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200802659 forfeiture of the Property or any part thereof to satisfy the same; provided further, that if at any time payment of any obligation imposed upon Borrower by subparagraphs (a) or (b) hereof shall become necessary to prevent the delivery of a tax or other deed conveying the Property or any portion thereof because of nonpayment, then Borrower shall pay the same in sufficient time to prevent the delivery of such deed. 1.4 Insurance. (a) Borrower shall have obtained and furnished to Secured Party such insurance as is required under the Loan Agreement. (b) Borrower shall give Secured Party prompt notice of any loss covered by such insurance and Secured Party shall have the right to join Borrower in adjusting any loss. All moneys received as payment for any loss under such insurance shall be paid over to Secured Party to be applied as hereafter provided. In the event of any loss covered by such insurance, Secured Party shall apply such proceeds to the reimbursement of Borrower for expenses incurred by it in the restoration of the Improvements. If the insurance proceeds are applied to the payment of the sums secured by this Deed of Trust, such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in Section 1.2 hereof or change the amount of such installments. Notwithstanding anything set forth in this Section 1.4 to the contrary, in the event of loss or damage to the Property by fire or other casualty for which insurance has been required by Secured Party and provided by Borrower, Secured Party hereby agrees to allow the proceeds of insurance to be used for the restoration of the Property and to release such insurance proceeds to Borrower as such restoration progresses, provided: (i) Secured Party has not declared an Event of Default under any of the terms, covenants and conditions of this Deed of Trust, the Note or any of the other Loan Documents; (ii) The plans and specifications for the restoration of the Property are approved in writing by Secured Party; (iii) Borrower has deposited with Secured Party funds which, when added to insurance proceeds received by Secured Party, are sufficient to complete the restoration of the Property in accordance with the approved plans and specifications, all applicable building codes, zoning ordinances and regulations, and further, that the funds retained by Secured Party are sufficient to complete the restoration of the Property as certified to Secured Party by Secured Party's inspecting architect/engineer; (iv) Borrower provides completion, payment and performance bonds and builders' all risk insurance for such restoration in form and amount reasonably acceptable to Secured Party; 4 AM 157:0AM57:667038:5:LOUISVILLE 3/20/08