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17,E Method of Disbursement and Undishur,"d Funds, Any <br />Proemls and Shortfall Funds to be disbursed to Developer shall be held by City And <br />disbursed in accordance with then customary disbursement procedures and related <br />provisions. Any amounts remaining undisbursed following completion of such restoration <br />shall he returned to Developer up to the amount of any Shortfall Funds deposited by <br />Developer, and any other amounts remaining shall either be paid to Developer or applied <br />by City against any obligations to City that are secured by 0 lien on the Property, as they <br />elects in their sole and absolute discretion, <br />17.7 Failury to Satisfy Conditions. In the event that Developer fails <br />to fulfill the Restoration Conditions within ninety (90) days (unless extended pursuant to <br />Section 17.5) 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 Propeny, <br />and the selection of which such obligations to apply the Proceeds against shall be made <br />by City in their sole and absolute discretion. <br />17,8 Restoration, Nothing in this Article 17 shall be construed to <br />excuse Developer From repairing and restoring all damage to (he Property in accordance <br />with other Loan Document provisions, regardless of whether insurance proceeds are <br />available or sufficient, <br />17.9 Condemnation; Treatment of Compensation, Subject to any <br />superior rights of Senior Lender, Developer hereby assigns to the City, m, security for all <br />obligations to City secured by a lien on the property, all amounts payable to Devetcpor in <br />connection with any Condenination, and any proceeds of any related settlement <br />(collectively, "Compensation"). Subject to any superior rights of Senior Lender, <br />Developer shall deliver such remaining Compensation to City immediately upon receipt, <br />If the taking results in a 109", Of the Property to an extent that, in the reasonable opinion of <br />City, Tenders or is likely to render the Property not economically viable or if, in City's <br />reasonable judgrrient Developer's security is otherwise, impaired, City may apply the <br />Compensation received due to jadgi-nent or settlement in connection with any <br />condemnation or other taking to reduce the unpaid obligations scoured in such order as <br />City may detcrinine, and without any adjustment in the arnount or due dates of payTnciits <br />due under the Note. If 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 />17.9,1 Notwithstanding the foregoing, as long as the value of City's Hems <br />arc not impaired, any condeinuation proceeds may be used by the Borrower for <br />repair andor restoration of the Project. <br />17.10 WalverofStibrog anon. Developer hereby waives all rights to <br />recover against the City (or any officer, eniploycc, 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 bc 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 />34 <br />25B-40 <br />