Common use of Xxxxxx’s Options Following a Casualty Clause in Contracts

Xxxxxx’s Options Following a Casualty. Subject to Sections 6.10(k) and (l), Lender may, at Xxxxxx’s option, take one of the following actions: (i) Require a “repair or replacement” settlement, in which case the proceeds will be used to reimburse Borrower for the cost of restoring and repairing the Mortgaged Property to the equivalent of its original condition or to a condition approved by Xxxxxx (“Restoration”). If Lender determines to require a repair or replacement settlement and to apply Insurance proceeds to Restoration, Lender will apply the proceeds in accordance with Lender’s then-current policies relating to the Restoration of casualty damage on similar multifamily properties. If Xxxxxx, in Xxxxxx’s Discretion, retains a professional inspection engineer or other qualified third-party to inspect any Restoration items, Xxxxxx may charge Borrower an amount sufficient to pay all reasonable costs and expenses charged by such third-party inspector. (ii) Require an “actual cash value” settlement in which case the proceeds may be applied to the payment of the Indebtedness, whether or not then due.

Xxxxxx’s Options Following a Casualty. Subject to Sections 6.10(k) and (l), Lender may, at Xxxxxx’s option, take one of the following actions: (i) Require a “repair or replacement” settlement, in which case the proceeds will be used to reimburse Borrower for the cost of restoring and repairing the Mortgaged Property to the equivalent of its original condition or to a condition approved by Xxxxxx (“Restoration”). If Lender determines to require a repair or replacement settlement and to apply Insurance proceeds to Restoration, Lender will apply the proceeds in accordance with Lender’s then-current policies relating to the Restoration of casualty damage on similar multifamily properties. If Xxxxxx, in Xxxxxx’s Discretion, retains a professional inspection engineer or other qualified third-third party to inspect any Restoration items, Xxxxxx may charge Borrower an amount sufficient to pay all reasonable costs and expenses charged by such third-third party inspector. (ii) Require an “actual cash value” settlement in which case the proceeds may be applied to the payment of the Indebtedness, whether or not then due.

Xxxxxx’s Options Following a Casualty. Subject to Sections 6.10(k) and (l), Lender may, at Xxxxxx’s option, take one of the following actions: (i) Require a “repair or replacement” settlement, in which case the proceeds will be used to reimburse Borrower for the cost of restoring and repairing the Mortgaged Property to the equivalent of its original condition or to a condition approved by Xxxxxx (“Restoration”). If Lender determines to require a repair or replacement settlement and to apply Insurance proceeds to Restoration, Lender will apply the proceeds in accordance with Lender’s then-current policies relating to the Restoration of casualty damage on similar multifamily properties. If Xxxxxx, in Xxxxxx’s Discretion, retains a professional inspection engineer or other qualified third-third party to inspect any Restoration items, Xxxxxx may charge Borrower an amount sufficient to pay all reasonable costs and expenses charged by such third-third party inspector. (ii) Require an “actual cash value” settlement in which case the proceeds may be applied to the payment of the Indebtedness, whether or not then due.

Xxxxxx’s Options Following a Casualty. Subject to Sections 6.10(k) and (l), Lender may, at Xxxxxx’s option, take one of the following actions: (i) Require a “repair or replacement” settlement, in which case the proceeds will be used to reimburse Borrower for the cost of restoring and repairing the Mortgaged Property to the equivalent of its original condition or to a condition approved by Xxxxxx Lender (“Restoration”). If Lender determines to require a repair or replacement settlement and to apply Insurance proceeds to Restoration, Lender will apply the proceeds in accordance with Lender’s then-current policies relating to the Restoration of casualty damage on similar multifamily properties. If Xxxxxx, in Xxxxxx’s Discretion, retains a professional inspection engineer or other qualified third-party to inspect any Restoration items, Xxxxxx may charge Borrower an amount sufficient to pay all reasonable costs and expenses charged by such third-party inspector. (ii) Require an “actual cash value” settlement in which case the proceeds may be applied to the payment of the Indebtedness, whether or not then due.