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"lender's loss payable endorsement" requirement set forth above, the proceeds of any casualty <br />insurance policy described herein are paid to Developer, Developer shall, subject to any superior <br />rights of the Senior Lender, deliver such proceeds to the City immediately upon receipt. - <br />19.5 Application of Casualty Insurance Proceeds. Any proceeds collected <br />(the "Proceeds") under any casualty insurance policydescribed in this Agreement- shall be <br />disbursed to Developer as provided below, but only upon fulfillment of each of the following <br />conditions (the "Restoration Conditions") within ninety (90) days (unless extended -by -mutual <br />agreement of Developer and City) following the occurrence of the damage for which the <br />Proceeds are collected: <br />(a) Developer shall demonstrate to City's reasonable satisfaction . <br />that the Proceeds (together with amounts deposited by Developer pursuant tosubparagraph(b)) - <br />will be adequate to.repair the Improvements and to restore the fair market value of the Property, <br />within a time period reasonably determined by City, to at least the value it had immediately prior <br />to sustaining the damage. Such demonstration shall include delivery to City of (i) plans and <br />specifications reasonably satisfactory to City, and (ii) a construction contract in form and <br />content, and with a contractor, reasonably satisfactory to City. <br />(b) To the extent that the Proceeds are insufficient to accomplish the <br />restoration required above, Developer shall deliver to City funds (the "Shortfall Funds") in the . <br />amount of such shortfall, which funds shall be assigned. to City as security for Developer's <br />obligation hereunder and held and disbursed in the same manner as the Proceeds. <br />(c) Developer shall execute such documents as City requires to <br />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 />19.6 Method of Disbursement and Undisbursed Funds. Any Proceeds and <br />Shortfall Funds to be disbursed to Developer shall be held by City and disbursed in accordance , <br />with then customary disbursement procedures and related -provisions. Any amounts remaining - <br />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 <br />either be paid to Developer or applied by City against any obligations to City that are secured by . <br />a lien on the Property, as they elect in their sole and absolute discretion. <br />19.7 Failure to Satisfy Conditions. In the event that Developer fails to <br />fulfill the Restoration Conditions within one hundred eighty (180) days (unless extended <br />pursuant to Section 19.5) following the date on which the damage occurs, the Proceeds shall be <br />applied by City against any obligations to City that are secured by a lien on the Property, and the <br />selection of which such obligations to apply the Proceeds against shall be made by City in its <br />sole and absolute discretion. <br />19.8 Restoration. Nothing in this Section 19 shall be construed to excuse <br />34 <br />