Laserfiche WebLink
17.6 Method of Disbursement and Undisbursed Funds, Any <br />Proceeds 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 be 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 a lien on the Property, as they <br />elects in their sole and absolute discretion. <br />17.7 Failure 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 Property, <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 the 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, as security for all <br />obligations to City secured by a lien on the Property, all amounts payable to Developer in <br />connection with any Condemnation, 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 loss of the Property to an extent that, in the reasonable opinion of <br />City, renders or is likely to render the Property not economically viable or if, in City's <br />reasonable judgment Developer's security is otherwise impaired, City may apply the <br />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. 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 liens <br />are not impaired, any condermnation proceeds may be used by the Borrower for <br />repair and /or restoration of the Project. <br />17.10 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 />34 <br />