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undisbursed following completion of such restoration shall be returned to Developer up to the <br />amount of any Shortfall Funds deposited by Developer, and any other amounts remaining shall either <br />be paid to Developer or applied by Agency/City against any obligations to Agency/City that are <br />secured by a lien on the Property, as they elect in their sole and absolute discretion. <br />1907. Failure to Satisfy Conditions. In the event that Developer fails to fulfill the <br />Restoration Conditions within ninety (90) days (unless extended pursuant to Section 1905) following <br />the date on which the damage occurs, the Proceeds shall be applied by Agency/City against any <br />obligations to Agency/City that are secured by a lien on the Property, and the selection of which such <br />obligations to apply the Proceeds against shall be made by Agency/City in their sole and absolute <br />discretion. <br />1908. Restoration. Nothing in this Article 1900 shall be construed to excuse Developer <br />from repairing and restoring all damage to the Property in accordance with other Loan Document <br />provisions, regardless of whether insurance proceeds are available or sufficient. <br />1909. Condemnation; Treatment of Compensation. Subject to any superior rights of <br />Senior Lender, Developer hereby assigns to the Agency and City, as security for all obligations to <br />Agency or City secured by a lien on the Property, all amounts payable to Developer in connection <br />with any condemnation, and any proceeds of any related settlement (collectively, "Compensation"). <br />Subject to any superior rights of Senior Lender, Developer shall deliver such remaining <br />Compensation to Agency/City immediately upon receipt. If the taking results in a loss of the <br />Property to an extent that, in the reasonable opinion of Agency/City, such taking renders or is likely <br />to render the Property not economically viable or if, in Agency/City's reasonable judgment <br />Developer's security is otherwise impaired, Agency/City may apply the Compensation received due <br />to judgment or settlement in connection with any condemnation or other taking to reduce the unpaid <br />obligations secured in such order as Agency/City may determine, and without any adjustment in the <br />amount or due dates of payments due under the Note. If so applied, any award in excess of the <br />unpaid balance of the Note and other sums due to Agency/City shall be paid to Developer or <br />Developer's assignee. Agency/City shall have no obligation to take any action in connection with <br />any actual or threatened condemnation or other proceeding. <br />(a) Notwithstanding the foregoing, as long as the value of Agency/City's <br />liens are not impaired, any condemnation proceeds may be used by the Developer for repair and/or <br />restoration of the Project. <br />(b) Nothwithstanding the foregoing, during the tax credit compliance <br />period for the Project, as determined under Section 42 of the Internal Revenue Code, any <br />condemnation proceeds may be used by the Developer for repair and/or restoration of the Project. <br />1910. Waiver of Subrogation. Developer hereby waives all rights to recover against the <br />Agency or the City (or any officer, employee, agent or representative of Agency or City) for any loss <br />incurred by Developer from any cause insured against or required by any Loan Document, to be <br />insured against; provided, however, that this waiver of subrogation shall not be effective with respect <br />to any insurance policy if the coverage thereunder would be materially reduced or impaired as a <br />result. Developer shall use its best efforts to obtain only policies which permit the foregoing waiver <br />of subrogation. <br />55 <br />25F-61