CONSTRUCTION LOAN AGREEMENTConstruction Loan Agreement |
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American Retirement Corporation | Bank of America, N.A. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.83
Borrower shall give prompt Notice to Lender of any Casualty or any Condemnation or threatened Condemnation. Lender is authorized, at its sole and absolute option, to commence, appear in and prosecute, in its own or in Borrower’s and/or ASF's name or names, any action or proceeding relating to any Condemnation or Casualty, and to make proof of loss for and to settle or compromise any Claim in connection therewith. In such case, Lender shall have the right to receive all Condemnation Awards and Insurance Proceeds, and may deduct therefrom any or all of its Expenses. However, so long as no Event of Default has occurred and Borrower and/or ASF is diligently pursuing its rights and remedies with respect to a Claim, Lender will obtain Borrower’s written consent (which consent shall not be unreasonably withheld or delayed, with Borrower obtaining ASF's consent if deemed necessary) before making proof of loss for or settling or compromising such Claim. Borrower agrees to diligently assert or cause to be asserted its and/or ASF's rights and remedies with respect to each Claim and to promptly pursue the settlement and compromise of each Claim subject to Lender’s approval, which approval sha






