Common use of Borrower’s Obligation to Rebuild and Use of Proceeds Therefor Clause in Contracts

Borrower’s Obligation to Rebuild and Use of Proceeds Therefor. If Lender does not elect to or is not entitled to apply fire or casualty insurance proceeds to the indebtedness, as provided under Section 5.1 of this Agreement, Lender shall have the right (but not the obligation) to settle, collect and retain such proceeds, and after deduction of all expenses of collection and settlement, including attorneys' and adjusters' fees and expenses, to release the same to Borrower periodically provided that Borrower shall: (a) Expeditiously repair and restore all damage to the portion of the Project in question resulting from such fire or other casualty, including completion of the Construction if such fire or other casualty shall have occurred prior to completion, so that the Project will be completed in accordance with the Plans and Specifications; and (b) If the proceeds of fire or casualty insurance (and the undisbursed available Loan proceeds for Construction) are, in Lender's sole judgment, insufficient to complete the repair and restoration of the buildings, structures and other improvements constituting the Project, then Borrower shall promptly deposit with Lender the amount of such deficiency. Any request by Borrower for a disbursement by Lender of fire or casualty insurance proceeds and funds deposited by Borrower pursuant to this Section 5.2 and the disbursement thereof shall be conditioned upon Borrower's compliance with and satisfaction of the same conditions precedent as would be applicable in connection with construction loans made by institutional lenders for projects similar to the Project, including approval of plans and specifications submittal of evidence of completion, updated title insurance, lien waivers, and other customary safeguards.

Borrower’s Obligation to Rebuild and Use of Proceeds Therefor. If Lender does not elect to or is not entitled to apply fire or casualty insurance proceeds to the indebtedness, as provided under Section 5.1 of this Agreement, Lender shall have the right (but not the obligation) to settle, collect and retain such proceeds, and after deduction of all expenses of collection and settlement, including attorneys' attorney and adjusters' ’ fees and expenses, to release the same to Borrower periodically provided that Borrower shall: (a) i. Expeditiously repair and restore all damage to the portion of the Project in question resulting from such fire or other casualty, including completion of the Construction construction if such fire or other casualty shall have occurred prior to completion, so that the Project will be completed in accordance with the Plans plans and Specificationsspecifications therefor; and (b) ii. If the proceeds of fire or casualty insurance (and the undisbursed available Loan proceeds for Constructionconstruction) are, in Lender's ’s sole judgment, insufficient to complete the repair and restoration of the buildings, structures and other improvements constituting the Project, then Borrower shall promptly deposit with Lender the amount of such deficiency. Any request by Borrower for a disbursement by Lender of fire or casualty insurance proceeds and funds deposited by Borrower pursuant to this Section 5.2 and the disbursement thereof shall be conditioned upon Borrower's ’s compliance with and satisfaction of the same conditions precedent as would be applicable in connection with construction loans made by institutional lenders for projects similar to the Project, including approval of plans and specifications specifications, submittal of evidence of completion, updated title insurance, lien waivers, and other customary safeguards.

Borrower’s Obligation to Rebuild and Use of Proceeds Therefor. If Lender does not elect to or is not entitled to apply fire or casualty insurance proceeds to the indebtedness, as provided under Section 5.1 of this Agreement, Lender shall have the right (but not the obligation) to settle, collect and retain such proceeds, and after deduction of all expenses of collection and settlement, including attorneys' attorney and adjusters' fees and expenses, to release the same to Borrower periodically provided that Borrower shall: (a) Expeditiously repair and restore all damage to the portion of the Project in question resulting from such fire or other casualty, including completion of the Construction construction if such fire or other casualty shall have occurred prior to completion, so that the Project will be completed in accordance with the Plans plans and Specificationsspecifications therefor; and (b) If the proceeds of fire or casualty insurance (and the undisbursed available Loan proceeds for Constructionconstruction) are, in Lender's sole judgment, insufficient to complete the repair and restoration of the buildings, structures and other improvements constituting the Project, then Borrower shall promptly deposit with Lender the amount of such deficiency. Any request by Borrower for a disbursement by Lender of fire or casualty insurance proceeds and funds deposited by Borrower pursuant to this Section 5.2 and the disbursement thereof shall be conditioned upon Borrower's compliance with and satisfaction of the same conditions precedent as would be applicable in connection with construction loans made by institutional lenders for projects similar to the Project, including approval of plans and specifications specifications, submittal of evidence of completion, updated title insurance, lien waivers, and other customary safeguards.