Common use of Net Liquidation Proceeds After Debt Service Clause in Contracts

Net Liquidation Proceeds After Debt Service. Borrower shall, and shall cause Mortgage Borrower, Leasehold Pledgor, Senior Mezzanine Pledgor, Senior Mezzanine Borrower and Operating Company to cooperate with Lender in obtaining for Lender, in accordance with the relevant provisions of this Agreement, the benefits of any Net Liquidation Proceeds After Debt Service, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable attorneys’ fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of a Liquidation Event that is a Casualty or Condemnation), provided that in lieu of any separate appraisal that Borrower would otherwise be required to obtain pursuant to this Section 5.1.8, Lender shall accept an appraisal delivered by Mortgage Borrower to Mortgage Lender pursuant to and in accordance with Section 5.1.8 of the Mortgage Loan Agreement if (a) no Event of Default has occurred and is continuing on the date of such delivery and (b) such appraisal is also addressed to Lender.

Net Liquidation Proceeds After Debt Service. Borrower shall, and shall cause Mortgage Borrower, Leasehold Pledgor, Senior Mezzanine Pledgor, Senior Mezzanine Borrower Pledgor and Operating Company to cooperate with Lender in obtaining for Lender, in accordance with the relevant provisions of this Agreement, the benefits of any Net Liquidation Proceeds After Debt Service, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable attorneys’ fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of a Liquidation Event that is a Casualty or Condemnation), provided that in lieu of any separate appraisal that Borrower would otherwise be required to obtain pursuant to this Section 5.1.8, Lender shall accept an appraisal delivered by Mortgage Borrower to Mortgage Lender pursuant to and in accordance with Section 5.1.8 of the Mortgage Loan Agreement if (a) no Event of Default has occurred and is continuing on the date of such delivery and (b) such appraisal is also addressed to Lender.