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<br />" <br /> <br />, . <br /> <br />200512483 <br /> <br />Default has occurred and is continuing, the insurance proceeds or A ward will be paid or <br />delivered to Beneficiary, and if Beneficiary elects or is required to cause the applicable insurance <br />proceeds or A ward to be applied to restore, repair or replace the Property ("Rcstoration"), <br />Beneficiary shall disburse such insurance proceeds or Award in accordance with disbursement <br />procedures reasonably acceptable to Beneficiary, including, without limitation, such procedures <br />as are customarily utilized by construction lenders to insure the lien free completion of <br />construction projects. No such insurance proceeds or Award shall be disbursed unless the <br />following conditions are satisfied promptly upon the occurrence of the casualty loss or Taking <br />(but in no event later than one hundred eighty (180) days following such occurrence): <br /> <br />(a) Beneficiary shall have received and approved complete plans and <br />specifications for the Restoration; <br /> <br />(b) Beneficiary shall have received and approved a construction contract for <br />the work of Restoration with a contractor acceptable to Beneficiary; <br /> <br />(c) Beneficiary shall have received copies of all permits and approvals <br />required in connection with the Restoration; <br /> <br />(d) Beneficiary shall be satisfied that the amount of the insurance proceeds or <br />Award actually received plus Borrowing Availability (exclusive of the temporary <br />application of insurance proceeds or an A ward to the Revolving Loan and taking into <br />account the ordinary working capital needs of Trustor) are sufficient to pay all costs of <br />the Restoration (as evidenced by a cost estimate prepared by an architect or engineer <br />reasonably acceptable to Beneficiary); and <br /> <br />(e) Beneficiary shall be satisfied that after the Restoration is completed, the <br />value of the Property, upon completion of the Restoration, will equal or exceed such <br />value immediately prior to the applicable casualty loss or Taking. <br /> <br />- <br /> <br />3.6 Maintenance ofPropertv. Trustor shall: <br /> <br />(a) promptly repair, restore, replace or rebuild any material portion of the <br />Property which may become damaged, destroyed, altered, removed, severed, or <br />demolished, whether or not the A ward or the insurance proceeds received by Trustor as <br />provided in Section 3.5 are sufficient for the purpose, with replacements at least equal in <br />quality and condition as previously existed, free from any security interest in, <br />encumbrances on or reservation of title thereto except the lien of this Deed of Trust and <br />Permitted Encumbrances; <br /> <br />(b) keep the Property in good condition and repair, without waste, and free <br />from mechanics', materialmen's or like liens or claims except for Permitted <br />Encumbrances; and <br /> <br />(c) not make any material alterations in the Property, except as required by <br />law or municipal ordinance or in the ordinary course of business. <br /> <br />- 6 - <br />