202300986 - Laserfiche WebLink

Browse

202300986 Grantor shall not compromise or settle any claim resulting from the Condemnation if such settlement shall result in payment of more than $25,000 less than Lender's reasonable estimate of the damages therefrom. All awards shall be paid to Lender. (d) Lender shall make the Condemnation Award received by it (after reimbursement of Lender's out-of-pocket costs of collecting and disbursing the same) available to Grantor for restoration, repair and rebuilding of the Property, subject to all of the following conditions precedent: (i) Condemnation Award; No Event of Default is in existence at the time of any disbursement of the (ii) Lender has 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 Award and other funds deposited by Grantor with Lender; (iii) Lender has determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Lender (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; (iv) All funds shall be disbursed, at Lender's option, in accordance with Lender's customary disbursement procedures for construction loans; (v) The condemnation or taking causes damage of $750,000.00 or less or requires restoration which costs less than $750,000.00; and (vi) The restoration, repair, and rebuilding of the Property can be completed within nine (9) months of the date of the taking, or such additional period of time as Lender, in its reasonable discretion, shall permit. If any of these conditions are not satisfied, then Lender shall have the right to either use the Condemnation Award to prepay the Obligations or make such proceeds available for restoration, repair, and rebuilding of the Property. If any Condemnation Award proceeds shall remain after completion of the restoration, repair, and rebuilding of the Property, they shall be disbursed to Grantor, or to the Person legally entitled thereto, or at Lender's discretion, used to prepay the Obligations. Article V Negative Covenants. Section 5.1 Encumbrances. Grantor will not permit any of the Property to become subject to any Lien or Encumbrance other than the Permitted Encumbrances. Within thirty (30) days after the filing of any mechanic's lien or other Lien or Encumbrance against the Property, Grantor will promptly discharge the same by payment or filing a bond or otherwise as permitted by Law. So long as Lender's security has been protected by the filing of a bond or otherwise in a manner satisfactory to Lender in its sole and absolute discretion, Grantor shall have the right to contest in good faith any Claim, Lien or Encumbrance, provided that Grantor does so diligently and without prejudice to Lender or delay in completing construction of the Improvements. Grantor shall give Lender Notice of any default under any Lien and Notice of any foreclosure or threat of foreclosure with respect to any of the Property. 16