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200412422 ordinances and in accordance with the terms, and within the time requirements in order to prevent termination, of any Lease, and in any event not less than six (6) months prior to the Maturity Date. 3.2.4 All funds shall be disbursed, at Lender's option, in accordance with Lender's customary disbursement procedures for construction loans. 3.2.5 The Casualty shall have occurred more than twelve (12) months prior to the Maturity Date. If any of these conditions shall not be satisfied, then Lender shall have the right to use the insurance proceeds to prepay the Loan in accordance with the Note. If any insurance proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or at the Lender's discretion, used to prepay the Loan in accordance with the Note. 3.3 Condemnation. If any portion of the Mortgaged Property shall be taken, condemned or acquired pursuant to exercise of the power of eminent domain or threat thereof (a "Condemnation "), Mortgagor shall: 3.3.1 give immediate notice thereof to Lender, and send a copy of each document received by Mortgagor in connection with the Condemnation to Lender promptly after receipt; and 3.3.2 diligently pursue any negotiation and prosecute any proceeding in connection with the Condemnation at Mortgagor's expense. If an Event of Default shall be in existence, or if Mortgagor, in Lender's reasonable opinion, shall not be diligently negotiating or prosecuting the claim, Lender is authorized, but not required, to negotiate and prosecute the claim and appear at any hearing for itself and on behalf of Mortgagor and to compromise or settle all compensation for the Condemnation. Lender shall not be liable to Mortgagor for any failure by Lender to collect or to exercise diligence in collecting any such compensation. Mortgagor shall not compromise or settle any claim resulting from the Condemnation if such settlement shall result in payment of $10,000, or more, less than Lender's reasonable estimate of the damages therefrom. All awards shall be paid to Lender. 3.4 Use of Condemnation Proceeds. Lender shall make the net proceeds of any Condemnation received by it (after reimbursement of Lender's out -of- pocket costs of collecting and disbursing the same) available to Mortgagor for restoration, repair and rebuilding of the Mortgaged Property, subject to the following conditions: 3.4.1 There shall be no Event of Default in existence at the time of any disbursement of the condemnation proceeds. December 22, 2004 10 F ADaZ2I 590 \Mortgage008. wpd