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the type and arnounts of insurance required pursuant to this section 17.3 Claims and Proceedings, Developer shall give City immediate notice of any material casualty to any portion of the Property, whether or not covered by insurance, and of the initiation or threatened initiation of any proceeding for the condemnation or other taking for public or quasi - public use of any portion of the Property (collectively, "Condemnation "), and shall provide City with copies of all documents which pertain to any such casualty, or Condemnation. Developer shall lake all action reasonably required by City in connection therewith to protect the_inwrests of Developer andlor City, and City shall be entitled (without regard to the adequacy of its security) to participate in any action, claim, adjustment or proceeding and to be represented therein by counsel of its choice. Developer shall not settle, adjust, or compromise any Glaian, action, adjustment or proceeding; without prior written approval,.wbrcll approval shall not be unreasonably withheld or delayed. 17A Delivery of proceeds -ta City. In the event that, notwithstanding the "lender's loss payable endorsement" requirement set forth above, the proceeds of any casualty insurance policy described heroin are paid to Developer, Developer shall, subject to any superior rights of the Senior Lender, deliver such proceeds to the City immediately upon receipt. 17;5 Application of C asuelty Insurance proceeds. Any proceeds collected (the "Proceeds ") under any casualty" insurance, policy described in this Agreement shall be disbursed to Developer as provided below, but only upon fulfillment of eaoh of the following conditions (the "Restoration Conditions ") within ninety (90) days (unless extended by mutual agreement of Developer and City) roNwing' the occurrence of the damage "ICU wbichthe Proceeds are collected. (a) Developer shall derrionstmW to City's reasonable satisfaction that the proceeds (together with amounts deposited by Developer pursuant to subparagraph (b) will be adequate to repair tlae Improvements and to restore the fair market value or the Property, within a time period reasonably determined by City, to at least the value it had immediately, prior to sustaining the damage, Such demonstration shall 'include delivery to City of () plans and spocficatioas reasonably satisfactory to City, and (ii) a construction contract In farm and content, and with a contractor, reasonably satisfactory to City. (b) To the extent that the Proceeds are insufficient to accomplish the restoration required above, Developer shall deliver to City Rands (the "Shortfall Funds ") in the amount of such shortfall, which funds shall be assigned to City as security for Developer's obligation hereunder and held and disbursed in the same manner as the Proceeds, (c) Developer shall execute such documents as City requires to evidence and secure Devcloper`s obligation to use all aunounts ,disbursed for the diligent restoration of theProperty. (d) No Event of Default shall remain uncured. 33 25B -39