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<br /> � inaurance proceeds firat, ta reimburse Reneficiary or Trustee, as
<br /> appropriate, for all costs and expenses, including reasonable
<br /> attorneys' £eea, incurred in connection with the collection of such
<br /> proceeda, and second, if Grantor ia noti in default hereunder, then
<br /> � Beneficiary shall remi� the insurance proceeds over to Grantor for
<br /> use in repair, restoration or rebuilding, which shall be
<br /> accomplished in a prompt and diligent manner, if in the aole
<br /> discretion of the Beneficiary, such repair, restoration or
<br /> rebuildin� would be feasible. A11 repairs, restoration and
<br /> rebuilding pursuant to Sectian 3(e) (ii) shall be promptly commenced
<br /> � and diligently prosecuted to completion in accordance with the
<br /> original, approved Loan, and such proceeds shall be diabursed upon
<br /> the diebursing party being furnished with architect' s certificates,
<br /> waivers of lien, contractora' and subcontractors' sworn statements,
<br /> title policy continuationa and other evidence of costs and payments
<br /> so that the diabursing party can verify that the amounts diabursed
<br /> from time to time are repr�aented by campleted and inplace work and
<br /> that such work is free and clear of conatruction, mechanic' s and
<br /> materialmen' s lien claims. No payment made prior to the final
<br /> completion of the work shall exceed ninety percent (9070) of the ,
<br /> value of the wark performed from time to time, and at all timea the
<br /> undiaburaed balance of such proceeds remaining in the hands of the
<br /> disburaing party shall be at least aufficient to pay for the cost of
<br /> completion of the work free and clear of li�ns. The plans and �
<br /> spe�ifications for such work must be approved by Beneficiary in -
<br /> writing before such work shall be commenced. Any surplus which may �
<br /> remain out of those proceeds, after payment of the cost of repair,
<br /> � rebuildin� or restoration, shall be paid to Granxor.
<br /> � ivotwithstanciing the foregoing, if any loss shall occur at any time
<br /> wY�en Grantor shall be in default under any Loan Document, or if � . -
<br /> Beneficiary reasonably determines that the proceeda of the insurance = =
<br /> are insufficient to properly restore, repair or rebuild the Y�
<br /> improvements, Beneficiary shall be entitled to the benefits of all �� -';��
<br /> inaurance held by Beneficiary or for Grantor, to the same extent as =
<br /> if it had been made payable to Beneficiary, and Beneficiary may, ; ��
<br /> while such default continues, apply such proceeds to the outatanding
<br /> indebtedness in such order as Beneficiary may determine and, if
<br /> after so applying such inaurance proceeds Beneficiary reasoaably � -
<br /> determines the remaining security to be inadequate to secure the � .
<br /> remaining indebtedness , Grantor shall, upon written demand from � �
<br /> Beneficiary, prepay on principal such an amount as will reduce the �`� �
<br /> remaining indebtedness to a balance for which adequate security is ,,�
<br /> present. If any act �r occurrence of any kind or nature (including � -i
<br /> any casualty on which insurance was not obtained or obtainable) � .
<br /> shall result in damage to or loss or deatruction of the Property <
<br /> exceeding Five Thousand dollars ($5,000.00) , Grantor shall give
<br /> immediate notice thereof by mail to Beneficiary and, unless
<br /> otherwise so instructed by Benefic iary, shall promptly, at Grantor' s
<br /> sole cost and expense and regardless of whether the insurance ,.
<br /> proceeds, if any, shall be sufficient for the purpose , restore,
<br /> repair, replace and rebuild the Property as nearly as possible to
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