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19.6 Method of Disbursement and Undisbursed Funds. Any Proceeds and <br />Shortfall Funds to be disbursed to Developer shall be held by City and disbursed in accordance <br />with then customary disbursement procedures and related provisions. Any amounts remaining <br />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 amounts remaining shall <br />either be paid to Developer or applied by City against any obligations to City that are secured by <br />alien on the Property, as they elect in their sole and absolute discretion. <br />19.7 Failure to 5atisfy Conditions. In the event that Developer fails to <br />fulfill the Restoration Conditions within one hundred twenty (120) days (unless extended <br />pursuant to Section 19.5) following the date on which the damage occurs, the Proceeds shall be <br />applied by City against any obligations to City that are secured by a lien on the Property, and the <br />selection of which such obligations to apply the Proceeds against shall be made by City in its <br />sole and absolute discretion. <br />19.8 Restoration. Nothing in this Article 19 shall be construed to excuse <br />Developer from repairing and restoring all damage to the Property in accordance with other Loan <br />Document provisions, regardless of whether insurance proceeds are available or sufficient. <br />19.9 Condemnation; Treatment of Compensation. Subject to any superior <br />rights of Senior Lender, Developer hereby assigns to the City, as security for all obligations to <br />City secured by a lien on the Property, all amounts payable to Developer in connection with any <br />Condemnation, and any proceeds of any related settlement (collectively, "Compensation"). <br />Subject to any superior rights of Senior Lender, Developer shall deliver such remaining <br />Compensation to City immediately upon receipt. If the taking results in a loss of the Property to <br />an extent that, in the reasonable opinion of City, renders or is likely to render the Property not <br />economically viable or if, in City's reasonable judgment Developer's security is otherwise <br />impaired, City may apply the Compensation received due to judgment or settlement in <br />connection with any condemnation or other taking to reduce the unpaid obligations secured in <br />such order as City may determine, and without any adjustment in the amount or due dates of <br />payments due under the Note. If so applied, any award in excess of the unpaid balance of the <br />Note and other sums due to City shall be paid to Developer or Developer's assignee. City shall <br />have no obligation to take any action in connection with any actual or threatened condemnation <br />or other proceeding. <br />19.9.1 Notwithstanding the foregoing, as long as the value of City's liens are not <br />impaired, any condemnation proceeds maybe used by the Developer for repair and/or restoration <br />of the Project. <br />19.9.2 Nothwithstanding the foregoing, during the tax credit compliance period for the <br />Project, as determined under Section 42 of the Internal Revenue Code, any condemnation <br />proceeds maybe used by the Developer for repair and/or restoration of the Project. <br />19.10 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 incurred <br />by Developer from any cause insured against or required by any Loan Document, to be insured <br />1076\O]\1333668.1 <br />35 <br />~ .,:: <br />