Common use of Use of Condemnation Proceeds Clause in Contracts

Use of Condemnation Proceeds. Mortgagee shall make the net proceeds of any Condemnation received by it (after reimbursement of Mortgagee’s out-of-pocket costs of collecting and disbursing the same) available to Mortgagor for restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedent: (a) There shall be no Event of Default in existence at the time of any disbursement of the condemnation proceeds; (b) Mortgagee shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of condemnation proceeds and other funds deposited by Mortgagor with Mortgagee; (c) Mortgagee shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee (such approval not to be unreasonably withheld), in accordance with applicable laws, codes, regulations and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination of any Lease; (d) All funds shall be disbursed, at Mortgagee’s option, in accordance with Mortgagee’s customary disbursement procedures for construction loans; and (e) The condemnation or taking causes damage of $500,000.00 or less or requires restoration which costs less than $500,000.00; and (f) The restoration, repair and rebuilding of the Mortgaged Property can be completed within nine (9) months of the date of the taking, or such additional period of time as Mortgagee, in its reasonable discretion, shall permit. If any of these conditions shall not be satisfied, then Mortgagee shall have the right to either use the condemnation award proceeds to prepay the Obligations or make such proceeds available for restoration, repair and rebuilding of the Mortgaged Property. If any condemnation proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or to the Person legally entitled thereto, or at Mortgagee’s discretion, used to prepay the Obligations.

Use of Condemnation Proceeds. Mortgagee Lender shall make the net proceeds of any Condemnation received by it (after reimbursement of Mortgagee’s Lender's out-of-pocket costs of collecting and disbursing the same) available to Mortgagor Borrower for restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedentconditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the condemnation proceeds;. (b) Mortgagee Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of condemnation proceeds and other funds deposited by Mortgagor Borrower with Mortgagee;Lender. (c) Mortgagee Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee Lender (such approval not to be unreasonably withheld), in accordance with applicable laws, codes, regulations codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination termination, of any Lease;, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be disbursed, at Mortgagee’s Lender's option, in accordance with Mortgagee’s Lender's customary disbursement procedures for construction loans; and. (e) The condemnation or taking causes damage of $500,000.00 or less or requires restoration which costs less Condemnation shall have occurred more than $500,000.00; and twelve (f) The restoration, repair and rebuilding of the Mortgaged Property can be completed within nine (912) months of prior to the date of the taking, or such additional period of time as Mortgagee, in its reasonable discretion, shall permitMaturity Date. If any of these conditions shall not be satisfied, then Mortgagee Lender shall have the right to either use the condemnation award proceeds to prepay the Obligations or make such proceeds available for restoration, repair and rebuilding of Loan in accordance with the Mortgaged PropertyNote. If any condemnation proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or to the Person legally entitled theretoBorrower, or at Mortgagee’s Lender's discretion, used to prepay the ObligationsLoan in accordance with the Note.

Use of Condemnation Proceeds. Mortgagee Lender shall make the net proceeds of any Condemnation received by it (after reimbursement of Mortgagee’s Xxxxxx's out-of-pocket costs of collecting and disbursing the same) available to Mortgagor Borrower for restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedentconditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the condemnation proceeds;. (b) Mortgagee Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of condemnation proceeds and other funds deposited by Mortgagor Borrower with Mortgagee;Xxxxxx. (c) Mortgagee Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee Lender (such approval not to be unreasonably withheld), in accordance with applicable laws, codes, regulations codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination termination, of the Big Stone Plant Property Lease, the Access and Rail Agreement or any other Lease;, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be disbursed, at Mortgagee’s Lender's option, in accordance with Mortgagee’s Xxxxxx's customary disbursement procedures for construction loans; and. (e) The condemnation or taking causes damage of $500,000.00 or less or requires restoration which costs less Condemnation shall have occurred more than $500,000.00; and twelve (f) The restoration, repair and rebuilding of the Mortgaged Property can be completed within nine (912) months of prior to the date of the taking, or such additional period of time as Mortgagee, in its reasonable discretion, shall permitMaturity Date. If any of these conditions shall not be satisfied, then Mortgagee Lender shall have the right to either use the condemnation award proceeds to prepay the Obligations or make such proceeds available for restoration, repair and rebuilding of Loan in accordance with the Mortgaged PropertyNote. If any condemnation proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or to the Person legally entitled theretoBorrower, or at Mortgagee’s Xxxxxx's discretion, used to prepay the ObligationsLoan in accordance with the Note.

Use of Condemnation Proceeds. Mortgagee Lender shall make the net proceeds of any Condemnation received by it (after reimbursement of MortgageeLender’s out-of-pocket costs of collecting and disbursing the same) available to Mortgagor Borrower for restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedentconditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the condemnation proceeds;. (b) Mortgagee Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of condemnation proceeds and other funds deposited by Mortgagor Borrower with Mortgagee;Lender. (c) Mortgagee Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee Lender (such approval not to be unreasonably withheld), in accordance with applicable laws, codes, regulations codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination termination, of the Big Stone Plant Property Lease, the Access and Rail Agreement or any other Lease;, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be disbursed, at MortgageeLender’s option, in accordance with MortgageeLender’s customary disbursement procedures for construction loans; and. (e) The condemnation or taking causes damage of $500,000.00 or less or requires restoration which costs less Condemnation shall have occurred more than $500,000.00; and twelve (f) The restoration, repair and rebuilding of the Mortgaged Property can be completed within nine (912) months of the date of the taking, or such additional period of time as Mortgagee, in its reasonable discretion, shall permitprior to Maturity Date. If any of these conditions shall not be satisfied, then Mortgagee Lender shall have the right to either use the condemnation award proceeds to prepay the Obligations or make such proceeds available for restoration, repair and rebuilding of 2007 Term Loan in accordance with the Mortgaged PropertyNote. If any condemnation proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or to the Person legally entitled theretoBorrower, or at MortgageeLender’s discretion, used to prepay the Obligations2007 Term Loan in accordance with the Note.

Use of Condemnation Proceeds. Mortgagee The Lender shall make the net proceeds of any Condemnation received by it (after reimbursement of Mortgageethe Lender’s out-of-pocket costs of collecting and disbursing the same) available to the Mortgagor for restoration, repair and rebuilding Restoration of the Mortgaged Property, subject to all of the following conditions precedentconditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the condemnation Condemnation proceeds;. (b) Mortgagee The Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding Restoration is and will be equal to or less than the amount of condemnation Condemnation proceeds and other funds deposited by the Mortgagor with Mortgagee;the Lender. (c) Mortgagee The Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee the Lender (such approval not to be unreasonably withheld), in accordance with applicable laws, codes, regulations codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination termination, of any Lease;, and in any event not less than six months prior to the Maturity Date. (d) All funds shall be disbursed, at Mortgageethe Lender’s option, in accordance with Mortgageethe Lender’s customary disbursement procedures for construction loans; and. (e) The condemnation or taking causes damage of $500,000.00 or less or requires restoration which costs less Condemnation shall have occurred more than $500,000.00; and12 months prior to the Maturity Date. (f) The restoration, repair No Tenant and rebuilding no group of Tenants (i) whose cumulative monthly rent obligations exceed 15% of the total monthly rental income of the Mortgaged Property can be completed within nine or (9ii) months who lease, in the aggregate more than 24,670 square feet of Net Rentable Area (as defined in the XXXXX Agreement) immediately prior to the Condemnation, shall have the right to terminate its Lease or their Leases as a result of the date of the taking, or such additional period of time as Mortgagee, in its reasonable discretion, shall permitCondemnation. If any of these conditions shall not be satisfied, then Mortgagee the Lender shall have the right to either use the condemnation award Condemnation proceeds to prepay the Obligations or make such proceeds available for restoration, repair and rebuilding of without a Prepayment Fee in accordance with the Mortgaged PropertyLoan Documents. If any condemnation Condemnation proceeds shall remain after completion of the restoration, repair and rebuilding Restoration of the Mortgaged Property, they shall be disbursed to the Mortgagor, or to at the Person legally entitled thereto, or at MortgageeLender’s discretion, used to prepay the ObligationsObligations without a Prepayment Fee in accordance with the Loan Documents.

Use of Condemnation Proceeds. Mortgagee shall make the net proceeds of any Condemnation received by it it, which amount shall be net of any amount payable pursuant to the Senior Mortgage (after reimbursement of Mortgagee’s out-of-pocket costs of collecting and disbursing the same) available to Mortgagor for restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedent; provided that subparagraphs (b) through (f) shall apply only if the net proceeds of any Condemnation are $100,000 or more: (a) If the net condemnation proceeds are less than $100,000, the Mortgagee shall pay the net proceeds to the Mortgagor. The Mortgagor shall proceed promptly to replace, repair, rebuild and restore the Mortgaged Property to substantially the same condition as existed before the taking or event causing the damage or destruction, with such changes, alterations and modifications (including substitution or addition of other property) as may be desired by the Mortgagor and will be suitable for continued operation of the Mortgagor for the business purposes of the Mortgagor, and the Mortgagor will pay all costs thereof. If the net proceeds are not sufficient to pay such costs in full, the Mortgagor shall pay that portion of the cost in excess of the amount of net proceeds and shall complete such repair, replacement, rebuilding or restoration as provided in the Indenture; (b) There shall be no Event of Default in existence at the time of any disbursement of the condemnation proceeds, unless such Event of Default would be cured upon applicable of such net proceeds; provided, however, this condition precedent shall be waived if Mortgagee is otherwise directed by the owners of a majority in aggregate principal amount of the Bonds outstanding; (bc) Mortgagee shall have determined, in its reasonable discretionbased upon a certificate of an Independent Engineer, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of condemnation proceeds and other funds deposited by Mortgagor with Mortgagee; (cd) Mortgagee shall have determined, in its reasonable discretionbased upon a certificate of an Independent Engineer, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee such Independent Engineer (such approval not to be unreasonably withheld), in accordance with applicable laws, codes, regulations codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination termination, of any Lease; (de) All funds shall be disbursed, at Mortgagee’s option, disbursed in accordance with Mortgagee’s customary disbursement procedures for construction loans; and (e) The condemnation or taking causes damage of $500,000.00 or less or requires restoration which costs less than $500,000.00the Indenture; and (f) The restoration, repair and rebuilding of the Mortgaged Property can be completed within nine (9) months of the date of the taking, or such additional period of time as Mortgagee, in its reasonable discretion, shall permit. If any of these conditions shall not be satisfied, except as otherwise provided above, then Mortgagee shall have the right to either use apply the condemnation award proceeds first to the Rebate Fund in accordance with the Indenture to prepay the Loan Obligations or make such proceeds available for restoration, repair by transferring the moneys on deposit in the Condemnation and rebuilding of Awards Fund to the Mortgaged PropertyRedemption Account. If any condemnation proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or to applied in accordance with the Person legally entitled thereto, or at Mortgagee’s discretion, used to prepay the ObligationsIndenture.

Use of Condemnation Proceeds. Mortgagee shall make the net proceeds of any Condemnation received by it (after reimbursement of Mortgagee’s out-of-pocket costs of collecting and disbursing the same) available to Mortgagor for restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedent: (a) There shall be no Event of Default in existence at the time of any disbursement of the condemnation proceeds; (b) Mortgagee shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of condemnation proceeds and other funds deposited by Mortgagor with Mortgagee or Mortgagor has otherwise demonstrated to Mortgagee’s satisfaction the availability of funds to complete the restoration, repair or rebuilding; (c) Mortgagee shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee (such approval not to be unreasonably withheld), in accordance with applicable laws, codes, regulations codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination termination, of any Lease; (d) All funds shall be disbursed, at Mortgagee’s option, in accordance with Mortgagee’s customary disbursement procedures for construction loans; and (e) The condemnation or taking causes damage of $500,000.00 or less or requires restoration which costs less than $500,000.00; and (f) The restoration, repair and rebuilding of the Mortgaged Property can be completed within nine (9) months of the date of the taking, or such additional period of time as Mortgagee, in its reasonable discretion, shall permit. If any of these conditions shall not be satisfied, then Mortgagee shall have the right to either use the condemnation award proceeds to prepay the Obligations or make such proceeds available for restoration, repair and rebuilding of the Mortgaged Property. If any condemnation proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or to the Person legally entitled thereto, or at Mortgagee’s discretion, used to prepay the Obligations.

Use of Condemnation Proceeds. Mortgagee Lender shall make the net proceeds of any Condemnation received by it (after reimbursement of Mortgagee’s Lender's out-of-pocket costs of collecting and disbursing the same) available to Mortgagor Borrower for restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedentconditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the condemnation proceeds;. (b) Mortgagee Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of condemnation proceeds and other funds deposited by Mortgagor Borrower with Mortgagee;Lender. (c) Mortgagee Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee Lender (such approval not to be unreasonably withheld), in accordance with applicable laws, codes, regulations codes and ordinances and in accordance with the terms, and within in any event not less than six (6) months prior to the time requirements in order to prevent termination of any Lease;Maturity Date. (d) All funds shall be held in an interest-bearing account and shall be disbursed, at Mortgagee’s Lender's option, in accordance with Mortgagee’s Lender's customary disbursement procedures for construction loans; and. (e) The condemnation or taking causes damage of $500,000.00 or less or requires restoration which costs less Condemnation shall have occurred more than $500,000.00; and twelve (f) The restoration, repair and rebuilding of the Mortgaged Property can be completed within nine (912) months of prior to the date of the taking, or such additional period of time as Mortgagee, in its reasonable discretion, shall permitMaturity Date. If any of these conditions shall not be satisfied, then Mortgagee Lender shall have the right to either use the condemnation award proceeds to prepay the Obligations or make such proceeds available for restoration, repair and rebuilding of Loan in accordance with the Mortgaged PropertyNote. If any condemnation proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or to the Person legally entitled theretoBorrower, or at Mortgagee’s Lender's discretion, used to prepay the ObligationsLoan in accordance with the Note.

Use of Condemnation Proceeds. Mortgagee Lender shall make the net proceeds of any Condemnation received by it (after reimbursement of MortgageeLender’s out-of-pocket costs of collecting and disbursing the same) available to Mortgagor for restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedentconditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the condemnation proceeds;. (b) Mortgagee Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of condemnation proceeds and other funds deposited by Mortgagor with Mortgagee;Lender. (c) Mortgagee Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee Lender (such approval not to be unreasonably withheld), in accordance with applicable lawscodes and ordinances, codes, regulations and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination termination, of any Lease;, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be disbursed, at MortgageeLender’s option, in accordance with MortgageeLender’s customary disbursement procedures for construction loans; and. (e) The condemnation or taking causes damage of $500,000.00 or less or requires restoration which costs less Condemnation shall have occurred more than $500,000.00; andtwelve (12) months prior to the Maturity Date. (f) The restoration, repair and rebuilding No Tenant shall have the right to terminate its Lease or their Leases as a result of the Mortgaged Property can be completed within nine (9) months of the date of the taking, or such additional period of time as Mortgagee, in its reasonable discretion, shall permitCondemnation. If any of these conditions shall not be satisfied, then Mortgagee Lender shall have the right to either use the condemnation award proceeds to prepay the Obligations or make such proceeds available for restoration, repair and rebuilding of Loan in accordance with the Mortgaged PropertyCredit Agreement. If any condemnation proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or to the Person legally entitled thereto, or at MortgageeLender’s discretion, used to prepay the ObligationsLoan in accordance with the Credit Agreement.

Use of Condemnation Proceeds. Mortgagee shall make the net proceeds of any Condemnation received by it (after reimbursement of Mortgagee’s out-of-pocket costs of collecting and disbursing the same) available to Mortgagor for restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedent: (a) There shall be no Event of Default in existence at the time of any disbursement of the condemnation proceeds; (b) Mortgagee shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of condemnation proceeds and other funds deposited by Mortgagor with Mortgagee; (c) Mortgagee shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee (such approval not to be unreasonably withheld), in accordance with applicable laws, codes, regulations and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination of any Lease; (d) All funds shall be disbursed, at Mortgagee’s option, in accordance with Mortgagee’s customary disbursement procedures for construction loans; and; (e) The condemnation or taking causes damage of $500,000.00 or less or requires restoration which costs less than $500,000.00; and (f) The restoration, repair and rebuilding of the Mortgaged Property can be completed within nine (9) months of the date of the taking, or such additional period of time as Mortgagee, in its reasonable discretion, shall permit. If any of these conditions shall not be satisfied, then Mortgagee shall have the right to either use the condemnation award proceeds to prepay the Obligations or make such proceeds available for restoration, repair and rebuilding of the Mortgaged Property. If any condemnation proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or to the Person legally entitled thereto, or at Mortgagee’s discretion, used to prepay the Obligations.

Use of Condemnation Proceeds. Mortgagee Lender shall make the net proceeds of any Condemnation received by it (after reimbursement of MortgageeLender’s out-of-pocket costs of collecting and disbursing the same) available to Mortgagor Borrower for restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedentconditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the condemnation proceeds;. (b) Mortgagee Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of condemnation proceeds and other funds deposited by Mortgagor Borrower with Mortgagee;Lender. (c) Mortgagee Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee Lender (such approval not to be unreasonably withheld), in accordance with applicable laws, codes, regulations codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination termination, of the Big Stone Plant Property Lease, the Access and Rail Agreement or any other Lease;, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be disbursed, at MortgageeLender’s option, in accordance with MortgageeLender’s customary disbursement procedures for construction loans; and. (e) The condemnation or taking causes damage of $500,000.00 or less or requires restoration which costs less Condemnation shall have occurred more than $500,000.00; and twelve (f) The restoration, repair and rebuilding of the Mortgaged Property can be completed within nine (912) months of prior to the date of the taking, or such additional period of time as Mortgagee, in its reasonable discretion, shall permitMaturity Date. If any of these conditions shall not be satisfied, then Mortgagee Lender shall have the right to either use the condemnation award proceeds to prepay the Obligations or make such proceeds available for restoration, repair and rebuilding of Expansion Loan in accordance with the Mortgaged PropertyNote. If any condemnation proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or to the Person legally entitled theretoBorrower, or at MortgageeLender’s discretion, used to prepay the ObligationsExpansion Loan in accordance with the Note.