200511357 - Laserfiche WebLink

Browse

200511357 paid in full, to Borrower or (bb) in all other circumstances, to the Secured Obligations in any / order without suspending, extending or reducing any obligation of Borrower to make installment payments. (iii) Restoration. Notwithstanding the foregoing Sections 6.11(b)(i) and (ii), Lender shall have no obligation to make any Proceeds available for the repair or restoration of all or any portion of the Property unless and until all the following conditions have been satisfied: (aa) delivery to Lender of the Proceeds plus any additional amount which is needed to pay all costs of the repair or restoration (including, without limitation, taxes, financing charges, insurance and rent during the repair period); (bb) establishment of an arrangement for lien releases and disbursement of funds acceptable to Lender; (cc) delivery to Lender in form and content acceptable to Lender of all of the following: (I) plans and specifications for the work; (2) a contract for the work, signed by a contractor acceptable to Lender; (3) a cost breakdown for the work; (4) ifrequired by Lender, a payment and performance bond for the work; (5) evidence of the continuation of all Leases unless consented to in writing by Lender; (6) evidence that, upon completion of the work, the size, capacity, value, and income coverage ratios for the Property will be at least as great as those which existed immediately before the damage or condemnation occurred; (7) evidence that the work can reasonably be completed on or before that date which is 6 months prior to the Maturity Date; and (8) evidence of the satisfaction of any additional conditions that Lender may reasonably establish to protect Lender's security. Borrower acknowledges that the specific conditions described above are reasonable. c. Application of Proceeds; Default. If a Default has occurred and is continuing at the time of Lender's receipt of the Proceeds or if a Default occurs at any time thereafter, Lender may, at Lender's absolute discretion and regardless of any impairment of security or lack of impairment of security, but subject to applicable law governing use of the Proceeds, if any, apply all or any of the Proceeds to Lender's expenses in settling, prosecuting or defending the Claims and then apply the balance to the Secured Obligations in any order without suspending, extending or reducing any obligation of Borrower to make installment payments, and may release all or any part of the Proceeds to Borrower upon any conditions Lender chooses. 6.12 IMPOUNDS. a. Post-Default Impounds. If required by Lender at any time after a Default occurs (and regardless of whether such Default is thereafter cured), Borrower shall deposit with Lender such amounts ("Post- Default Impounds") on such dates (determined by Lender as provided below) as will be sufficient to pay any or all "Costs" (as defined below) specified by Lender. Lender in its sole discretion shall estimate the amount of such Costs that will be payable or required during any period selected by Lender not exceeding 1 year and shall determine the fractional portion thereof that Borrower shall deposit with Lender on each date specified by Lender during such period. If the Post-Default Impounds paid by Borrower is not sufficient to pay the related Costs, Borrower shall deposit with Lender upon demand an amount equal to the deficiency. All Post-Default Impounds shall be payable by Borrower in addition to (but without duplication ot) any other Impounds (as defined below). b. All Impounds. Post-Default Impounds and any other impounds that may be payable by Borrower under the Note are collectively called "Impounds." All Impounds shall be deposited into one or more segregated or commingled accounts maintained by Lender or its servicing agent. Except as otherwise provided in the Note, such account(s) shall not bear interest. Lender shall not be a trustee, special depository or other fiduciary for Borrower with respect to such account, and the existence of such account shall not limit Lender's rights under this Security Instrument, any other agreement or any provision of law. If no Default exists, Lender shall apply all Impounds to the payment of the related Costs, or in Lender's sole discretion may release any or all Impounds to Borrower for application to and payment of such Costs. If a Default exists, Lender may apply any or all Impounds to any Secured Obligation and/or to cure such Default, whereupon Borrower shall restore all Impounds so applied and cure all Defaults not cured by such application. The obligations of Borrower hereunder shall not be diminished by deposits oflmpounds made by Borrower, except to the extent that such obligations have 16 1244250.5