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<br />37 <br /> <br />(a) Developer shall demonstrate to Agency's reasonable <br />satisfaction that the Proceeds (together with amounts deposited by Developer pursuant to <br />subparagraph (b) and any undisbursed loan and tax credit proceeds available to the <br />Developer) will be adequate to repair the Improvements and to restore the fair market <br />value of the Property, within a time period reasonably determined by Agency and Senior <br />Lender, to at least the value it had immediately prior to sustaining the damage. Such <br />demonstration shall include delivery to Agency of (i) plans and specifications reasonably <br />satisfactory to Agency, and (ii) a construction contract in form and content, and with a <br />contractor, reasonably satisfactory to Agency. <br /> <br />(b) To the extent that the Proceeds (together with all <br />undisbursed Loan proceeds and any other financing proceeds available to the Developer) <br />are insufficient to accomplish the restoration required above, Developer shall deliver to <br />Agency funds (the "Shortfall Funds") in the amount of such shortfall, which funds shall <br />be assigned to Agency as security for Developer's obligation hereunder and held and <br />disbursed in the same manner as the Proceeds. <br /> <br />(c) Developer shall execute such documents as Agency <br />reasonably requires to evidence and secure Developer's obligation to use all amounts <br />disbursed for the diligent restoration of the Property. <br /> <br />(d) No Event of Default shall remain uncured. <br /> <br />19.6 Method of Disbursement and Undisbursed Funds. Any Proceeds and <br />Shortfall Funds to be disbursed to Developer shall be held by Agency and disbursed in <br />accordance with then customary disbursement procedures and related provisions. Any <br />amounts remaining undisbursed following completion of such restoration shall be <br />returned to Developer up to the amount of any Shortfall Funds deposited by Developer, <br />and any other amounts remaining shall either be paid to Developer or applied by Agency <br />against any obligations to Agency that are secured by a lien on the Property, as they elect <br />in their sole and absolute discretion. <br /> <br />19.7 Failure to Satisfy Conditions. In the event that Developer fails to fulfill <br />the Restoration Conditions within one hundred eighty (180) days (unless extended <br />pursuant to Section 19.5) following the date Proceeds are received, the Proceeds shall be <br />applied by Agency against any obligations to Agency that are secured by a lien on the <br />Property, and the selection of which such obligations to apply the Proceeds against shall <br />be made by Agency in its sole and absolute discretion. <br /> <br />19.8 Restoration. Nothing in this Section 19 shall be construed to excuse <br />Developer from repairing and restoring all damage to the Property in accordance with <br />other Loan Document provisions, regardless of whether insurance proceeds are available <br />or sufficient. <br /> <br />19.9 Condemnation; Treatment of Compensation. Subject to any <br />superior rights of Senior Lender, Developer hereby assigns to the Agency, as security for <br />all obligations to Agency secured by a lien on the Property, all amounts payable to <br />EXHIBIT 3 <br />3-47