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202300986
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3/2/2023 4:24:04 PM
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3/2/2023 4:24:02 PM
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DEEDS
Inst Number
202300986
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202300986 <br />(b) Lender shall make the net Insurance Proceeds received by it (after reimbursement <br />of Lender's reasonable out-of-pocket costs of collecting and disbursing the same) available to Grantor to <br />pay the cost of restoration, repair and rebuilding of the Property, subject to all of the following conditions <br />precedent: <br />(i) <br />Insurance Proceeds; <br />No Event of Default is in existence at the time of any disbursement of the <br />(ii) Lender has determined, in its reasonable discretion, that the cost of <br />restoration, repair and rebuilding is and will be equal to or less than the amount of Insurance Proceeds and <br />other funds deposited by Grantor with Lender for restoration and repair of the Property; <br />(iii) Lender has determined, in its reasonable discretion, that the restoration, <br />repair and rebuilding can be completed in accordance with plans and specifications approved by Lender <br />(such approval not to be unreasonably withheld), and in accordance with applicable Laws; <br />(iv) All funds shall be disbursed, at Lender's option, in accordance with <br />Lender's customary disbursement procedures for construction loans; <br />(v) The Casualty results in damage of $750,000.00 or less; and <br />(vi) The restoration, repair and rebuilding of the Property can be completed <br />within nine (9) months following the date of the Casualty, or such additional period of time as Lender, in <br />its reasonable discretion, shall permit. <br />If any of these conditions are not satisfied, then Lender shall have the right to either use the Insurance <br />Proceeds to prepay the Obligations or make such proceeds available for restoration, repair, and rebuilding <br />of the Property. If any Insurance Proceeds shall remain after completion of the restoration, repair and <br />rebuilding of the Property, they shall be disbursed to Grantor, or the Person legally entitled thereto, or at <br />Lender's discretion, used to prepay the Obligations. <br />In the event such Insurance Proceeds are made available for restoration and repair by Lender, Grantor <br />shall pay all costs incurred by Lender in connection with the application of such Insurance Proceeds <br />(including but not limited to reasonable costs incurred by Lender, and a title company or agent approved <br />by Lender in overseeing the disbursement of such Insurance Proceeds), and the Improvements shall be <br />restored or rebuilt so as to be of at least equal value and substantially the same character as prior to such <br />damage or destruction. <br />(c) If any portion of the Property shall be taken, condemned or acquired pursuant to a <br />Condemnation or threat thereof, Grantor shall: <br />(i) give notice thereof to Lender as promptly as practicable, and send a copy <br />of each document received by Grantor in connection with the Condemnation to Lender promptly after <br />receipt; and <br />(ii) diligently pursue any negotiation and prosecute any proceeding in <br />connection with the Condemnation at Grantor's expense. If an Event of Default is in existence, or if Grantor, <br />in Lender's reasonable opinion, is not diligently negotiating or prosecuting the claim, Lender is authorized, <br />but not required, to negotiate and prosecute the claim and appear at any hearing for itself and on behalf of <br />Grantor and to compromise or settle all compensation for the Condemnation. Lender shall not be liable to <br />Grantor for any failure by Lender to collect or to exercise diligence in collecting any such compensation. <br />15 <br />
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