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iWa:11:111VA <br />customary disbursement procedures and related provisions. Any amounts remaining <br />undisbursed following completion of such restoration shall be returned to Developer up to <br />the amount of any Shortfall Funds deposited by Developer, and any other amounts <br />remaining shall either be paid to Developer or applied by the Senior Lender, or the City in <br />the absence of a Senior Loan, as the case may be against any obligations that are secured <br />by a lien on the Property, as they elect in their sole and absolute discretion. <br />15.6 Failure to Satisfy Conditions. In the event that Developer fails to fulfill <br />the Restoration Conditions within one hundred and eighty (180) days (unless extended <br />pursuant to Section 15.4) following the date Proceeds are received, the Proceeds shall be <br />applied by City against any obligations to City that are secured by a lien on the Property, <br />and the selection of which such obligations to apply the Proceeds against shall be made by <br />City in its sole and absolute discretion. <br />15.7 Restoration. Nothing in this Article 15 shall be construed to excuse <br />Developer from repairing and restoring all damage to the Property in accordance with other <br />Grant Document provisions. <br />15.8 Condemnation; Treatment of Compensation. Subject to any superior <br />rights of Senior Lender, Developer hereby assigns to the City, as security for all obligations <br />to City secured by a lien on the Property, all amounts payable to Developer in connection <br />with any Condemnation, and any proceeds of any related settlement (collectively, <br />"Compensation"). Subject to any superior rights of Senior Lender, Developer shall deliver <br />such remaining Compensation to City immediately upon receipt. If the taking results in a <br />loss of the Property to an extent that, in the reasonable opinion of City, renders or is likely <br />to render the Property not economically viable or if, in City's reasonable judgment <br />Developer's security is otherwise impaired, City may apply the Compensation received <br />due to judgment or settlement in connection with any condemnation or other taking to <br />repay the Grant. If so applied, any award in excess of the Grant repayment and other sums <br />due to City shall be paid to Developer or Developer's assignee. City shall have no <br />obligation to take any action in connection with any actual or threatened condemnation or <br />other proceeding. <br />15.8.1 Notwithstanding the foregoing, as long as the value of City's liens <br />are not impaired, any condemnation proceeds may be used by the Developer for repair <br />and/or restoration of the Project. <br />15.9 Waiver of Subrogation. Developer hereby waives all rights to recover <br />against the City (or any officer, employee, agent or representative of City) for any loss <br />incurred by Developer from any cause insured; provided, however, that this waiver of <br />subrogation shall not be effective with respect to any insurance policy if the coverage <br />thereunder would be materially reduced or impaired as a result. Developer shall use its <br />best efforts to obtain only policies that permit the foregoing waiver of subrogation. <br />25 <br />