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tions have been performed or ace discharged by tb Application of .,
<br />Less than all of such insurance proceeds, tkera ah "raining
<br />proceeds will be paid over to Grantor, subject t0`,C.#AAt0r1s
<br />obligations pursuant to the Participation Agreement, Ae17; *,,'j6iary
<br />- - -- _- - - - - -- Trot res.,. .us nblieati�n _tg . s,eeto. the _prooer applica.tio�t, a any
<br />i; sdrance proceeds paid over to Grantor, n o wall arri:.z ::au�i
<br />proceeds received by Beneficiary bear interest or be sub- t. to _
<br />any other charge for the- benefit of Grantor. Benef- iciOitt .may,
<br />prior to the application of insurancd,proceeds, comnib4.le thes'.
<br />with Beneficiary's own funds and otherwise act with to "r d to = .
<br />such proceeds as Beneficiary may determine in Benefiaier ' s sole
<br />discretion. Within a reasonable period following,Bertfklairy'a
<br />receipt of any. such insurance proceeds, Beneficiary shatl:I`::'rdti.fy
<br />Grantor of the manner in which such proceeds arc to,Ajij.,ipp led in
<br />accordance with this subsection 4.5(c).
<br />(d), Successor's Ri hta.t Any pers*n<?.;;rho actiui res -a•;
<br />title to the Property or the Chattee�:is.:±pon forecloiaa hereunder.
<br />will succeed to all of Grantor's - fir hts under ale'=; policies of
<br />insurance maintained pursuant to this section.
<br />4.6 Maintenance and Repair of Property and Ctitte184
<br />Grantor will at all times maintain the Property and-:..the Chattels':• - -."
<br />in' good condition and repair, will diligently p,Tasecute
<br />completion of any building or other improvement wiel o. is at any''=
<br />t 4vw in the process of construction on the Prope> -.tyj and will
<br />promptly repair, restore, replace, or rebuild any;t` -;girt of the
<br />Property or the Chatted. #,,which may be affected by a4,,,.,casualty or E
<br />any public or private` :taking or injury to the Property or the
<br />ttels. All costs and expenses arising out of the foregoing
<br />% saali be paid by Grantor whether or not the proceeds of any
<br />sufficient therefor;
<br />insurance or eminent domain shall be
<br />provided, in the vase of any insured casualty, Grantor shall be
<br />excused from its obligation to repair the Property - in the event
<br />that Beneficiary shall elect to retain the insurance proceeds and
<br />apply the same to the payment of the Secured Obligations as
<br />permitted., under the p ,zovisions of subsection 4.%c� )(i) hereof.
<br />Grantor - vill comply With all stat es, ordina.nc #*, and other
<br />q- avernmental or quad - governmental' requirements'', and private
<br />covenants relating to the ownership, construction, use, or opera-
<br />tion of 'the Property, including but not limited to any environ-
<br />mental or ecological requirements; provided* xha so long as
<br />Grantor''0 not otherwise in default hereunder, GraAtor may, upon
<br />providing Beneficiary with -security reasonably 'satisfactory to
<br />.3oneficiary, proceed diligently and in gvdd' ::f firth to contest the
<br />validity or applicability of any such statute;,, ,ordinance, or
<br />requirement. Beneficiary and any 'person author.�ed by Bent-
<br />• ficiary may enter. an'd,.inspect the Property at all reasonable r
<br />;i es, and may inspect.. the Chattels, wherever located, at all
<br />reasonable tines,
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