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Property, and the selection of which such obligations to apply the Proceeds against shall <br />be made by City in their sole and absolute discretion. <br />19.8 Restoration. Nothing in this Article 19 shall be <br />construed to excuse Developer from repairing and restoring all damage to the Property in <br />accordance with other Loan Document provisions, regardless of whether insurance <br />proceeds are available or sufficient. <br />19.9 Condemnation; Treatment of Compensation <br />Subject to any superior rights of Senior Lender, Developer hereby assigns to the City, as <br />security for all obligations to City secured by a lien on the Property, all amounts payable <br />to Developer in connection with any Condemnation, and any proceeds of any related <br />settlement (collectively, "Compensation "). Subject to any superior rights of Senior <br />Lender, Developer shall deliver such remaining Compensation to City immediately upon <br />receipt. If the taking results in a loss of the Property to an extent that, in the reasonable <br />opinion of City, renders or is likely to render the Property not economically viable or if, <br />in City's reasonable judgment Developer's security is otherwise impaired, City may <br />apply the Compensation received due to judgment or settlement in connection with any <br />condemnation or other taking to reduce the unpaid obligations secured in such order as <br />City may determine, and without any adjustment in the amount or due dates of payments <br />due under the Note. I£ so applied, any award in excess of the unpaid balance of the Note <br />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 <br />condemnation 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 may be used by the Borrower for repair and /or <br />restoration of the Project. <br />19.10 Waiver of Subrogation. Developer hereby waives all rights to <br />recover against the City (or any officer, employee, agent or representative of the City) for <br />any loss incurred by Developer from any cause insured against or required by any Loan <br />Document, to be insured against; provided, however, that this waiver of subrogation shall <br />not be effective with respect to any insurance policy if the coverage thereunder would be <br />materially reduced or impaired as a result. Developer shall use its best efforts to obtain <br />only policies which permit the foregoing waiver of subrogation. <br />20. DEFAULTS AND REMEDIES <br />20.1 Events of Default. The occurrence of any of the following, whatever the <br />reason therefore, shall constitute an Event of Default by Developer: <br />(a) Developer fails to make any payment of principal or <br />interest under the City Loan Note when due, and such failure is not cured within fifteen <br />(15) Business Days after Developer's receipt of written notice that such payment was not <br />received when due; <br />(b) Developer fails to perform any other obligation for the <br />36 <br />251 -42 <br />