|
. .
<br /> f�wvr,
<br /> .,�
<br /> � ,.
<br /> ,
<br /> , . ' ,�; ' ° � °'„� ,
<br /> __ �.____.._ .,_�,.�..d.�,. _... - -- _ _ __.. .. - --_. . ..._ . .____... _
<br /> - - -- _ „ . � �•�=:�:
<br /> • ' ., .. ' � .. . �� � - .,. 'ql:�� '
<br /> . , .. .. .� . , - � . . Z� �i-
<br /> �7� �a�4s��
<br /> ;.�� .«� approvals shall be conditions precedent to release of the Insurance Proceeds as
<br /> � work progresses;
<br /> �r�
<br /> �s�'�� v�� The Trustor shall commence such work within 180 days after such ='
<br /> � ��) .yv='.
<br /> loss or damage and shall diligently pursue such work to completion;
<br /> . ;:=
<br /> � (viii) If loss or damage exceeds$100,000, each disbursement by the :;";�"
<br /> K Heneficiary of such Insurance Proceeds shall be fundeci subject to conditions and -�
<br /> r,
<br /> in accordance with reasonable disbursement procedures which a commercial '���_
<br /> � construction lender would typicaUy establish in the exercise of sound banking ��;n=�;
<br /> practices and shall be rnade only upon receipt of disburscment requests on an __
<br /> :.,� AIA G702/703 form(or similar form approved by the Bene�iciary) signed and -
<br /> certi�ed by the Trustor and Its architect and general contractor with appropriate �'
<br /> invofces, lien waivers and any other documents, instruments or items which may be �;;=-
<br /> reyutred by the Bene£iciary; and
<br /> .. F._�_
<br /> (ix) The Bene�ciary shall have a first lien and security interest in all �-
<br /> � building materials and completed repair and restoration work and in all fixtures '=
<br /> - a
<br /> . - � and cquipuiciii acyulicd wiih such Inaur�.nc�. Prac�eds��:bject to th� PP�IZILIP� _
<br />- :� Encuarsbrances, and the Trustor shall execute and deliver such mortgages, deeds of
<br /> i trust, securlty agreements, �nancing statements and other instruments as the
<br /> � �.,'� ' Beneficiary shall reasonably request to create, evidence, or perfect such lien and
<br /> � � . ':, securlty interest.
<br /> _���•
<br /> '�":;,�!;i;�. � ro 'de however, in the event that Tr�stor is required pursuant to a ground lease to so
<br /> -- ���y^� repair, restore and replace the Improvetuents, Equipment and Inventory damaged or
<br />-_ "�'�:;�::' , taken,Trustor shall not be required to satisfy the condirions set forth in Section 2.Sfe1(ii)
<br /> .-�'x,;��
<br /> _-mm.�.�� and Section 2.Sfe1(iiil.
<br />_ :,:��
<br /> -_�_.T-t.":�'"�,` -
<br />--�•�:���.:'`�, (t� In the event and ta the extent such Insurance Proceeds are not
<br /> --q"'°�� required to be made available to Trustnr to be used far the repair, resturation and _
<br /> -r..a!7r�Y
<br /> =:'��,•'�' r�nlacement of the Improvements, Equipment and Inventory for which a lass or _
<br /> _ =n��••""'�"' d�,m�ge has occurred, U!' ii�t�!� evPtit 4he Tcustor faiis to ti�mely make such -_
<br />_-=:���� elcction or having made such election fails to timely comply with or is otherwise - -_--
<br /> .-�:�::� unable to sarisfy thP terms and conditions set forth herein,upon five Business =-
<br />�-��,-ATi:-..�i� �.
<br /> ���„ Days prior notice to the Trustor, the Heneficiary shall be entitled without consent Y
<br /> _;_�y;��,,. : , � from the Trustor to apply such Insuraatce Proceeds, or tk�e balance thereof, at the
<br /> 4:�:'``�`;;;:. Beneficiary's option either (x) to the full or par4ial payment or prepayment of the ^;
<br /> :.,...�., f.
<br /> ;:=' " , Loan ObHgations in accordance with Section 2.7 of tk�e Loan Agreement, or (y} to ��,
<br /> � �, - 19
<br /> - t . -
<br /> . V:WNDSA1t{EILWOMLJM�SUNWFSIWIIBRASKA�RflVDO(.USHIDF.BD.� •
<br /> . �' '-
<br /> :,j.r.�''�4,
<br />- �� .
<br /> :=,
<br /> -- - _.,:
<br /> _--` `--�� - --
<br /> , �
<br /> �
<br /> .. I "'_'. _ _ _ _ ' �.. ..--•---.—^ G�i "
<br /> �,.....z"�i:i:1.�11..�d'�•'..___..—__"..__"�"'�_...r_._..._.___.' ' - _
<br /> ..._ . .. . .. , • c-•---- �•+Z}l�:i�c
<br /> . ..,.-. ..
<br />� �4�i-TX�....�s— -' - ........ . . . . . �:l�i�.'�da: -7f-
<br /> , . . . ' ' • � . � a
<br /> � . - ' - - - - .. -
<br /> , � , . 1
<br /> .. .. ,r , . � ..
<br /> .. . . . " �..1 _._. . __. -._ .�..-_1-_
<br />
|