Common use of Application to Debt Clause in Contracts

Application to Debt. Except as provided in Section 8.4.1, the Proceeds and any Award in excess of 1,000,000 may, at the option of Lender in its sole discretion, be applied to the payment of the Debt as set forth in Section 3.2.2, or applied to reimburse the applicable Borrower for the cost of any Restoration, in the manner set forth in Section 8.4.3. Any such application to the prepayment of the Loan shall be without any prepayment consideration or penalty, unless the Debt or any portion thereof is accelerated prior to, or within one year after, the date the Proceeds are received from the insurance company or the Award is received from the condemning authority, as the case may be, in which event the Borrower shall pay to Lender an additional amount equal to the Yield Maintenance Premium, if any, that may be required with respect to the amount of the Proceeds or Award applied to the Debt.

Application to Debt. Except as provided in Section 8.4.1, the Proceeds and any Award in excess of $1,000,000 may, at the option of Lender in its sole discretion, be applied to the payment of the Debt as set forth in Section 3.2.2, or applied to reimburse the applicable Borrower Owner for the cost of any Restoration, in the manner set forth in Section 8.4.3. Any such application to the prepayment of the Loan shall be without any prepayment consideration or penalty, unless the Debt or any portion thereof is accelerated prior to, or within one year after, the date the Proceeds are received from the insurance company or the Award is received from the condemning authority, as the case may be, in which event the Borrower shall pay to Lender an additional amount equal to the Yield Maintenance Premium, if any, that may be required with respect to the amount of the Proceeds or Award applied to the Debt.

Application to Debt. Except as provided in Section 8.4.1, the Proceeds and any Award in excess of 1,000,000 $2,000,000 may, at the option of Lender in its sole discretion, be applied to the payment of the Debt as set forth in Section 3.2.2, or applied to reimburse the applicable Borrower for the cost of any Restoration, in the manner set forth in Section 8.4.3. Any such application to the prepayment of the Loan shall be without any prepayment consideration or penalty, unless the Debt or any portion thereof is accelerated prior to, or within one year after, the date the Proceeds are received from the insurance company or the Award is received from the condemning authority, as the case may be, in which event the Borrower shall pay to Lender an additional amount equal to the Yield Maintenance Premium, if any, that may be required with respect to the amount of the Proceeds or Award applied to the Debt.