Laserfiche WebLink
the type and amounts of insurance required pursuant to this section. <br />17.3 Claims and Proceedines. Developer shall give City immediate <br />notice of any material casualty to any portion of the Property, whether or not covered by <br />insurance, and of the initiation or threatened initiation of any proceeding for the <br />condemnation or other taking for public or quasi - public use of any portion of the Property <br />(collectively, "Condemnation "), and shall provide City with copies of all docurents <br />which pertain to any such casualty or Condemnation. Developer shall take all action <br />reasonably required by City in connection therewith to protect the interests of Developer <br />and /or City, and City shall be entitled (without regard to the adequacy of its security) to <br />participate in any action, claim, adjustment or proceeding and to be represented therein <br />by counsel of its choice. Developer shall not settle, adjust, or compromise any claim, <br />action, adjustment or proceeding without prior written approval, which approval shall not <br />be unreasonably withheld or delayed. <br />17.4 Delivery of Proceeds to City. In the event that, notwithstanding <br />the "lender's loss payable endorsement" requirement set forth above, the proceeds of any <br />casualty insurance policy described herein are paid to Developer, Developer shall, subject <br />to any superior rights of the Senior Lender, deliver such proceeds to the City immediately <br />upon receipt. <br />17.5 Application of Casualty Insurance Proceeds. Any proceeds <br />collected (the "Proceeds ") under any casualty insurance policy described in this <br />Agreement shall be disbursed to Developer as provided below, but only upon fulfillment <br />of each of the following conditions (the "Restoration Conditions ") within ninety (90) <br />days (unless extended by mutual agreement of Developer and City) following the <br />occurrence of the damage for which the Proceeds are collected: <br />(a) Developer shall demonstrate to City's reasonable <br />satisfaction that the Proceeds (together with amounts deposited by Developer pursuant to <br />subparagraph (b) will be adequate to repair the Improvements and to restore the fair <br />market value of the Property, within a time period reasonably determined by City, to at <br />least the value it had irmnediately prior to sustaining the damage. Such demonstration <br />shall include delivery to City of (i) plans and specifications reasonably satisfactory to <br />City, and (ii) a construction contract in form and content, and with a contractor, <br />reasonably satisfactory to City. <br />(b) To the extent that the Proceeds are insufficient to <br />accomplish the restoration required above, Developer shall deliver to City funds (the <br />"Shortfall Funds ") in the amount of such shortfall, which funds shall be assigned to City <br />as security for Developer's obligation hereunder and held and disbursed in the same <br />manner as the Proceeds. <br />(c) Developer shall execute such documents as City requires to <br />evidence and secure Developer's obligation to use all amounts disbursed for the diligent <br />restoration of the Property. <br />(d) No Event of Default shall remain uncured. <br />33 <br />