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amounds of'insuraaoce ree)uired pursuant to tltrs Section, <br />24.3 Claims and Proceeding,, Developer shaall. give City iinmedtate ncttiee of <br />y i y y B f'tlrc Property, whether or not covered l y uuvuraaae�e, and of <br />any r�aaator•ral uasuaalt de's any "ofortrrso o' <br />t}ue initiation or thre^ateved initiation of "any preocceding for the corrdemnatlou or other tacking [or <br />public or eluasi -pubhe use of any Portion of the Property (c ollecdively, "Condemnation"), ), and <br />shalt providc City with copies of all doewanenls which pertain to any such casualty or <br />Condemnation. Developer sltaull take all action reasonably required by City in connection <br />therewith to protect the interests of Developer auad'or City, and City Shall bu entitled (without <br />regard to tile aaderlaaaacy of its security) to participate in any action, chaim, ad.lustr'aacrut or <br />proceeding and to be represented therein by counsel of its choice. Developer shall not settle, <br />aadJUSt, rare compromise any charm, aaoda`on, adjustment or prroc,eccling without prior written <br />approval, w�hicli appra,oval Shall not be unreasonably withheld or <br />24.4 Delivery of Proceeds to City. In the event that, notwithstanding the <br />"Ieruder's loss payahlc endorserraent" requirement set forth above, (lie proceeds of aany casualty <br />nasuranuu policy described hereiaa are paid to Developer, Developer shall, ,ubpect to any superior <br />rights of 1pae Senior header, deliver each )orocccds to the City rnanaediately upeora receipt. <br />24.5 Applicatirraa of Caasuadty 1nsuraance Proceeds. Any proceeds ca>lleued <br />(the "Proceeds") under any casually insurance policy described in dare; Agreement shall he <br />disbursed to Developcaa- as provided below, bunt only uPorr fidfillrraeni of each of' the fiolhowiroy <br />comltttvm (the Tt storation Conditions") within mnuty (90) days (awnless extended by rututar.aal <br />aagreemew of Developer and City) fcollowing the occurrence off the damage for which the <br />11roc.eeds are coilectc& <br />(a) Developer shtiall demonstrate to City's reasonable <br />satisfiaction dltut the Proceeds (together with amounts deposited by Developer pursuant to <br />subpamgraph (b)) will be adequate to repair the Improvement,,,, and to restore the fair anaarket <br />Value of the Property, within two years (or such longer time period reasonably determined by <br />City), to at 'least the value, it had nnrnediaotely prior to sustaining; tine damage Such demonstration <br />shall runclude delivery to City off (i) plans and speecificatiow,, reasonably 4wisfmo)ry to City, and <br />(ii) a aebabahtattoun contract in form and content.. and with a cmilruador, reasonably satisfactory to <br />City. <br />(b) To the extent that the Procceds ru'e iausuf`ficrent to <br />accomplish the iestoraatasoaa required above, , Developer ,halt deliveu to) City (the "Shortfall <br />Funds") in the amount of suola shortfal't, which funds shall be assigned to City as security for <br />Developer's obligation hereunder and held and disbursed rra the same rnatme r as the Proceeds° <br />(c) Developer shall exceute such deocumen'is as City requires to <br />evidcnee and secure Developers obligation to use adl aannournts disbursed for the chligent . <br />restoration of the Property. <br />(d) No f vetnf of Default shall remain uncureal. <br />112 <br />25H -78 <br />