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200804918 or disbursements. Mortgagor shall deliver all Condemnation proceeds to Mortgagee within five (5) days of receipt thereof and shall at Mortgagee's request direct the condemning authority to deliver the Condemnation proceeds to Mortgagee. The Condemnation proceeds or any part thereof shall be made available to Mortgagor for the restoration or repair of the Premises unless Mortgagor is in default under this Deed of Trust or the Note. In the event Mortgagor is in default under this Deed of Trust or the Note, and Mortgagee does not make Condemnation proceeds available for restoration and applies the Condemnation proceeds to payment of debt,. the monthly installment payments of principal and interest set forth in the Note shall be adjusted to an amount sufficient to reamortize the then unpaid principal balance of the Note together with interest in equal monthly installment payments over the then remaining portion of the original amortization period. 5.3 Disbursement ofInsurance and Condemnation Proceeds. Should any insurance or Condemnation proceeds be applied to the restoration or repair of the Premises in accordance with this Article 5, the restoration or repair shall be done under the supervision of an architect acceptable to Mortgagee (or, at Mortgagee's discretion, an engineer acceptable to Mortgagee) and pursuant to site and building plans and specifications approved by Mortgagee. The proceeds from insurance or Condemnation, after payment of costs and expenses of collection (''Net Proceeds"), shall be held by Mortgagee for such purposes and will from time to time be disbursed by Mortgagee to defray the costs of such restoration or repair under such safeguards and controls as Mortgagee reasonably may require and in accordance with standard construction loan procedures. Net Proceeds may at the option of Mortgagee be disbursed through a title insurance company selected by Mortgagee and at the sole cost of Mortgagor. Prior to making Net Proceeds available for the payment of costs of repair or restoration of the improvements upon the Premises, Mortgagee shall be entitled to receive the following: (a) Evidence that no Event of Default exists under any of the terms, covenants and conditions of this Deed of Trust, the Note, or other Loan Documents. (b) Evidence that all leasing requirements for the Premises as established by Mortgagee have been met. (c) Satisfactory proof that all improvements have been fully restored, or that the expenditure of Net Proceeds will be sufficient to repair, restore or rebuild the improvements located on the Premises, free and clear of all liens, except the lien of this Deed of Trust. In the event Net Proceeds shall be insufficient to repair, restore or rebuild the improvements, Mortgagor shall deposit with Mortgagee funds equaling such deficiency, which, together with the Net Proceeds, shall be sufficient to pay for restoration, repair and rebuilding the Premises. (d) A statement of Mortgagor's architect, certifying the extent of the repair and restoration completed to the date thereof, and that such repair, restoration and rebuilding have been performed to date in conformity with the plans and specifications that have been approved by Mortgagee, together with appropriate 16 Doc# 2675364\2