|
the eoridermnation or other taking for public: or L1GU,raSi- pnuhtiC tine of" away pautaota of thlc
<br />Property (collectively, "Concicraanation "), €aml :,haul provide City with copies of all
<br />documents which pertain to any saaeh casualty or Condmirlaanon, N eloper shat] take all
<br />action reasonably required by City in connection doer- ewvi'th to protect the intc;rc,s4w of
<br />C)evetoper• andior• City, mww.I City shalt he caatifled (without reared to the adequacy cif'its
<br />SCCtarity) to participate in any action. Claim, aacdjuu;trncrat or proceedings aaracl to Ire:
<br />represented ttaercIn by CcrLrrascl rap` AS choice. DCVClolaer SAW11 rant settle, aOJUSt, or
<br />compromise any claim, action, ara6justment or ptoccedin,p without pricer written approval,
<br />which approvat shall not be unreasonably wviltalield or delaye(l.
<br />19.4 DelivcrX arl' Pra,)c cds to C1t , In the event t uaat,
<br />notwithstanding the "Iender's laws payable cnclorwernent" requirement set forth above, the
<br />proceeds of any e<rsualty insurance policy desct -N l herein ire paid to Developer,
<br />Developer shah], subject to any s, uperior rights of the Senior I.endeU, deliver such
<br />prarcCrXis tai the City inIMCCIMiCly Lrpcna receipt.
<br />19 -5 Allplicadmi ofC.asu alts Insurance Proceeds. Any
<br />proeec& collecteel (the, "Ilrocceck") under any casualty unsurwnCC policy dQsQribed in this
<br />Agra.,emaent shall he disbursed to Developer as provided below, but rattily uprocata f'ulfil1nierrd.
<br />o1 eaach of the following conditions (the. "Restoration Conditions ") wvithin ninety (90)
<br />drays (unlw~ss axtertded by uaaulUal agrcerncm of Developer and City) following the
<br />oL,curreUC ol'the (hil -rage Herr wvlmch the Proceeds are collected:
<br />(a) Devefope .0l a.lh demonstratc to City's 1 eaasonable
<br />a,0astaC6on that the Proceed', ([Ogdher With araroLMIS dCj)0SitCd by DeVdop)er pniSnalit to
<br />subparagraph (b)) "wild be a'adexpauate to rcp'sar -r thu Improvements Mid to reStot -C the 'fa.ir
<br />market value eat` the Property, within to +jai ycar.s (or such longer time periud reasonably
<br />cteterinined by City), to at least the value it had inaniediately prior to sustaining the
<br />d am agQ, Such demonstration shall incline dolivery to City of (i) plans aid specifications
<br />reasomabhy Saisfiactoty to City, alld (ii) a rehabititalrcm contract in Karoo and content, anal
<br />with as contractor, rc,asonably satisfatctoty to City,
<br />(b) To the extent llraai the Proceeds arc insu Iicient to
<br />arccorllplish the restorations t-CClctir d ,ahoWe, , Developer shall deliver to City (thQ
<br />"4hortfiall Funds ") ill the amount of' such shortfall, which funds shalt he assigned to City
<br />as security fior DcvclopQr's obligation berconclur mid held and clisborscd in the same
<br />rnaraater ati the Proceeds.
<br />(c) Dewcleaper shat] cseext10 satclti documents'M City rCCltuires tea
<br />ovideace and secure Developer's obtigation to use all amounts (lisbur:sed for the diligent
<br />restoration of tpie Property,
<br />(d) No F vie nt of I)e III ltt :shall remain Laa1C0U:5(1.
<br />19,6 Method of Disbur°senumt and Cludisbursed Funds.
<br />Any Proceed,, ami 5houtfaall. Funds to be disbui sed to Developer shall be hod by City anroil
<br />disbmw,, (l in aeeord<ance with ]lien vustojmm,y disbturserrucnt proeealures tarred r °clatesel.
<br />provisions. Any altatb Loral:. renaaalaanag undi.,bnu'SCCI I'OhMv'ing comtipletion of such resloratre)n.
<br />25H '
<br />-43
<br />
|