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shall he a-ettarneel tar Developea° up to the amount of any Shortfall Funck deposited by <br />llewuloper, area any other aatnoannts remaining shall either be paid to Dewcloper or applied <br />by City against any obligations to City that are secturccl by a hen on the PrarpCrty, as they <br />elects in flu it scale; and absolatC datiCnetion. <br />1 M truilm -e to eS'atisfy Conditions, 'tax the event that Developer- <br />fiuils to fulfill the Restoration Conditions within ninety (90) drays (aaaaless externded <br />purstuannt to Section 19.5) 1"ollowing the date can which the daaraage occt r,.,, the Procccds <br />shall be, applied by City ag;aian.st any oblur ationa to City that are secwr,ed by a lien lira the <br />PI-operly, and the selection of which such obligations to apply the Proceeds against shall . <br />be made by City in their sole and absolute discretion. <br />19,8 Restoa•aution. Nothing in this ArtiCIC 19 shalt be <br />construed to excuse Developer- ffrrnaa repairing and r °estoling, all damage to the property in <br />accordance with other Loan 1-]trccarwnernt provisions, €cgar-dless rat wvhoher unaaraunce <br />larocceds arc a vaailaWc oa Saalticiernt. <br />19.9 C;'enrcicaunxtitaat;'I'reatnze apt of C"oan ensntion <br />`tiolaject to any superatnr rights ol'Scatioa [.ender, Developer hereby resigns to Ilse City, as <br />sucnrrty fen tat] obligations to City stewed by .a. Item on the Property. "alV aannotants pauyaable- <br />to Developer- irr connection with any Conctuennataon, and Fany proeeeds of any related <br />setticarwrrt (Co4ctively, "C'onnpeansstiou "). Sub cct to "any saupertea• rights of Sern or- <br />Lender, Developer- iliault deliver such rcm miring Compensation to Caty inrnnceliately upon <br />reeeipt. if the taking Ccsutt`i raa a t(oS of the Property to an extent that, in the reaa, inaabtc: <br />opinion of Oty, renders or, is likely to render, the Property not ceonoraaieally viable or it', <br />In City's 1a,asona1)1c Judgment Developer's scettuty is otherwise innptanecl. City Inay <br />apply thew C ornpeaasalicuan received cl re to Judgment or seUlenaeant ill connection with any <br />condeninaUon or rather taking to rCCfnCC the unpaid obhgaatiorns secured ill staela order as <br />City may determine, and without any adjustrnlernt ill the amount ear due elates of'pauynuernts <br />due trncica the Note Irso applicd, any award in excess of the tunpaid Ndancr- (if the Note <br />and other snags duc to City shall he paid to Developer err Developer- assignee. City shall <br />have no nbligati;ou to take: any action rat connection with any actual err dn'eatened <br />craradennnation air other proccuding. <br />19 9 1 NotwvathManding tine, foregoing, as lone as the vailue of'C'ity's liens at-c not <br />impaired, any condcnnnation proceeds may be riser] by flue P'tcnrrower for rcparr aandrar- <br />restor,ation orthe PI- oject. <br />Lot. V 0 Wativen of .S ubi-o gation. Developer hereby waives sill r rghts to <br />reeovea• against the ('ily (or any offiuct, employee, agent oa a Cprusentaative of the City) 161- <br />Lilly loss �incnrred by Developer from any Cause ntsarrual t�against oa teelui.red by any Loran <br />Docaunnent, to be insured against; provided, bowew er. that this waiver orsarlrorog.aliot) shal1 . <br />not be effective with icspcet to any inWanraJICC policy if the CarVCragc thcr<;aruder would be <br />matedally rcdoCett or uanitaired aas sa result tyCweloper s'Indt ruse r1'y best eTOOS to Obtain <br />only pOhcaes w hiclu perInnit the tearegta,ing %VaaiVer' ca['sabra.rgntion. <br />20. DEFALILTS AND REMEDIES <br />254 -44 <br />