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<br /> " (S%) of th� then outstanding principal balunce of the Not� ae►d �ii) $ISO,Q00, Trustor `�-
<br /> . - -�` shall h�v��vliv�red to Beneficiaey,at Tr�stor's sole cost and expense.an appi�isal report !--
<br /> in fo�n and subst�nce satisfuctor�to HenefiCiary appr�ising the value of the PropertY pa �p`
<br /> �'' ��. proposed to bo r�st�red or rep�ired W be not less Qhan the appraised value of�e Pmpc�ty
<br /> considered�y Beneficiary in ita detemninarion to make the loan secured hereby,and _
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<br /> -- (7)Trustor so elects by written no�ice delivered to Beneficiary within five _.
<br />_-y` -:,�� (5)days after settlement of the aforesai�insurance or condemnation elai�n
<br /> N_;�..�.:..�• then,Bene�ciary shall,salely for the purgoses of sucb restoradon or repair,advance so much of
<br /> ;.,;,� , the reraainder of such sums as may be required for such restoration or repair,and any funds
<br />- ' deposited by Trustor ther�for, tfl Trustor in the manner and eipan such terms arcd conditions as
<br />_�,_��A�� vvould be required by a pr�dent interim construction lender, including, but noi liinited to, tl�e
<br /> `===� prior approval by Beneficiary of plans and specifiaations,contractors and forra of ean�tructian
<br />'-���� con4�acts and the fiunishing ta Bene�ieiat�r of p�cnits,t:ands,Gen e�aieers,ineoi�s,rc64i�ts and .
<br />�—m- affidavits from contraotors and subcontra�tors�in fban and substance satisfectory to Beneficiary
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<br /> in its discretion, vuith any remaiader befng applied by BeneSciary for paymen4 of the
<br /> - indebtedness secured hereby in whatever order Bene�eiary directs in its abso2ute discretion.
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<br /> -- (4rj�In all other cases,namely,in the even4 that sixty percent(60%)or more of tha
<br />=__��,,,�� In�provements located on the Land have been taken or desh+oy4d or Trustor does not elect to
<br />- .-•�,u� �tore or repair the pruperty pursuant w claus a above, or otheruvise fails to meet the .
<br /> ._._.;:._>�_� ��nts of clause a above, then, in anY of such events, BeneSciary slnall eloct, in
<br /> - - Benefi�iary's absolute discrstion and without regard to the adequacy of Seneficiary's security.to
<br /> _ da either of the followin�: (1) accelerate t�e mafiuiiy dai�i�i ic N�ta aad t���sn�°.��
<br /> indebte�n�ss sccured he�reby��be immediately due and gayable and apply ttt�remainder of such
<br /> � suans received pursuant w tlnns Section to the payment of the indebtedness sscured her�bY in
<br /> w}satever order Bemeficiary directs in its absolute discrerion,wath any remainder bsing paid to
<br /> ----- Tnu.�tor,or(2)nv�vvithstanding that Tn�or may have elected nat 4�x+estore or repair tt�e Property
<br /> -_— pursuant to the p��visaons of�,eGtiasn 1.4ta)�alnove, resluire Tav.,�tar to restore or repair the
<br /> --- _ prep�rty in the anauner and a��tan such te�and conditions as would be requia�ed by a pnident
<br /> - � interim construction lender, including, but not limited to, tb.e de�osit by Tmstor with
<br /> - - Heneficiary,w�tt�i�e r�iriY(3a�+iaYs afce,s demand rui�refor,of ar►y d�ficiency necessary in order
<br /> to assure the availability of sufficient fun�s to pay gor such nr�storation or regair, �eluding
<br /> -- ' Beneficiary's costs and expenses ta be mclured in co�ection therew�ith,the Pri�r approvsl hy
<br /> - Beneficiary of plans and spe�ifications,contractors and foran of constiuction cantracts and the
<br /> furnis�ing w�eneficiary of permits,ban�s,lien waivers,invoices.receiPts and affidavits from
<br /> eontr�ctors and subcontractors,in form and substance satisfactosy 4o Benefciary in its discretion,
<br /> --_. --- ' and apply the reffiaiuder af,a�ch sums toward such restordtion�and repair, with auy balance
<br /> ��g�j rem�ning beix�g ��pued by Beneficiasy�£or payment nf the indebiedness secured
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<br /> hereby in whatever order��neficiary directs in its absalute discretion.
<br /> Any reduction iai the iadebtedness sec�ed hc�by resulting�ro�s Beneficiary's application of any
<br /> sums received by it here�der shaU take effect only when Beneficiary actually receiv�s such
<br /> s�s`and elects to apply such sums to the inrlebtedness secured i�ereby and, in anY event, tiie
<br /> unpaid portioa� �f tha indebtedness secured hereby shall remain in ii�lt force and effect a�td � ,
<br />--�� � Trustor sl�all�¢�OS excused in the payment tihereof. Partial�ayments received by Beneficiazy,
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