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EXHIBIT 2 <br /> policy described herein are paid to Grantee,Grantee shall,subject to any superior rights of the <br /> Senior Lender, deliver such proceeds to the City immediately upon receipt. <br /> 144.14 AVDlication of Casuaill Insurance Proceeds. Subject to any superior rights of <br /> the Senior Lender, any proceeds collected (the "Proceeds")under any casualty insurance policy <br /> described in this Agreement shall be disbursed to Grantee as provided below, but only upon , <br /> fulfillment of each of the following conditions (the "Restoration Conditions")within ninety(90) <br /> days (unless extended by mutual agreement of Grantee and City)following the occurrence of <br /> the receipt of the Proceeds: i <br /> (a) Grandee shall demonstrate to City's reasonable satisfaction that the <br /> Proceeds(together with amounts deposited by Grantee pursuant to subparagraph(b))will be <br /> adequate to repair the Improvements and to restore the fair market value of the Property,within <br /> a time period reasonably determined by City,to at least the value it had immediately prior to <br /> sustaining the damage. Such deinonstration shall include delivery to City of: (i)plans and <br /> specifications reasonably satisfactory to City;and, (h) a construction contract in form and <br /> content,and with a contractor,reasonably satisfactory to City, <br /> (b) To the extent that the Proceeds (together with all undisbursed Grant <br /> proceeds and any other financing proceeds available to the Grantee)are insufficient to <br /> accomplish the restoration required above, Grantee shall deliver to City funds(the"Shortfall <br /> Funds") in the amount of such shortfall, which funds shall be assigned to City as security:for <br /> Grantee's obligation hereunder and hold and disbursed in the same manner as the Proceeds; <br /> (c) Grantee shall execute;such documents as City reasonably requires to <br /> evidence and secure Grantee's obligation to use all amounts disbursed for the diligent I <br /> restoration of the Property; and, <br /> (d) No Event of Default shall remain uncured. <br /> 14.15 Method of Disbursement and Undisb rsed Funds. Any Proceeds and Shortfall <br /> 1+unds to be disbursed to Grantee shall be held by the Senior Lender if a Senior Loan is <br /> outstanding, and disbursed in accordance with the Senior Loan Documents or, if no Senior Loan, <br /> then held by the City and disbursed in accordance with the City's then customary disbursement <br /> procedures and related provisions, Any amounts remaining undisbursed following completion of <br /> such restoration shall be returned to Grantee up to the amount of any Shortfall Funds deposited <br /> by Grantee, and any other amounts remaining shall either be paid to Grantee or applied by the <br /> Senior Lender, or the City in the absence of a Senior Loan, as the case.may be against any <br /> obligations that are secured by a lien on the Property, as they elect in their sole and absolute <br /> discretion. <br /> 14.16 Failure to Satisfu Conditions. In the event that Grantee fails to fulfill the <br /> Restoration Conditions within one hundred and eighty(180)days (unless extended pursuant to <br /> Section 15.4)following the date Proceeds are received, the Proceeds shall be applied by City <br /> against any obligations to City that are secured by a lien on the Property, and the selection of <br /> which such obligations to apply the Proceeds against shall be made by City in its sole and <br /> absolute discre'tiom <br /> City Council 16 — 36 5/19/2026 <br /> i <br />