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20.002498 condemnation award shall be insufficient to repair, restore and rebuild the Premises, Grantor has deposited with Beneficiary such amount of money which, together with the insurance proceeds or condemnation award, shall be sufficient to restore, repair and rebuild the Premises, as determined by Beneficiary in its sole discretion; and (iii) prior to each disbursement of any such proceeds held by Beneficiary in accordance with the terms of this paragraph 244 for the cost of any repair, restoration or rebuilding, Beneficiary shall be furnished with a statement of Beneficiary's architect (the cost of which shall be borne by Grantor), certifying the extent of the repair and restoration completed to the date thereof, and that such repairs, restoration, and rebuilding have been performed to date in conformity with the plans and specifications approved by Beneficiary and with all statutes, regulations or ordinances (including building and zoning ordinances) affecting the Premises; and Beneficiary shall be furnished with appropriate evidence of payment for labor or materials furnished to the Premises, and total or partial lien waivers substantiating such payments. (c) Prior to the payment or application of insurance proceeds or condemnation award to the repair, restoration or rebuilding of the improvements upon the Premises to the extent permitted in paragraph d or 7, as may be applicable, there shall have been delivered to Beneficiary the following: (i) a waiver of subrogation from any insurer with respect to Grantor or the then owner or other insured under the policy of insurance in question; and (ii) such plans and specifications, such payment and performance bonds and such insurance, in such amounts, issued by such company or companies and in such forms and substance, as are required by Beneficiary. (d) In the event Grantor shall fail to restore, repair or rebuild the improvements upon the Premises within a time deemed satisfactory by Beneficiary, then Beneficiary, at its option, may commence and perform all necessary acts to restore, repair or rebuild the said improvements for or on behalf of Grantor. In the event insurance proceeds or condemnation award shall exceed the amount necessary to complete the repair, restoration or rebuilding of the improvements upon the Premises, such excess shall be applied on account of the unpaid principal balance of the Loans irrespective of whether such balance is then due and payable. (e) In the event Grantor commences the repair or rebuilding of the improvements located on the Premises, but fails to comply with the conditions precedent to the payment or application of insurance proceeds set forth in this paragraph 24, or Grantor shall fail to restore, repair or rebuild the improvements upon the Premises within a time deemed satisfactory by Beneficiary, and if Beneficiary does not restore, repair or rebuild the said improvements as provided in subparagraph (d) above, then such failure shall constitute an Event of Default. 18