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<br /> � as if such award or paymerat r�rere insurance proceeds= i� accordance � -.
<br /> with Sectians 1.12.3 and 1.12.4 hereof.
<br /> 1.12.3 Restoration. . �n� the event of a Takinq o7� .
<br /> � Destruction, Mottqaqor shail be requ�red- to• resto�+e or rebuild '
<br /> � - �"ReatoratioaN) any Personal ;P=op�� or .Zaprovement that is � � � �
<br /> - � �`�::^' damaged, taken �r. de�trcyea unde�. the terms and ' � � �
<br /> `:`'" herefnafter ravided. provisians -
<br /> •" � P The Net Award art� Net Proceeds, shall be paid � �
<br /> - to the 1►�i�tgaqee; , provf�Qd however tl�at so long as no Event o€ - �
<br /> Default shall have occ�zrer3 anrl �be corttinufng, Net Procesds auc�. ..:.
<br /> • Net Avards in am�mts less tlzan:�' $25,000 per occurrehce shall tie
<br /> � delivered to the �F.ortgagqr to ga.� for the Restoration. - �
<br /> . . _. .
<br /> ` With respect to`�� ocC�E��s - i�ting . rise-.`tb€: :Net�. ...;�� - _ --- -
<br /> `'� ' . ,_ Praceeds �t3 Re�.Ataards in exces�tif�:.$,�a,.000, all such N�i� Pra�esds � �
<br /> aiic� Net Awards may be applied by�fi�e._�i�cc�tqaqee, at its discr��t�n, � �
<br /> � to �the prepayment of the Indebtedri��. In the event the� Net.. . �
<br /> Proceeds or Net At�rard are used for i���oration, Mortgaqee shal�:� ;`��_- � •
<br /> � `� '. not release atry part of the Net Awarc�`�;ar the Net Proceeds exce�a�,�: � .
<br /> in accordance with the provisions of Section �.12.4. Priar�.:,�a� �
<br /> . cammencing any wozk to effect Restoratian of the Premises exceEC3�nq
<br /> � 525,�00, Mortgaqor shall prpmptly (ht�•, in no event later thar� ��, �
<br /> � ninety (3��, days following any Destru.ct�on or Takinq) furnish ta�
<br /> ' Mortgaqee:; ,
<br /> � ' � (ij complete � plans and specifications (��Plans and � �
<br /> Specifications��j for. the �ltestoration; , . �, � � �
<br /> , ';
<br /> (ii� an ogfnion of counsel to Mortgaqor which sball •
<br /> , be ,counsel reasonably acceptable t� Mortgagee (MOpinfon. of '
<br /> Car�sel��) (ay li��"ing all permits and approvals required by law in � -
<br /> connectiort wfth the Restoration and .�m� stating that all permits -'� '� -
<br /> and._apps-a�gs required b�* ..�.aw to comme��e work in conneetion with . ��':�.�-�
<br /> th�. Reste�a�fon have beers obtaiatec9; , � —
<br /> , , ';=�
<br /> � ° '� � (fii) a certiF�cat�� ��rArchi��+Ct�s Certf�ica�e��) of an
<br /> inde���t�e�t, reputable a��hitec� or eng�.eer license.� ,in the state ."'
<br /> whe�Ce the Premises are� Iocatec�:stati,ng (a) that the Plans ancl ;�
<br /> . Specifications have been revie�'red and approvec� by the signatory '
<br /> �hereof, and (b) such siqnatory�s estimate ���Estimate") of the � ���; �
<br /> ,, costs of .completinq the Restoration; anr�.: � �
<br /> . -. . �.;�.
<br /> � (iv) f f the Estimate excesds the 2Te� proceeds or the � � � �.�� .
<br /> � Net Award, as the case may be, a surety bond Fos, guarantee oP, or
<br /> irrevocable letter of credit ("Letter of C�ed3.t"� or other �
<br /> ; , �i�rrevocabl� and unconditional commitment to pravide funds
<br />. (NCommitment") For the payment of such Restoration, payable to or
<br /> .;, in favor of Mortgaqee, wt�fch bond, guarantee, L,�tter of._Credit or. _.._. . ..
<br /> ... . _ _.._...-Commitment . a .. ..__..._.._.._.._... _
<br /> - � ( ��- -shall-� �b�� �si��ed- �by--�-a--�surety or sureties or
<br /> guarantor(s) , as the �case may be, acceptable to Mortqagee, and, fn
<br /> the case of a Letter of Crec3ft ar Commftment, shall be provid�d by
<br /> � a bank or ather Yinancial institutfon having capital and surplus
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