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200412422 <br />3.4.2 Lender shall have determined, in its reasonable discretion, that the cost of <br />restoration, repair and rebuilding is and will be equal to or less than the amount of <br />condemnation proceeds and other funds deposited by Mortgagor with Lender. <br />3.4.3 Lender shall have determined, in its reasonable discretion, that the restoration, <br />repair and rebuilding can be completed in accordance with plans and specifications approved <br />by Lender (such approval not to be unreasonably withheld), in accordance with codes and <br />ordinances and in accordance with the terms, and within the time requirements in order to <br />prevent termination, of any Lease, and in any event not less than six (6) months prior to the <br />Maturity Date. <br />3.4.4 All funds shall be disbursed, at Lender's option, in accordance with Lender's <br />customary disbursement procedures for construction loans. <br />3.4.5 The Condemnation shall have occurred more than twelve (12) months prior to <br />the Maturity Date. <br />If any of these conditions shall not be satisfied, then Lender shall have the right to use the condemnation <br />proceeds to prepay the Loan in accordance with the Note. If any condemnation proceeds shall remain <br />after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be <br />disbursed to Mortgagor, or at Lender's discretion, used to prepay the Loan in accordance with the <br />Note. <br />ARTICLE 4 <br />DEFAULTS AND REMEDIES <br />4.1 Events of Default. An Event of Default, as defined in the Loan Agreement, shall <br />constitute an Event of Default hereunder. <br />4.2 Remedies. Upon the occurrence of an Event of Default described in Sections 6.1.6, <br />6.1.7 or 6.1.8 of the Loan Agreement, all of the Obligations shall be accelerated and become <br />immediately due and payable without notice or declaration to Mortgagor. Upon the occurrence of one <br />or more other Events of Default, all of the Obligations, at the option of Lender, shall be accelerated and <br />become immediately due and payable upon notice to Mortgagor. In either event, the Obligations shall <br />be due and payable without presentment, demand or further notice of any kind. Lender shall have the <br />right to proceed to protect and enforce its rights by all of the remedies set forth in the Loan Agreement <br />by one or more of the following remedies: <br />December 12, 2004 <br />F :\Data\21590 \Mortgagc008.wpd 11 <br />