Restoration Threshold definition

Restoration Threshold means an amount equal to 5% of the outstanding principal amount of the Loan.

Restoration Threshold means with respect to each Individual Property, five percent (5%) of the original Allocated Loan Amount of such Individual Property.

Restoration Threshold means, as of any date, the lesser of (a) two and one-half percent (2.5%) of the replacement value of the improvements at the affected Project as of such date, and (b) $500,000.00.

Examples of Restoration Threshold in a sentence

• Provided no Event of Default has occurred and is continuing, in the event of a Condemnation where the amount of the taking does not exceed the Restoration Threshold, Borrower may settle and compromise such Condemnation; provided that the same is effected in a commercially reasonable and timely manner.

• In the event of a Casualty where the loss does not exceed Restoration Threshold, Borrower may settle and adjust such claim; provided that (a) no Event of Default has occurred and is continuing and (b) such adjustment is carried out in a commercially reasonable and timely manner.

• If a Casualty or Condemnation has occurred to the Property and the Net Proceeds shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, and provided no Event of Default shall have occurred and remain uncured, the Net Proceeds will be disbursed by Lender to Borrower.

• In the event of a Casualty where the loss exceeds the Restoration Threshold or if an Event of Default then exists, Borrower may settle and adjust such claim only with the consent of Lender (which consent shall not be unreasonably withheld or delayed) and Lender shall have the opportunity to participate, at Borrower’s cost, in any such adjustments.

• In the event of a Casualty in which the Net Proceeds and the costs of completing the Restoration are each less than the Restoration Threshold, Borrowers may settle and adjust such claim without Lender’s consent or participation.

More Definitions of Restoration Threshold

Restoration Threshold shall have the meaning set forth in the Mortgage Loan Agreement.

Restoration Threshold means Ten Million Dollars ($10,000,000.00).

Restoration Threshold means the greater of (x) $250,000 or (y) five percent (5%) of the Aggregate Allocated Loan amount of the applicable Property, not to exceed $500,000, per Property per occurrence.

Restoration Threshold shall have the meaning set forth in Section 6.2.3(a) hereof.

Restoration Threshold means an amount equal to three percent (3%) of the outstanding principal balance of the Loan.

Restoration Threshold means five percent (5%) of the Outstanding Principal Balance.

Restoration Threshold means an amount equal to 2% of the outstanding principal balance of the Loan.