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evidence and secure Developer's obligation to use all amounts disbursed for the diligent <br />restoration of the Property. <br />(d) No Event of Default shall remain uncured. <br />24.6 Method of Disbursement and Undisbursed Funds <br />Subject to the rights of the Senior Lender, any Proceeds and Shortfall Funds to be disbursed to <br />Developer shall be held by City and disbursed in accordance with then customary disbursement <br />procedures and related provisions. Any amounts remaining undisbursed following completion of <br />such restoration shall be returned to Developer up to the amount of any Shortfall Funds <br />deposited by Developer, and any other amounts remaining shall either be paid to Developer or <br />applied by City against any obligations to City that are secured by a lien on the Property, as they <br />elects in their sole and absolute discretion. <br />24.7 Failure to Satisfy Conditions. In the event that Developer <br />fails to fulfill the Restoration Conditions within ninety (90) days (unless extended pursuant to <br />Section 24.5) following the date on which the damage occurs, the Proceeds shall be applied by <br />City against any obligations to City that are secured by a lien on the Property, and the selection <br />of which such obligations to apply the Proceeds against shall be made by City in their sole and <br />absolute discretion. <br />24.8 Restoration. Nothing in this Article 24 shall be <br />construed to excuse Developer from repairing and restoring all damage to the Property in <br />accordance with other Loan Document provisions, regardless of whether insurance proceeds are <br />available or sufficient. <br />24.9 Condemnation, Treatment of Compensation <br />Subject to any superior rights of Senior Lender, Developer hereby assigns to the City, as security <br />for all obligations to City secured by a lien on the Property, all amounts payable to Developer in <br />connection with any Condemnation, and any proceeds of any related settlement (collectively, <br />"Compensation"). Subject to any superior rights of Senior Lender, Developer shall deliver such <br />remaining Compensation 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 or is likely to render the <br />Property not economically viable or if, in City's reasonable judgment Developer's security is <br />otherwise impaired, subject to any City may apply the Compensation received due to judgment <br />or settlement in connection with any condemnation or other taking to reduce the unpaid <br />obligations secured in such order as 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 stuns due to City shall be paid to Developer or Developer's <br />assignee. City shall have no obligation to take any action in connection with any actual or <br />threatened condemnation or other proceeding. <br />24.9.1 Notwithstanding the foregoing, as long as the value of City's liens are not <br />impaired, any condemnation proceeds may be used by the Borrower for repair and/or restoration <br />of the Project. <br />13 <br />