Common use of Restoration Following Fire and Other Casualty or Condemnation Clause in Contracts

Restoration Following Fire and Other Casualty or Condemnation. In the event of damage to any Site by reason of fire or other hazard or casualty, Borrower shall give prompt written notice thereof to Lender and shall proceed with reasonable diligence to perform repair, replacement and/or rebuilding work (hereinafter referred to as the “Work”) to restore the Site(s) to its condition prior to such damage in full compliance with all legal requirements. In the event of a taking by power of eminent domain or conveyance in lieu thereof (“condemnation”), if restoration is feasible as reasonably determined by Borrower and Lender, then Borrower shall proceed with reasonable diligence to perform such restoration (also referred to as the “Work”). Before commencing the Work with a cost in excess of the Loss Threshold, Borrower shall obtain the approval of Lender with respect to any plans and specifications and any material design or construction contracts, which approval shall not be unreasonably withheld, conditioned, or delayed, and thereafter Borrower shall perform the Work diligently and in good faith substantially in accordance with the approved plans and specifications and shall cause the lien free completion of such Work. Upon completion of the Work, Borrower shall deliver to Lender a reasonably acceptable survey, architect’s and/or engineer’s certificate, title endorsement, certificate of occupancy, and such other documentation as is reasonably required by Lender. If Lender shall have elected or, as provided in Section 13 hereof, is required to apply any insurance proceeds or condemnation awards toward repair or restoration of the Site(s), then Borrower shall enter into escrow/construction funding arrangements reasonably satisfactory to Lender prior to the disbursement of any proceeds.

Restoration Following Fire and Other Casualty or Condemnation. In the event of damage to any Site the Security by reason of fire or other hazard or casualty, Borrower shall give prompt written notice thereof to Lender and shall promptly proceed with reasonable diligence to perform repair, replacement and/or rebuilding work (hereinafter referred to as the “Work”) to restore the Site(s) Security to its condition prior to such damage damage, in full compliance with all legal requirements. In the event of a taking by power of eminent domain or conveyance in lieu thereof (each a “condemnationCondemnation”), Borrower shall give prompt written notice thereof to Lender and shall, if restoration is feasible as reasonably determined by Borrower and Lender, then Borrower shall promptly proceed with reasonable diligence to perform such restoration (also referred to as the “Work”). Before commencing the Work with a cost in excess of the Loss Thresholdany Work, Borrower Lender shall obtain the approval of Lender with respect to any have approved (x) all plans and specifications for any proposed restoration or repair, (y) the construction schedule, and any material design (z) the architect’s and general contractor’s contract for all restoration or construction contracts, which approval repair that exceeds $250,000.00 in the aggregate. Borrower shall not be unreasonably withheld, conditioned, or delayedcommence any of the Work until Borrower shall have complied with the above requirements, and thereafter Borrower shall perform the Work diligently and in good faith substantially in accordance with the approved plans and specifications and referred to herein. At Lender’s option, the net insurance proceeds shall cause the lien free completion of such Work. Upon completion of the Work, Borrower shall deliver be disbursed pursuant to Lender a reasonably construction escrow acceptable survey, architect’s and/or engineer’s certificate, title endorsement, certificate of occupancy, and such other documentation as is reasonably required by to Lender. If the above conditions are not satisfied as to application of insurance proceeds, and in any event as to Condemnation awards, Lender shall have elected orapply the same, after first deducting therefrom Lender’s expenses incurred in collecting the same, including but not limited to attorneys’ fees (including costs of paralegals), to the reduction of the Indebtedness, without a Prepayment Fee, or to payment of the restoration, repair, replacement or rebuilding of the Real Property that is damaged or destroyed in such manner as provided in Section 13 hereof, is required to apply any Lender may determine. Any application of insurance proceeds or condemnation awards toward repair Condemnation proceeds shall not extend or restoration postpone the due dates of the Site(s), then Borrower shall enter into escrow/construction funding arrangements reasonably satisfactory to Lender prior to monthly installments of principal and/or interest payable under the disbursement Note or change the amount of any proceedssuch installments.