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88--- 100020 r 1.12.4. Prior to commencing any work to effect Restoration of the Premises exceeding $10,000, Mortgagor shall promptly (but in no event later than ninety (90) days following any Destruction or Taking) furnish to Beneficiary: (i) complete plans and specifications ("Plans and Specifications") for the Restoration; (ii) an opinion of counsel to Beneficiary which shall be counsel reasonably acceptable to Beneficiary ("Opinion of Counsel") (a) listing all permits and approvals required by law in connection with the Restoration and (b) stating that all permits and approvals required by law to commence work in connection with the Restoration have been obtained; (iii) a certificate ("Architect's Certificate") of an independent, reputable architect or engineer licensed in the state where the Premises are located stating (a) that the Plans and Specifications have been reviewed and approved by the signato- ry thereof, and (b) such signatory's estimate ("Estimate") of the costs of completing the Restoration; and (iv) if the Estimate exceeds the Net Proceeds or the Net Award, as the case may be, a surety bond for, guarantee of, or irrevocable letter of credit ("Letter of Credit") or other irrevocable and unconditional commitment to provide funds ("Com- mi tment") for the payment of such Restoration, payable to or in favor of Beneficiary, which bond, guarantee, Letter of Creditor Commitment (a) shall be signed by a surety or sureties or guarantor(s), as the case may be, acceptable to Beneficiary, and, in the case of a Letter of Credit or Commitment, shall be provided by a bank or other financial institution having capital and surplus sati sfactory to Beneficiary as shown in its most recent available statement of financial condition, and (b) shall be in the amount not less than the Estimate minus the amount of the Net Proceeds or the Net Award, as the case may be, then held by Beneficiary for application toward the cost of such Restoration. Beneficiary shall have the right to review and approve the Plans and Specifications. Promptly upon approval of the Plans and Specifications by Beneficiary, Mortgagor shall commence and diligently continue to perform the Restoration in accordance with such approved Plans and Specifications. 1.12.4 Restoration Advances Following Destruction or Taking of Mortgaged Property. In the event the Net Proceeds or Net Award are used for Restoration as provided in Section 1.12.3, Beneficiary shall apply the Net Proceeds or the Net Award held by Beneficiary on account of any Destruction or Taking to the payment of the cost of any Restoration and shall pay portions of the same, from time to time, to Mortgagor or, at Beneficiary's option, exercised from time to time, directl~ to the contractors, subcon- tractors, materialmen, laborers, engineers, architects, and other -15- L L L r-- -.J ( h.