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EXHIBIT 3 <br />19.6 Failure to Satisfy Conditions. In the event that Developer <br />fails to fulfill the Restoration Conditions within ninety (90) days (unless extended <br />pursuant to Section 19.5) following the date on which the damage occurs, the Proceeds <br />shall be applied by City against any obligations to City 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 City in their sole and absolute discretion, subject to the rights of the Senior <br />Lender. <br />19.7 Reserved. <br />19.8 Condemnation; Treatment of Compensation. Subject to any <br />superior rights of Senior Lender, Developer hereby assigns to the <br />City, as security for all obligations to City secured by a lien on the <br />Property, all amounts payable to Developer in connection with any <br />Condemnation, and any proceeds of any related settlement <br />(collectively, "Compensation"). Subject to any superior rights of <br />Senior Lender, Developer shall deliver such remaining Compensation <br />to City immediately upon receipt. If the taking results in a loss of the <br />Property to an extent that, in the reasonable opinion of City, renders <br />or is likely to render the Property not economically viable or if, in <br />City's reasonable judgment Developer's security is otherwise <br />impaired, City may apply the Compensation received due to judgment <br />or settlement in connection with any condemnation or other taking to <br />reduce the unpaid obligations secured in such order as City may <br />determine, and without any adjustment in the amount or due dates of <br />payments due under the Note. If so applied, any award in excess of <br />the unpaid balance of the Note and other sums due to City shall be <br />paid to Developer or Developer's assignee. City shall have no <br />obligation to take any action in connection with any actual or <br />threatened condemnation or other proceeding. <br />19.8.1 Notwithstanding the foregoing, as long as the value of <br />City's liens are not impaired, any condemnation proceeds may be used by the Borrower <br />for repair and/or restoration of the Project. <br />19.9Waiver of Subrogation. Developer hereby waives all rights to <br />recover against the City (or any officer, employee, agent or representative of the City) for <br />any loss incurred by Developer from any cause insured against or required by any Loan <br />Document, to be insured against; provided, however, that this waiver of subrogation shall <br />not be effective with respect to any insurance policy if the coverage thereunder would be <br />materially reduced or impaired as a result. Developer shall use its best efforts to obtain <br />only policies which permit the foregoing waiver of subrogation. <br />20. DEFAULTS AND REMEDIES <br />20.1 Events of Default. The occurrence of any of the following, whatever the <br />reason therefore, shall constitute an Event of Default by Developer: <br />33 <br />80A-69 <br />