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201903132 Subject to the conditions in the following paragraphs, if no uncured Event of Default then exists, the net proceeds available following damage or destruction of the Mortgaged Property shall be used to restore and repair the Mortgaged Property if such proceeds are sufficient to do so. If such proceeds are insufficient to restore or repair the Mortgaged Property to its condition prior to the loss, reasonable wear and tear excepted, or an uncured Event of Default exists or if the Trustor is unable to satisfy the conditions in the following paragraphs, the proceeds shall be used to prepay the Secured Indebtedness. The Trustor shall have the right, exercisable by written notice to Beneficiary within sixty (60) days after the occurrence of a loss described above, to apply the net proceeds of any insurance award to repair, restore, or replace the Mortgaged Property to its condition immediately prior to said loss; provided that in the opinion of Beneficiary all of the following conditions have been met: A. There are sufficient proceeds available to complete the repair, restoration, or replacement. B. If the work is structural or if the cost of the work, estimated by Beneficiary, shall exceed One Hundred Thousand and No/100 Dollars ($100,000.00), plans and specifications for such work will be prepared by a licensed architect satisfactory to Beneficiary, which plans and specifications will be subject to approval by Beneficiary and an inspecting architect acceptable to Beneficiary and such architect shall certify that such repair, restoration or replacement can be completed at least six (6) months prior to the Maturity Date (as defined in the Loan Agreement). C. If the cost of the work exceeds $100,000.00, Trustor submits the following items to Beneficiary for approval: i. Evidence of sufficient contractor's comprehensive general liability insurance, builder's risk insurance and worker's compensation insurance, insuring Beneficiary, as its interest may appear, all issued by insurance companies legally authorized to do business in the State of Nebraska; ii. A certified construction cost statement itemizing the cost of the work; iii. An architectural contract in form acceptable to Beneficiary; iv. A general construction contract in form acceptable to Beneficiary; v. Assignment of the contracts specified in (iii) and (iv) above in favor of Beneficiary; vi. Trustor, Beneficiary and a title insurance company acceptable to Beneficiary shall have entered into an agreement in form and substance acceptable to Beneficiary whereby all disbursements to be made from proceeds will be based upon lien waivers and completion certifications satisfactory to the Beneficiary and such title insurance company (in 7