ILLUMINATION FOUNDATION (40) - Laserfiche WebLink

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14.17 Restoration.Nothing in this Article 15 shall be construed to excuse Grantee from repairing and restoring all damage to the Property in accordance with other Grant Document provisions. 14.18 Condemnation; Treatment of Compensation. (a) Subject to any superior rights of Senior Lender, Grantee hereby assigns to the City, as security for all obligations to City secured by a lien on the Property, all amounts payable to Grantee in connection with any Condemnation, and any proceeds of any related settlement(collectively, "Compensation"). Subject to any superior rights of Senior Lender, Grantee shall deliver such remaining Compensation to City immediately 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 the Property not economically viable or if, in City's reasonable judgment Grantee's security is otherwise impaired, City may apply the Compensation received due to judgment or settlement in connection with any condemnation or other taking to repay the Grant. If so applied, any award in excess of the Grant repayment and other sums due to City shall be paid to Grantee or Grantee's assignee. City shall have no obligation to take any action in connection with any actual or threatened condemnation or other proceeding. (b) Notwithstanding the foregoing, as long as the value of City's liens are not impaired, any condemnation proceeds may be used by the Grantee for repair and/or restoration of the Project. 14.19 Waiver of Subrogation. Grantee hereby waives all rights to recover against the City (or any officer, employee, agent or representative of City) for any loss incurred by Grantee from any cause insured; provided, however, that this waiver of subrogation shall not be effective with respect to any insurance policy if the coverage thereunder would be materially reduced or impaired as a result. Grantee shall use its best efforts to obtain only policies that permit the foregoing waiver of subrogation. 15. DEFAULTS AND REMEDIES 15.1 Events of Default. Failure or delay by either party to perform any material term or provision of this Agreement within the time periods provided herein for such performance constitutes a default under the Agreement. If any party defaults in performance of its material obligations, covenants or agreements hereunder, the defaulting party shall be entitled to cure the default in accordance with this section. The injured party shall give written notice of default to the party in default, specifying the default complained of by the injured party. Delay in giving such notice shall not constitute a waiver of any default nor shall it change the time of default. Unless a specific time to cure is set forth below, the defaulting party must, within thirty (30) days following service of said written notice, commence to cure, correct or remedy such failure or delay and shall complete such cure, correction, or remedy with reasonable diligence, provided that any cure must occur within ninety (90) days, or such shorter time specified below. Without limitation, the occurrence of any of the following, whatever the reason therefore which is not cured, shall constitute an Event of Default by Grantee: