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<br /> Mortgaged Premises�iving rise to receipt of the insurance proceeds is not to .
<br />� .. tertninate,or give a lessee the option to terminate any lease of all or any portion .
<br /> of the Mortgaged Prernises; (iii) no event af default (as hereinafter defined), or
<br /> � event which, with the lapse of time, the giving of notice, or both, would '
<br /> consdtute an event of default, shall have occurred or be continuing (and if such
<br /> an event shall accur during restoration Beneficiary may, at its election, apply , � .. �'�
<br /> any insurance proceeds then rernaining in its hartds to the reduction of the
<br /> . indebtedness herehy secured); (iv)Grantor shall have submitted w Beneficiary � �'
<br /> plans and speci�cadons for the restoration which shall be sadsfactory to it and I �, i�^
<br /> (v) Grantor shall subrrut to Beneficiary fixed price contracts with good and � �
<br /> responsible contractors and materialmen covering all work and materials �-
<br /> , � necessary to complete restoration and providing for a total completion price not ---
<br /> in excess of the amount of insurance proceeds available for restoration, or, if a ''%��
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<br /> de�ciency shall exist, �rantor shall have deposited the amount of such , .��`;�..
<br /> deficiency with Beneficiary. Any insurance proceeds to be released pursuant to "%� '"� =_
<br /> . the foregoing provisions may at the option of Beneficiary be disbursed from �
<br /> time to rime as restoration progresses to pay for restoradon work completed � lJJ � .
<br /> _- '__.__.� an�i �n �la�� �nrB cii�h �ichi�rcPrnr_.ntc aa��y at RPnPfir.iarv'c ��ti�� hN ma�lP �.__— ._"_
<br /> � .�;� directly to Grantmr or to or through any contractor or materialman to whom I ' '�
<br /> � � " payment is due o�r to or throUgh a construction escrow to be maintained by a �
<br /> tide insurer acceptable to Beneficiary. Beneficiary may impose such further ' � �
<br /> conditions upon the release of insurance proceeds(including the receipt of dde ��:i`
<br /> insurance)as are customarily imposed by prudent construcdon lenders to insure ,' � �,
<br /> the complerion of the restoration work free and cleaz of all liens or claims for i � „ •`�•'
<br /> lien. �►11 dtle insurance charges and other costs and expenses paid to or for the � , �'
<br /> . I acc;ount of Grantor in connection with txte release of such inse�rance proceeds � �,,.,,�_
<br /> shall constitute so much additional indebtedness hereby secured to be payable � , �� ±�
<br /> upon demand with interest at the Default Rate. Beneficiary may deduct any � ' . , �
<br /> such costs and expenses from insurance proceeds at uny time standing in its �
<br /> hands. If Grantor fai ls to teque;st that ir�surance proceeds be applied to the ,.`;
<br /> restoration o�f the improvements or if Grantor makes such a request but fails to . ��'
<br /> complete restoratian within a reasonable time, Beneficiary shall have the right, � �",
<br /> but not the dury, to restore or rebuild said Mort�aged Premises or any part ; .� �
<br /> . " thereof for or on behalf of Grantor in lieu of apglying said proceeds to the ''.
<br />- indebtedness hereby sec�red and for such purpose may do all necessary acts,
<br /> inc;luding using funds deposited by Grantor as afuresaid and advancing �
<br /> addidonal funds for the purpose of restoration, all such additional funds to
<br /> constitute part uf the indebtedness here6y secured payable upon demand with
<br /> interest at the Default Rate. '
<br /> 10. Emine�u Donrain. Grantor ackno�vledges that Condemnarion Awards
<br /> have been assi.gned to Trustee,whic�aw.rards Trustee is hereby irre�•ocably aaithorized
<br /> ta collect and receive,ancl to give a�prraopraate receipts and acquittances therefor, and
<br /> at Benefieiary's option, fo apply the same toward the payment of the amount owing on
<br /> , account of the indebtedness hereby secured in such order�f applicadon as Beneficiary
<br /> i may elect and ��hether or ne�t the same may then be due and payable or othenvise
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