Common use of Settlement of Proceeds Clause in Contracts

Settlement of Proceeds. In the event of a Casualty covered ---------------------- by any of the Policies (an "INSURED CASUALTY") where the loss does not exceed $300,000, Borrower may settle and adjust any claim without the consent of Lender; provided such adjustment is carried out in a competent and timely manner; and Borrower is hereby authorized to collect and receipt for any such insurance proceeds. In the event of an Insured Casualty where the loss equals or exceeds$300,000, Borrower may, with Lender's consent (which consent shall not be unreasonably withheld or delayed), settle and adjust of any claim and agree with the insurer(s) to be paid on the loss, and the proceeds of any such Policy shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Subaccount and disbursed in accordance herewith. The expenses incurred by Lender (in the adjustment and collection of insurance proceeds shall become part of the Debt and be secured hereby and shall be reimbursed by Borrower to Lender upon demand.

Settlement of Proceeds. In the event of a Casualty covered ---------------------- by any of the Policies (an "INSURED CASUALTYInsured Casualty") where the loss does not exceed One Hundred Thousand and 00/100 Dollars ($300,000100,000.00), Borrower or Manager may settle and adjust any claim without the consent of Lender; provided such adjustment is carried out in a competent and timely manner; and Borrower or Manager is hereby authorized to collect and receipt for the insurance proceeds (the "Proceeds"). Lender shall be entitled at its option to participate in any compromise, adjustment or settlement in connection with any claims for loss, damage or destruction under any policy or policies of insurance, in excess of $100,000, and the Borrower and Manager shall within ten (10) Business Days after request therefor reimburse the Lender for all reasonable out-of-pocket expenses (including reasonable attorneys' fees and disbursements) incurred by the Lender in connection with such participation. The Borrower and Manager shall not make any compromise, adjustment or settlement in connection with any such insurance proceeds. In claim in excess of $100,000, without the event prior written approval of an Insured Casualty where the loss equals or exceeds$300,000Lender, Borrower may, with Lender's consent (which consent approval shall not be unreasonably withheld or delayed), settle and adjust of any claim and agree with the insurer(s) to be paid on the loss, and the proceeds of any such Policy withheld. The Proceeds shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Subaccount and disbursed in accordance herewith. The expenses incurred by Lender (in with the adjustment and collection terms of insurance proceeds shall become part Section 7 of the Debt and be secured hereby and shall be reimbursed by Borrower to Lender upon demandthis Agreement.

Settlement of Proceeds. In the event of a Casualty covered ---------------------- by any of the Policies (an "INSURED CASUALTY") where the loss does not exceed One Hundred Thousand and 00/100 Dollars ($300,000100,000.00), Borrower or Manager may settle and adjust any claim without the consent of Lender; provided such adjustment is carried out in a competent and timely manner; and Borrower or Manager is hereby authorized to collect and receipt for the insurance proceeds (the "PROCEEDS"). Lender shall be entitled at its option to participate in any compromise, adjustment or settlement in connection with any claims for loss, damage or destruction under any policy or policies of insurance, in excess of $100,000, and the Borrower and Manager shall within ten (10) Business Days after request therefor reimburse the Lender for all reasonable out-of-pocket expenses (including reasonable attorneys' fees and disbursements) incurred by the Lender in connection with such participation. The Borrower and Manager shall not make any compromise, adjustment or settlement in connection with any such insurance proceeds. In claim in excess of $100,000, without the event prior written approval of an Insured Casualty where the loss equals or exceeds$300,000Lender, Borrower may, with Lender's consent (which consent approval shall not be unreasonably withheld or delayed), settle and adjust of any claim and agree with the insurer(s) to be paid on the loss, and the proceeds of any such Policy withheld. The Proceeds shall be due and payable solely to Lender and held by Lender in the Casualty/Condemnation Subaccount and disbursed in accordance herewith. The expenses incurred by Lender (in with the adjustment and collection terms of insurance proceeds shall become part Section 7 of the Debt and be secured hereby and shall be reimbursed by Borrower to Lender upon demandthis Agreement.