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(a) plans and specifications for the Work which (i) have been approved by all governmental authorities whose approval is required, (ii) bear the signed approval of the Architect, and (iii) are accompanied by Architect's signed estimate of the total estimated cost of the Restoration; (b) copies of all permits and approvals required by law in connection with the commencement and conduct of the Restoration; and (c) ' a contract for a guaranteed maximum price executed by Borrower and the Contractor for performance of the Work, in form, scope and substance (including the customary retention) satisfactory to American Family; and (d) a surety bond or guaranty of Guarantor satisfactory to American Family of, payment for and completion of Restoration, which bond and /or guarantee shall be (i) in form, scope and substance satisfactory to American Family, (ii) signed by a surety or sureties or guarantor or guarantors, as the case may be, who are acceptable to American Family, and (iii) in an amount not less than Architect's total estimated cost of completing Restoration less the amount of all the net Insurance Proceeds, if any, then held by American Family. After commencing the Work, Borrower shall perform or cause Contractor to perform the Work diligently and in good faith in accordance with the Approved Plans. American Family shall disburse the Restoration Funds in increments to Borrower or to parties to whom payments for Work are then due, as American Family shall elect from time to time as the Work progresses, to pay for the costs of the Restoration. Such disbursements shall be subject to the following conditions, any of which American Family may waive: (a) Architect shall monitor and report to American Family on the progress of the Work; and (b) American Family shall make such payments only upon not less than ten (10) days prior written notice from Borrower to American Family, which notice shall include Borrower's delivery to American Family of (i) a Request for Payment, (ii) evidence satisfactory to American Family that there are no mechanic's or similar Liens for labor or material supplied in connection with the Work to date, or that any such Liens have been adequately provided for, to American Family's satisfaction; and (iii) evidence satisfactory to American Family that the balance of the Restoration Funds remaining after making the payments will be sufficient to pay for the Restoration not then completed (giving in such reasonable detail as American Family may require an estimate of the cost of such completion). Each Request for Payment shall be accompanied by waivers of Liens satisfactory to American Family covering that part of the Work previously paid for, if any, and by a search prepared by a title company or by other evidence satisfactory to American Family that no mechanic's Liens or other Liens or instruments for the retention of title in respect of any part of the Work have been filed against the Premises and not 29