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<br /> " - 90—��►��d
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<br /> � (d} A licatien of Insurance Praceeds. Net
<br /> irisurar�ce procee s rece ved y Benefic ary under the
<br /> provisions of this indentnre or any instruments
<br /> suppiemental hereto or thereto or under any policy or
<br /> policiea of insurance covering the Martgaged Premises
<br /> or any part thereof shall firat be app�.ied towasd the
<br /> payment of the asaaunt owing an the ind��edness hezeby
<br /> s�cured in such order of application d� 3eneficiary m�y
<br /> elect whether or r�ot tY��c- same may thez� �^2 due or be
<br /> otherwise adequat�Z�r. s�cured (and Bene��ciar�► i� hereby
<br /> irrevocably author�.��d and directed td ��ke s�.��b an �
<br /> application); provid�do t�owever, that� su�h gz���eds
<br /> shall be made avai3a��e s�ar� the �este��Li.an :� the . �
<br /> portion of tt�e Mer����� �rem��� das�a��� er ��stroyed
<br /> if wsitten applica�i��c for sacT� �se is mac�e �i�:�in 30
<br /> days of teceipt af s::�� groc2�d� and the follcwing �
<br /> conditions are sa�i�g��a�: (i� Grantor has in effect
<br /> business iaterruption d�urance covering the ineome w� � '
<br /> be lost during the ges��ration period as a result of
<br /> the damage or dest�uction to th� Mortgaged Pre.�ises os •
<br /> provides Heneficiary� w3th athes Qvide�rce satisfactmr�
<br /> to it that Grantor has �ash resource� sLfficient to �a�
<br /> its obligations during t�m res�oratio� �eriod; (ii) �ri�
<br /> effect of the damage to cxs de���u�tion of the Mortgaged . .
<br /> Pre�ises giving rise to receipt of the insurance �
<br /> proceeds is not to terminate, or give a lessee the
<br /> optioa to terminate any lease of all or any pertion p� '
<br /> • the Mortgaged Premises; (iii) no event of default (as
<br /> hereinafter defin�d), or event which, with the lapse of � �.
<br /> time, the giving of notice, or both, would constitute :
<br /> an event of default, shall have accurred or be :�-�
<br /> continuing (and if such an event shall occur during �:���:
<br /> ;�;:,,::,.;.
<br /> restoration Hene€iciary may, at its election, apply ��y ;:;;:f•
<br /> insurance pxoceeds then remaining in its hands to the ;;,'''i.'�
<br /> redu�tion of the indebtedness hereby secured); (iv) .'h:�`--
<br /> Grantor shall have submitted to Beneficiary plans and --
<br /> specifications £or the restoration which shall be '�
<br /> satisfactory to it ana (v) Grantor shall submit ta -
<br /> Heneficiary f ixed price contracts with good and ,
<br /> � responsible contractors and materialmen covering all .
<br /> work and materials nece�r�ary to compiete restaration �'3-:'
<br /> and providing for a tot�L completion price not in ;�°-;�
<br /> excess of the aanaunt of insura�nce proceeds available �
<br /> for restoration,. or, if a defi�iency shall exist,
<br /> Grantor shall have deposited the amouat of such
<br /> def iciency with Heneficiary. Any insurance proceeds to .
<br /> be release8 pursuant to the foregaing provisions may at
<br /> the option of Ben�ficiary be disbursed from tfm� to
<br /> time as restorati�r. progresses to pay for res�oration •
<br /> work completed and in �L��e and such disbursements m�y
<br /> at Heneficiary's optinn ��e made directly to Grantor ��r
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