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<br />88_10002"'~
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<br />(iv) if the Estimate exceeds the Net Proceeds or
<br />the Net Award, as the case may be, a surety bond for, guarantee
<br />of, or irrevocable letter of credit ("Letter of Credit") or other
<br />irrevocable and unconditional commitment to provide funds ("Com-
<br />mitment") for the payment of such Restoration, payable to or in
<br />favor of Beneficiary, which bond, guarantee, Letter of Credit or
<br />Commitment (a) shall be signed by a surety or sureties or
<br />guarantor(s), as the case nlay be, acceptable to Beneficiary, and,
<br />in the case of a Letter of Credit or Commitment, shall be provided
<br />by a bank or other financial institution having capital and
<br />surplus satisfactory to Beneficiary as shown in its most recent
<br />available statement of fina::cial condition, and (b) shall be in
<br />the amount not less than the Estimate minus the amount of the Net
<br />Proceeds or the Net Award, as the case may be, then held by
<br />Beneficiary for application toward the cost of such Restoration.
<br />
<br />Beneficj,ary shall have the right to review and
<br />approve the Plans and Specifications. Promptly upo~ approval of
<br />the Plans and Specifications by Beneficiary, Mortgagor shall
<br />commence and diligently continue to perform the Restoration in
<br />accordance with such approved Plans and Specifications.
<br />
<br />1.12.4 Restoration Advances Following Destruction
<br />or Taking of Mortgaged Prope~tv. In the event the Net Proceeds or
<br />Net Award are used for Restoration as provided in Section 1.12.3,
<br />Beneficiary shall apply the Net Proceeds or the Net Award held by
<br />Beneficiary on account of any Destruction or Taking to the payment
<br />of the cost of any Restoration and shall pay portions of the same,
<br />from time to time, to Mortgagor or, at Beneficiary's option,
<br />exercised from time to time, directly to the contractors, subcon-
<br />tractors, materialmen, labo~ers, engineers, architects, and other
<br />persons rendering services or material for such Restoration,
<br />subject to the following conditions:
<br />
<br />(i) Mortgagor shall provide Beneficiary with
<br />a request setting forth the amount to be paid and to whom payment
<br />is to be made five (5) business days prior to the date such
<br />payment is to be made and each such request for payment shall be
<br />accompanied by an Architect's Certificate stating (a) that all the
<br />Restoration work then completed has been done substantially in
<br />compliance with the approved Plans and Specifications and in
<br />accordance with all provisions of law, (b) the sums requested are
<br />required to reimburse Mortgagor for payments by Mortgagor to, or
<br />are due to, the contractors, subcontractors, materialmen, labor-
<br />ers, engineers, architects, or other persons rendering services or
<br />materials for the Restoration, and that, when added to the sums,
<br />if any, previously paid out by Beneficiary, such sums do not
<br />exceed the cost of the Restoration to the date of such Architect's
<br />Certificate, (c) whether or not the Estimate continues to be
<br />accurate, and if not, what the entire cost of such Restoration is
<br />then estimated to be, and (d) unless Beneficiary received a
<br />surety, guarantee, Letter of Credit or Commitment as referred to
<br />in Section 1.12.3 that the amount of the Net Proceeds or Net
<br />Award, as the case may be, remaining after giving effect to such
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