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<br />- a period covering the time of redempxion from foreclosure sale pravided by luw, and �
<br />_ ,; „ • if necessary iher�for to cancel any or all existing in�urunce policies. `�
<br />-" 9. Dantage to or Destractlo►i of Martgaged Prem�ses. �� ,�`
<br /> � ; (a) Notice. In case of any material damage to or desuucrion of the �''
<br /> Mortgaged Premases or any part thereof, Grantor shall promptly give written �
<br /> notice diereof to I�eneficiary,generally describing the nature and extent of such • �'`
<br />- . damage ar destruction. . ._ _•w��,��,
<br /> (b) Restaration. In case of any damage to or destruction of the ,�� �
<br /> Mortgaged Premises or any parc thereof, Grantor, provided that Beneficiary �- —
<br /> has made availableto Grantor(subject to the provisions of Sectian 9(d)hereo� ;ii�-
<br />_ insurancc proceeds, if any, received by Beneficiary in cunnection with such , " �=
<br /> darna�es or destruction. and whether or not the insurance proceeds, if any, � -'��'•-�``
<br /> �. rPCeived on account of such damage or destrucrion shall be suf�cient for the � �
<br /> puupose, at Grantor's expense, wlll promptly commence and cornplete (subject ,�p,:•���T—
<br /> to unavoidable delays occasioned by strikes, lockouts, acts of God, inability to �''�-��
<br /> � obtain labor or materials, governmental restrictions and similar causes beyond ��,,•�.�
<br /> Ille lCa.SOi1�IlIQ' CQOthn�nf rf�.^.I^Y'� :t2E ICS:OP:tI0I1� I�.g;ac"�,aa..�;�a�ualuu�g oi , `,r;; —__
<br /> the Ivf ortgaged Premises as nearly as possible to its value, condition and ��°'��'--`'� •
<br /> „ character i.rnmediately prior to such damage or destruction. ;,},� -
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<br /> (c) Adjustnient of Loss. Granior hereby authorizes Beneficiary, at �;-�,
<br /> Beneficiary's opdan, to adjust and compromise any losses under any insurance '', '�t ,
<br /> � � afforded, but unless Be�efici �'':^�
<br /> r ary elects to ad,just the losses as aforesaid� said ,, ,<.,,;�•
<br /> adjustrnent and/or comgromise shall be made by Grantor, subject to final � •.AR
<br /> � approval of Beneficiary in the case of losses exceeding$200,000. I � ', ,,�_
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<br /> , . (d) Applicatiai of Insurance Proceeds. N�t insurance proceeds �
<br /> received by Benefic.iary under the provisions of this Indenture or any I �' , �
<br /> � instruments supplemental hereto or thereto or under any policy or policies of � ��i_
<br /> insurance covering the Mortgaged Premises or any part thereof slxall first be i • �%
<br /> • applied toward the payment of che amount owing on the indebtedness hereby � ,�;
<br /> secured in such order of applicadon as Beneficiary m�y elect whether or not she � •:a., r
<br /> same may then be due or be otherwise adequately secured (and Beneficiary is . � <�
<br /> hereby irrevocably authorized artd d'uected to make such an application); �
<br />_ " . provided, however, that su�:h proceeds shall be made available for the � � " •
<br />= „ restvration of the portion of the Niortgaged Premises damaged or destroyed if
<br /> : , written applicadon for such use is made within 30 days of receipt of such . •� •
<br /> � � proceeds and the gollowing conditions are satisfied: (i)Grantor has in effect
<br /> t ` •� business interruption insurance eovering the income to �e lost during the �
<br /> restoraeion period as �result of the damage or destrucrion to the Mongaged
<br /> ' Premises or provides Beneficiary with uther evidence satisfactory to it that
<br />_- Grantoi• has cash resotarces sufficient to pay its obligations during the
<br /> resEoration period; (ii) the effect of the damuge to er destruction of the
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