restoration Threshold$___________, Senior Lender Administrative Agent shall apply upon receipt thereof release the insurance proceeds to Borrower for restoration provided of the Property; provided, that: (ai) no Event of Default or Potential Default exists, ; and (bii) Borrower or the applicable Subsidiary promptly commences and is diligently pursuing restoration of the Damaged Property; (2) if the loss exceeds the Restoration Threshold$____________ but is not more than $___________, Senior Lender Administrative Agent shall apply the insurance proceeds to restoration; provided, provided that, the following conditions are satisfied that at all times during such restoration: (ai) no Event of Default or Potential Default exists; (bii) Senior Lender Administrative Agent reasonably determines that there are sufficient funds available to restore and repair the Damaged Property to a condition and value at least equal and of substantially the same character as prior to such casualty and consistent with the applicable Loan Applicationapproved by Administrative Agent; (ciii) Senior Lender Administrative Agent reasonably determines that the aggregate of the Net Operating Income (including of the proceeds of Property during restoration and the business or rental interruption insurance as proceeds to which the carrier has acknowledged coverage) of the Damaged Property be received during restoration will be sufficient to pay Debt Service; (div) Senior Lender Administrative Agent reasonably determines not later than three (3based on Approved Leases which will remain in effect after restoration is complete and the like) months that after restoration and the loss or casualtyextended period of indemnity during which business interruption insurance proceeds continue to be received, the Debt Yield will be at least equal to _____%; (v) Administrative Agent reasonably determines that the restoration and repair of the Damaged Property to the a condition described in the preceding clause "b" hereof, approved reasonably by Administrative Agent will be completed within six eighteen (618) months after the date of such loss or casualty and in any event at least one hundred eighty (180) days prior to the Maturity Date; and (evi) Borrower promptly commences and is diligently pursuing pursues restoration of the Damaged Property; (3) if the conditions set forth above are not satisfied or if in Administrative Agent’s reasonable discretion the loss exceeds the maximum amount specified in Subsection 3.2(2) above$__________, in Senior Lender's sole discretion, Senior Lender Administrative Agent may apply any insurance proceeds it may receive to the payment of the applicable Original Allocated Loan Amount or allow all or a portion of such proceeds to be used for the restoration of the Damaged Property, in Administrative Agent’s sole discretion; and (4) Insurance with respect to a loss in excess of $__________ for which Administrative Agent is required or elects, as applicable, to make insurance proceeds available to Borrower for restoration, insurance proceeds applied to restoration will be disbursed on receipt of satisfactory plans and specifications, contracts and subcontracts, schedules, budgets, lien waivers and architects' ’ certificates, and otherwise in accordance with Senior Lender's then current prudent commercial construction or restoration lending requirements as determined practices for construction loan advances; and applied by Senior Lender the net proceeds of rent loss and/or business interruption insurance shall be paid to Administrative Agent upon the occurrence of an Event of Default; otherwise, to Borrower to be used in its reasonable discretion. Section 3.3accordance with the provisions hereof.