Common use of Use in Restoration Clause in Contracts

Use in Restoration. In the event of any damage to or destruction of the Property, and provided that (i) at the time of such damage or destruction or thereafter, an Event of Default does not exist hereunder, and (ii) application of insurance proceeds to restoration of the Property will not, in Mortgagee's reasonable judgment, impair Mortgagee's security for the obligations secured hereby, insurance proceeds payable in connection with such damage or destruction shall be applied, first, toward reimbursement of all of Mortgagee's reasonable costs and expenses of recovering the proceeds, including reasonable attorneys' fees; then, to payment of all sums advanced by Mortgagee to protect the Property or the security for the Secured Obligations; then, to payment of obligations then due under the Guaranty; then, to restoration of the Property, upon such reasonable conditions as Mortgagee shall determine (it being expressly understood and agreed that Mortgagee may condition disbursement of such proceeds for restoration upon, among other things: delivery to Mortgagee by Mortgagor of detailed plans and specifications providing for restoration in accordance with all applicable Legal Requirements of all governmental authorities having jurisdiction over the Project, together with a detailed estimate of the cost of the work and schedule therefor and a construction contract satisfactory to Mortgagee, with a contractor satisfactory to Mortgagee, for performance of the work within the budgeted amount, and within the scheduled time for completion; proof that the insurance required hereby is in force; proof that an amount equal to the sum which Mortgagee is requested to disburse has theretofore been paid by Mortgagor, or is then due and payable, for materials theretofore installed or work theretofore performed upon the Property and properly includable in the cost of repair, reconstruction or restoration thereof; proof that, after repair or reconstruction, the Property will be at least as valuable as it was immediately before the damage or condemnation occurred; and proof that the insurance proceeds available for repair or restoration are sufficient, in Mortgagee's determination, to pay for the total cost of repair or reconstruction, including all associated development costs and interest projected to be payable on the Secured Obligations until the repair or reconstruction is complete, or Mortgagor must provide its own funds in an amount equal to the difference between the proceeds available for repair or restoration and a reasonable estimate, made by Mortgagor and found acceptable by Mortgagee, of the total cost of repair or reconstruction); and, upon completion of the work of restoration and payment of the cost thereof, any balance of such proceeds shall be applied to the indebtedness guaranteed by the Guaranty, in such order as Mortgagee, in its sole discretion, shall determine; and, if any then remains, it shall be paid over to Mortgagor.

Use in Restoration. In the event of any damage to or destruction of the Property, and provided that (i) at the time of such damage or destruction or thereafter, an Event of Default does not exist hereunder, and (ii) application of insurance proceeds to restoration of the Property will not, in Mortgagee's reasonable Beneficiary’s sole judgment, materially impair Mortgagee's Beneficiary’s security for the obligations secured hereby, insurance proceeds payable in connection with such damage or destruction shall be applied, first, toward reimbursement of all of Mortgagee's Beneficiary’s reasonable costs and expenses of recovering the proceeds, including reasonable attorneys' ’ fees; then, to payment of all sums advanced by Mortgagee Beneficiary to protect the Property or the security for of the Secured Obligations; then, to payment of obligations installments of principal and interest then due and payable under the GuarantyNotes; then, to restoration of the Property, upon such reasonable conditions as Mortgagee shall determine which are substantially similar to the disbursement provisions and conditions set forth in the Credit Agreement, and all other conditions and provisions established by Beneficiary which are similar to conditions and provisions then used by Beneficiary for disbursements of a construction loan (it being expressly understood and agreed that Mortgagee may condition disbursement of such proceeds for restoration uponincluding, among other thingswithout limitation: delivery to Mortgagee Beneficiary by Mortgagor Trustor of detailed plans and specifications providing for restoration in accordance with all applicable Legal Requirements of all governmental authorities having jurisdiction over the Project, together with a detailed estimate of the cost of the work and schedule therefor and a construction contract satisfactory to MortgageeBeneficiary, with a contractor satisfactory to MortgageeBeneficiary, for performance of the work within the budgeted amount, and within the scheduled time for completion; proof that the insurance required hereby is in force; proof that an amount equal to the sum which Mortgagee Beneficiary is requested to disburse has theretofore been paid by MortgagorTrustor, or is then due and payable, for materials theretofore installed or work theretofore performed upon the Property and properly includable in the cost of repair, reconstruction or restoration thereof; proof that, after repair or reconstruction, the Property will be at least as valuable as it was immediately before the damage or condemnation occurred; and proof that the insurance proceeds available for repair or restoration are sufficient, in Mortgagee's Beneficiary’s determination, to pay for the total cost of repair or reconstruction, including all associated development costs and interest projected to be payable on the Secured Obligations until the repair or reconstruction is complete, or Mortgagor Trustor must provide its own funds in an amount equal to the difference between the proceeds available for repair or restoration and a reasonable estimate, made by Mortgagor Trustor and found acceptable by MortgageeBeneficiary, of the total cost of repair or reconstruction); and, upon completion of the work of restoration and payment of the cost thereof, any balance of such proceeds shall be applied to the indebtedness guaranteed by the Guarantysecured hereby, in such order as MortgageeBeneficiary, in its sole discretion, shall determine; and, if any then remains, it shall be paid over to MortgagorTrustor.

Use in Restoration. In the event of any damage to or destruction of the Property, and provided that (i) at the time of such damage or destruction or thereafter, an Event of Default does not exist hereunder, and (ii) application of insurance proceeds to restoration of the Property will not, in MortgageeBeneficiary's reasonable judgment, impair MortgageeBeneficiary's security for the obligations secured hereby, insurance proceeds payable in connection with such damage or destruction shall be applied, first, toward reimbursement of all of MortgageeBeneficiary's reasonable costs and expenses of recovering the proceeds, including reasonable attorneys' fees; then, to payment of all sums advanced by Mortgagee Beneficiary to protect the Property or the security for the Secured Obligations; then, to payment of obligations then due under the Guaranty; then, to restoration of the Property, upon such reasonable conditions as Mortgagee Beneficiary shall determine (it being expressly understood and agreed that Mortgagee Beneficiary may condition disbursement of such proceeds for restoration upon, among other things: delivery to Mortgagee Beneficiary by Mortgagor Trustor of detailed plans and specifications providing for restoration in accordance with all applicable Legal Requirements of all governmental authorities having jurisdiction over the Project, together with a detailed estimate of the cost of the work and schedule therefor and a construction contract satisfactory to MortgageeBeneficiary, with a contractor satisfactory to MortgageeBeneficiary, for performance of the work within the budgeted amount, and within the scheduled time for completion; proof that the insurance required hereby is in force; proof that an amount equal to the sum which Mortgagee Beneficiary is requested to disburse has theretofore been paid by MortgagorTrustor, or is then due and payable, for materials theretofore installed or work theretofore performed upon the Property and properly includable in the cost of repair, reconstruction or restoration thereof; proof that, after repair or reconstruction, the Property will be at least as valuable as it was immediately before the damage or condemnation occurred; and proof that the insurance proceeds available for repair or restoration are sufficient, in MortgageeBeneficiary's determination, to pay for the total cost of repair or reconstruction, including all associated development costs and interest projected to be payable on the Secured Obligations until the repair or reconstruction is complete, or Mortgagor Trustor must provide its own funds in an amount equal to the difference between the proceeds available for repair or restoration and a reasonable estimate, made by Mortgagor Trustor and found acceptable by MortgageeBeneficiary, of the total cost of repair or reconstruction); and, upon completion of the work of restoration and payment of the cost thereof, any balance of such proceeds shall be applied to the indebtedness guaranteed by the Guaranty, in such order as MortgageeBeneficiary, in its sole discretion, shall determine; and, if any then remains, it shall be paid over to MortgagorTrustor.

Use in Restoration. In the event of any damage to or destruction of the Property, and provided that (i) at the time of such damage or destruction or thereafter, an Event of Default does not exist hereunder, and (ii) application of insurance proceeds to restoration of the Property will not, in Mortgagee's reasonable judgmentBeneficiary’s judgment exercised according to the Indenture, materially impair Mortgagee's Beneficiary’s security for the obligations secured hereby, insurance proceeds payable in connection with such damage or destruction shall be applied, first, toward reimbursement of all of Mortgagee's Beneficiary’s reasonable costs and expenses of recovering the proceeds, including reasonable attorneys' ’ fees; then, to payment of all sums advanced by Mortgagee Beneficiary to protect the Property or the security for of the Secured Obligations; then, to payment of obligations installments of principal and interest then due and payable under the GuarantyNotes; then, to restoration of the Property, upon such reasonable conditions as Mortgagee shall determine and provisions then customarily used for disbursements of a construction loan (it being expressly understood and agreed that Mortgagee may condition disbursement of such proceeds for restoration uponincluding, among other thingswithout limitation: delivery to Mortgagee Beneficiary by Mortgagor Trustor of detailed plans and specifications providing for restoration in accordance with all applicable Legal Requirements of all governmental authorities having jurisdiction over the Project, together with a detailed estimate of the cost of the work and schedule therefor and a construction contract satisfactory to MortgageeBeneficiary, with a contractor satisfactory to MortgageeBeneficiary, for performance of the work within the budgeted amount, and within the scheduled time for completion; proof that the insurance required hereby is in force; proof that an amount equal to the sum which Mortgagee Beneficiary is requested to disburse has theretofore been paid by MortgagorTrustor, or is then due and payable, for materials theretofore installed or work theretofore performed upon the Property and properly includable in the cost of repair, reconstruction or restoration thereof; proof that, after repair or reconstruction, the Property will be at least as valuable as it was immediately before the damage or condemnation occurred; and proof that the insurance proceeds available for repair or restoration are sufficient, in Mortgagee's Beneficiary’s determination, to pay for the total cost of repair or reconstruction, including all associated development costs and interest projected to be payable on the Secured Obligations until the repair or reconstruction is complete, or Mortgagor Trustor must provide its own funds in an amount equal to the difference between the proceeds available for repair or restoration and a reasonable estimate, made by Mortgagor Trustor and found acceptable by MortgageeBeneficiary, of the total cost of repair or reconstruction); and, upon completion of the work of restoration and payment of the cost thereof, any balance of such proceeds shall be applied to the indebtedness guaranteed by the Guarantysecured hereby, in such order as MortgageeBeneficiary, in its sole discretion, shall determinedetermine according to the Indenture; and, if any then remains, it shall be paid over to MortgagorTrustor.

Use in Restoration. In the event of any damage to or destruction of the Property, and provided that (i) at the time of such damage or destruction or thereafter, an Event of Default does not exist hereunder, and (ii) application of insurance proceeds to restoration of the Property will not, in MortgageeBeneficiary's reasonable sole judgment, materially impair MortgageeBeneficiary's security for the obligations secured hereby, insurance proceeds payable in connection with such damage or destruction shall be applied, first, toward reimbursement of all of MortgageeBeneficiary's reasonable costs and expenses of recovering the proceeds, including reasonable attorneys' fees; then, to payment of all sums advanced by Mortgagee Beneficiary to protect the Property or the security for of the Secured Obligations; then, to payment of obligations installments of principal and interest then due and payable under the GuarantyNotes; then, to restoration of the Property, upon such reasonable conditions as Mortgagee shall determine which are substantially similar to the disbursement provisions and conditions set forth in the Credit Agreement, and all other conditions and provisions established by Beneficiary which are similar to conditions and provisions then used by Beneficiary for disbursements of a construction loan (it being expressly understood and agreed that Mortgagee may condition disbursement of such proceeds for restoration uponincluding, among other thingswithout limitation: delivery to Mortgagee Beneficiary by Mortgagor Trustor of detailed plans and specifications providing for restoration in accordance with all applicable Legal Requirements of all governmental authorities having jurisdiction over the Project, together with a detailed estimate of the cost of the work and schedule therefor and a construction contract satisfactory to MortgageeBeneficiary, with a contractor satisfactory to MortgageeBeneficiary, for performance of the work within the budgeted amount, and within the scheduled time for completion; proof that the insurance required hereby is in force; proof that an amount equal to the sum which Mortgagee Beneficiary is requested to disburse has theretofore been paid by MortgagorTrustor, or is then due and payable, for materials theretofore installed or work theretofore performed upon the Property and properly includable in the cost of repair, reconstruction or restoration thereof; proof that, after repair or reconstruction, the Property will be at least as valuable as it was immediately before the damage or condemnation occurred; and proof that the insurance proceeds available for repair or restoration are sufficient, in MortgageeBeneficiary's determination, to pay for the total cost of repair or reconstructionrecon- struction, including all associated development costs and interest projected to be payable on the Secured Obligations until the repair or reconstruction is complete, or Mortgagor Trustor must provide its own funds in an amount equal to the difference between the proceeds available for repair or restoration and a reasonable estimate, made by Mortgagor Trustor and found acceptable by MortgageeBeneficiary, of the total cost of repair or reconstruction); and, upon completion of the work of restoration and payment of the cost thereof, any balance of such proceeds shall be applied to the indebtedness guaranteed by the Guarantysecured hereby, in such order as MortgageeBeneficiary, in its sole discretion, shall determine; and, if any then remains, it shall be paid over to Mortgagor.Trustor. (d)