Application of Insurance Proceeds in Event of Default. If, while any insurance proceeds are being held by Lender to reimburse Borrower for the cost of rebuilding or Restoration of the Premises, Lender shall be or become entitled to, and shall accelerate the Secured Indebtedness upon the terms and conditions set forth in the Note, Lender shall be entitled to apply all such proceeds then held by it in reduction of the Secured Indebtedness and any excess held by it over the amount of the Secured Indebtedness shall be returned to Borrower or any party entitled thereto without interest.
Appears in 2 contracts
Sources: Loan Agreement (Ramco Gershenson Properties Trust), Loan Agreement (Ramco Gershenson Properties Trust)