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88- 100020 r persons rendering services or material for such Restoration, subject to the following conditions: (i) Mortgagor shall provide Beneficiary with a request setting forth the amount to be paid and to whom payment is to be made five (5) business days prior to the date such payment is to be made and each such request for payment shall be accompanied by an Architect's Certificate stating (a) that all the Restoration work then completed has been done substantially in compliance with the approved Plans and Specifications and in accordance with all provisions of law, (b) the sums requested are required to reimburse Mortgagor for payments by Mortgagor to, or are due to, the contractors, subcontractors, materialmen, labor- ers, engineers, architects, or other persons rendering services or materials for the Restoration, and that, when added to the sums, if any, previously paid out by Beneficiary, such sums do not exceed the cost of the Restoration to the date of such Architect's Certificate, (c) whether or not the Estimate continues to be accurate, and if not, what the entire cost of such Restoration is then estimated to be, and (d) unless Beneficiary received a surety, guarantee, Letter of Credit or Commitment as referred to in Section 1.12.3 that the amount of the Net Proceeds or Net Awa~d, as the case may be, remaining after giving effect to such payment will be sufficient on completion of the Restoration to pay for the same in full (giving in reasonable detail, an estimate by trade of the remaining costs of completion); (ii) Each request for payment shall be accom- panied by an Opinion of Counsel, or by a title commitment with such coverages as Beneficiary may require issued by a title insurer acceptable to Beneficiary, stating that (a) all Liens covering that part of the Restoration previously paid for, if any, have been waived and (b) there has not been filed with respect to all or any parts of the Mortgaged Property any Lien, not dis- charged of record, in respect of any part of the Restoration; and (iii) The final request for any payment after the Restoration has been completed shall be accompanied by an Opinion of Counsel listing all certificates, permits, licenses, waivers, other documents, or any combination of the foregoing required by law in connection with or as a result of such Restora- tion and stating that all of the same have been obtained. In the event there shall be any surplus after application of the Net Award or the Net Proceeds to Restoration of the Premises, such surplus shall belong and be paid to Beneficia- ry, to be credited against the amounts outstanding in respect of the Loan in accordance with the applicable provisions of the Loan Agreement. 1.12.5 Interest. For so long as Beneficiary shall be in possession of any Net Award or Net Proceeds, the same shall be invested by Beneficiary, as soon as practicable, in Permitted Investments (as defined in the Loan Agreement). Provided no Event -16- L L L ~ i ,~ ~ :-: id ;~ '1 \ ,." r--- / l