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24.6 Method, of Disbursement and Undisbursed Funds. <br />Any Proceeds and Shortfalt Funds to be disbursed to D(avclopea shall be held by City and <br />abslnu•sed in accordance with then customary disbursement procedures and related provisions;. <br />Any annaunts reanuaiuing undisbnarsed following, completion of such restoration shall be returned. <br />to Developer up trt) the amount of any Shortfall . Funds deposited by Developer, and any other <br />amounts rematnhig shall either be paid to Developer or .applied by t:i,ly againsl ally obligations to <br />City That are scoured by a Hen on the Properly, as they elects in their sale and absolute discretion. <br />24.7 Failure to Satisfy Conditions. Ito the event that Developer- <br />fails to fulfill the Restoration Conditions itions Within ninety (90) days (unless extended pursuant to <br />Section 19.5) following the elate an wwbich the damage occurs, the Procced's shall be applied by <br />City ag4im t any obligations to City that are secured by a lien inn the Property, and the selection <br />of which such obligations to apply the Proceeds against shall be made by City un their sore and <br />absolnta discretion,. <br />24.8 Restoration. Northing, in this Article 19 shall be <br />construed to cwcuse Developer from rep,nrin,g and restoring all damage to die Propenly in <br />accaudatnec with anther Lattrn l7acuanuetut prt °ewrsaonv, regardless ofwhelhQr insurance pnxaceeets are <br />available or sufficient <br />24.9 C'ondcaranation "l reatment of Compensation <br />Srubpect to ally superior rights of Senior Lender, Developer hereby assigns to the City, as security <br />for all obligations to City secured by a hen on the Property, all urnrt'suunts payahle to Devcloper in <br />connection Mth at,y Condemnation, and any proceeds ol'an y related settlemernt, (collectively, <br />"Compensation"), Snbjcct to any vuperior rights at Senior Lender, Developer shall deliver such <br />remurnitng Compensation to City immediately upon receipt. If the taking, results in a loss of tine <br />Property to an ewtetnt that, In the reasonable opinion of City, renders or is 'likely to render the <br />Property not economically viable or if, in C'rty's reasonablejudgrneatl Devulopur's security is <br />otherwise impaired, City may apply the Compensation mpensaticnn received due to judgment or scttternent in <br />cornnectiotr with ally Condemnation or other talking to reduce the unpaid obligations secured in <br />such ornda;r a,, Oly may determine, and wwtut:hnut any adjustment in the amount or due dwers of <br />payments due under the Notc. If so applied, any award in excess of the unpaid halancc of'1`he <br />Note and other sums title to City shalt be paid it Developer or l:3evelaper "s assignee. City shall <br />have no obligation to flake any actuary for comneclioun wwrtb any actual or threatened condeunnati.orrn <br />OV Other proceeding. <br />24.9,1 Natww ithstandnng the foregoing, as tong as the value ol'City's lrenw are not <br />impaired, any condemnation proceeds nnay be used by the Borrower for repaii aund /ter uestoration. <br />Cif (lie Project. <br />24.10 Wittve r of Subrogation. Developer hereby,,vaives all rights to <br />recover against the City (sin ally oftieer, euzrployec, agent ar representative of the City) for any <br />lass inclined by Developer front any cause insured against or rcalurreaf by any Loan Document, <br />13 <br />25H -79 <br />