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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 a Senior <br />Lender. <br />19.8 Reserved. <br />19.9 Condemnation, Treatment of Compensation. Subject to any <br />superior rights of a Senior Lender, Developer hereby assigns to the City, as security for <br />all obligations to City secured by a lien on the Property, all amounts payable to <br />Developer in connection with any Condemnation, and any proceeds of any related <br />settlement (collectively, "Compensation"). Subject to any superior rights of a Senior <br />Lender, Developer shall deliver such remaining Compensation to City promptly upon <br />receipt. If the taking results in a loss of the Property to an extent that, in the reasonable <br />opinion of City, renders or is likely to render the Property not economically viable or if, <br />in City's reasonable judgment Developer's security is otherwise impaired, City may <br />apply the Compensation received due to judgment or settlement in connection with any <br />condemnation or other taking to reduce the unpaid obligations secured in such order as <br />City may determine, and without any adjustment in the amount or due dates of payments <br />due under the Note. If so applied, any award in excess of the unpaid balance of the Note <br />and other sums due to City shall be paid to Developer or Developer's assignee. City shall <br />have no obligation to take any action in connection with any actual or threatened <br />condemnation or other proceeding. <br />19.9.1 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 />19.10 Waiver 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 />(a) Developer fails to make any payment of principal or <br />interest under the City Loan Note when due, and such failure is not cured within fifteen <br />(15) Business Days after Developer's receipt of written notice that such payment was not <br />received when due; <br />41 <br />