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<br /> • � ' �t.�pairs. So loi�g rio no D�fault or Event of Default hereunder or under the o4her Loan r
<br /> . � �, Documents has csccurred and is continuin�;,H�neficiary ehall.to the extent funds are av�ilable for -
<br /> such purpos�in the Replacement Reserve. disburse to Txuator the amount paid or incuaed by ___
<br /> Trustoar In perfom�ing such Repaira within ten(10)days foUowing:(a)eiie ceceipt by 8cncfiaasuy � "
<br />� �� �� of n w r ltte� request from Trustor for disburs�nent from the Replacement Reserve and a
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<br /> =_�'�`�� c�rtification in the fonn attached heretc►as Exhibit B thnt the applicable item of Repair has been
<br />`:�ti' •- completed;(b)the delivery tn Beneficiary of indoices,receipta or other evIdence satisfacWry to
<br />���� � Bene�ciary,vcrifying the cost of gerforming the Repairs;(c) for disburseraeat requests in excess
<br /> _ -.�::' � of SIO,t�fl0.00, the delivery 4o Beue�ciacy of affid�vits, lien v�aivers or othea evtdence .
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<br />.jr:.�;..;:��; reasonably satisfactory to Beneficiary showuag Wat all materialmen,laborers, subcontractors and
<br /> �?_;�,:- . any other parties who might or could claim statutory or common law liens and are fumishiYag or
<br />-��r��''�:�;�. have flimished rnaterial or labor ta the PropertS►have been paid all amounts due for labor and _
<br />-��-=�� materials fi�rnished to the Property; (d) for disbursement rcquests ua excess of$IO,oUU.Ou,
<br /> �_=_—�� sle�livery to Beneficiary of a certification gram an inspectin8 arclutect or other third paety
<br /> ������yg acceptable w Bene�iciary d�scn'bing the comploted Repairs and veH�'yie►II the c�mPlcdvn of the
<br /> �-,x — Repa{rs and the value of the completed Repairs: (e) for disbursement roo�uests in exce�s off —
<br />-._•.�:�.:� $10.000.Q0, delivery to DeneficiaYy o€a new certiScate of or.cupancy for the portion of t&e __
<br /> -�— Improvements covered by such Regairs,if said new cei4iScate of occupancy is required bY 1aw,
<br /> ���'��� or a csrtificarian by Truswr that no new certifiicate of occupaucy is required;and(�the receipt
<br />_:;� by BeneSciary of an��ministrative fee in the amount of$150.00. Beneficiary shall noY be
<br /> �� required ta make adv�nces from the Replacement Reserve more frequently than once in unY
<br /> niaety (90) daY Peziod. In mallcin�any payment faora the Replacement Iieserve, BeaefiaIary --
<br /> -- -� shaU bc entitled ta rely on such n.quest fc+om TnistoP wi�►out at�y inquiry into t�e acc��acy, .
<br />:�:��� .,��t'�w�r cc�nte.�tability of aaiy sueh amouiat. �enefieiary may, at Tnistor's expense, make flr
<br /> ;:;;,;: cause to be made 8�g the ternn of tlus Des�a�f Tnrst an annual inspection of th�t�rope�gtr�. .
<br /> � deten�aine�ie aeed,as detetminod by B�eficiary ua ib reaaonable judgment,far further lte��a`ts�
<br /> � af the Prop�ty. In the event that su�ch inspection reveals tbat further Repairs of tfio Property are
<br /> myuired,Beneficiary sh�U pmvide Trustor with a writt�n description o�C the requar�I Repairs and
<br /> .,.� Ttustor shaU complete such Repairs to tha reesonable satisfaction af BeneSci�zy within ninah+
<br /> — ___ (90) days after the reaeipt of such description from Beneficiary,or such tater date as may be
<br /> --=W._= appmved by Beneficiary in its sole discretion. The Replacanent Reserve s�ail noY, untess
<br /> ----- otherwise explicitly reQuired bY applicable la�v,be or be deemed to be escrow or uust funds,but, ,
<br /> .��� at Beaeficiary's aption and ia Heneficiary's dis�reteon,may either b���eld in a separate account
<br /> or be commingled by Heneficiary with the general funds of Beneficiary. InterESc on the �ds
<br /> contaiaed in the Replacement Reserve shall be credited to Tn�stor as provided in Soction S•31
<br /> hereof. The Replacement Reserve is solely for the pmtection of Beneficiary and enta�ls no
<br /> r�sponsi'bility on Beneficiary's part beyond the payment of the costs and expemses descn'bed in
<br /> �this 5ection in acco3daiuce with the terms ti�reof and beyond the allowing of due credit for the
<br /> , � " sums actually receiv��tl, In the event that the amounts on deposit or a�►ailable in the Replacement
<br /> Reserve�axe inadequate to pay the cost of the Repairs,Tivstor shal� pay �iis;amount of sucb
<br /> deficieaia�r:.� Unan aasignmenr nf thic Deed of Tcust by Bsneficiary, an�r fvads in the .
<br /> Replacemeut Rese�te shall be turned over to the assignce and any respoas�`bilit3+of Bene�ciary, ,
<br /> -:.� as assigq�or.with r�;spect thereto shall terminate. If thera is an Evea�i of Default under tLis Deed :
<br /> _ �-_.:;; . of Trus�,'';Beneficiafy �aY, but shall not be'obligate� io. apply st�aay time the balance then
<br /> —=��° remaining in ths Replaceanent R�eserve against the indebtedness secured hea�by in whatever
<br /> _� . order�eneficiary shall subjectively determine. No such application of the Replacement Reserve
<br />__�_____ DOCSNY1S513762 14 ' ' ,
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