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EXHIBIT 3 fails to fulfill the Restoration Conditions within ninety (90) days (unless extended pursuant to Section I9.5) following the date on which the damage occurs, Lite Proceeds ~hall be applied by City against any obligations to City that arc secured by a lien un the Property, and the selection of which such obligations to apply the Proceeds against shall be made by City in their sole and absolute discretion, subject to the rights of a Senior Lender- 19.8 Reserved. 19-9 Condemnation: Treatment of Compensation. Subject to any superior tights of a Senior Lender, Developer hereby assigns to the City, as security for all obligations to City secured by a lien on the Property, all atnotmts payable to Developer in curmection with any Condemnation, and any prucceds of any rcla[ed settlement (collectively, "Compensation"). Subject to any superior rights of a Scnior Lender, Developer shall deliver such remaining Compensation to City promptly upon receipt- if the taking results in a loss of the Property to an extent that, in the reasonable opinion of City, renders or is likely to render [lie Property not ceonoolically viable or if, in City's reasonable judgment Developer's security is otherwise impaired, City may apply the Compensation received due to judgment or settlement in connection with any condentnatinn or other taking to reduce the tutpaid obligations secured in such order as City may determine, and without any adj«stnient in the arrrotmt or clue dates ol'payrnenls due under the Note. If su applied, any award in excess of dre unpaid balance of the Note anti other sums dire to City shall be paid to Developer or Developer's assignee. City shall have no obligation to take any action io connection with any actual or threatened condenlnatinn or wherproceeding - 19.9.1 Notwithstanding the foregoing, as long as the value of City's liens are not impaired, any condemnation proceeds may be used by the Borrower for repair and/or restoration of the Project- 19.10 Waiver of Suhronation. Developer hereby waives all rights to rep over against the City (Orally officer, employee, agent or represelttalive of the City) for any loss incurred by Dcvcloper from any cause insured against or required by any Loan Document, to be insured against; provided, however, that this waiver of subrogation shall not be effective with respecl to any insurance policy if the coverage thereunder would be materially reduced or impaired as a result. Developer shall use ils best efforts to obtain only policies which permit the foregoing waiver of subrogation. 20- DLFAU1,FSANI)12EMEMES '0.1 Events of Default. The occurrence of any of [hc tbllowing, whatever the reason therefore, shall coostinrtc an F.vent of Default by Dcvcloper: (a) Developer flits to make any payment of principal or interest wtdcr the. City Loan Note when due, and such failure is not cared within fifteen (15) Business Days alter Developer's receipt of written notice that such paytncm was not received when due; City Council 41 21 — 45 4/20/2021