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undisbursed following completion of such restoration shall be returned to Developer up to the <br />amount of any Shortfall Funds deposited by Developer, and any other amormts remaining shall either <br />be paid to Developer or applied by Agency/City against any obligations to Agency/City that are <br />secured by a lien on the Property, as they elect in their sole and absolre discretion. <br />1907. Tailure to Satisfy Conditions. In the event that Developer fails to fulfill the <br />Restoration Conditions within ninety (90) days (unless extended pursuant to Section 1905) following <br />the date on which the damage occurs, Che Proceeds shall be applied by Agency/City against any <br />obligations to Agency/City that are secw•ed by a lien on the Prope>~y~ and the selection of which such <br />obligations to apply the Proceeds against shall be made by Agency/City in their sole and absolute <br />discretion. <br />1908. Restoration. Nothing in this E <br />from repairing and restoring all damage to the <br />provisions, regardless of whether insurance proc <br />1909. Condemnation; Treatment of `C <br />Senior Lender, Developer hereby assigns to the . <br />Agency or City secured by a lien on; the. Propert; <br />with any condemnation, and any proceeds "of any <br />Subject to any superior rights oC'Senior Lf <br />Compensation to Agency/City immediately upo' <br />Property to an extent that, in the reasonableapini <br />to render the Property;, not ea~ngmically ~iqb: <br />Developer's security is,othcrwisdliripaired, Agep <br />to judgment or settlerrie~t Ln conncctigart with ariy` <br />obligations secured in sueh~.grder as Q~ency/City <br />amount or due dates of payri~ents, dRe iunder the <br />unpaid balance of the;No <br />Developer's assiguec "Agi <br />any actuahor threatened coS <br />(a) <br />liens are not impaired, any <br />restoration of the P'o.ject. <br />other <br />available or <br />strued to excuse Developer <br />with other Loan Document <br />Subject tas'~ity superior rights of <br />as security fo%,~11 obligations to <br />Dyable to Develoi~~t• in connection <br />tt (collectively, "Compensation"). <br />r shall deliver such remaining <br />eipt. if ;th$,,talcing results in a loss of the <br />Ageltcy/Cftysuch taking renders or is likely <br />rf,~ iu ;Agency/City's reasonable judgment <br />ty may"ap~ly the Compensation received due <br />emnation oi• other taking to reduce the unpaid <br />determine, and without any adjustment in the <br />>. if so applied, any award in excess of the <br />Agency/City shall be paid to Developer or <br />igation to fake any action in connection with <br />ti#iirg the foregoing, as long as the value of Agency/City's <br />proceeds may be used by the Developer for repair and/or <br />(b) NpLliwithstanding the foregoing, during the tax credit compliance <br />period for the Project, as determined undor Section 42 of the Internal Revenue Code, any <br />condemnation proceeds may be used by the Developer for repair and/or restoration of the Project. <br />1910. Waiver of Subrogation. Developer hereby waives all rights to recover againsC the <br />Agency or the City (or any officer, employee, agent or representative of Agency or City) for any loss <br />incurred by Developer from any cause insured against or required by any Loan Document, to be <br />insured against; provided, however, that this waiver of subrogation shall not be effective with respect <br />to any insurance policy if the coverage thereunder would be materially reduced or impaired as a <br />result. Developer shall use its best efforts to obtain only policies which permit the forogoing waiver <br />of subrogation. <br />55 <br />