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HomeMy WebLinkAbout2719 ' + part thereof may be released. Neither the application nor the release of any such amounts shnll cure or waive any ° ~ default. Provided Mortgagor is not in default hereunder (or if a default is not cured within the applicable cure perfod) and no event shall have occurred which with the passage of time or the giving of notice, or both, would result in a default. Mortgages agrees that it will receive and hold such proceeds in an escroW account and permit the same to be applied toward the restoration and reconstruction of the damaged Mortgaged Premises in accordance with the final approved plans and specifications sub~ect, however, to the following express conditio~s precedent: i. Such sums shall be and remain fully secured hereby; a nd ii. Mortgagee shall have approved the full restoration and reconstruction costs estimates obtained and supplied by Mortgagor, and Mortgagor shall have deposited ~with Mortgagee the difference, if any, ~ between the in surance proceeds received by : Mortgagee, and th~ balance of any available but und isbursed construct ion loan proceeds rema in ing and the approved restoration anc3 reconstruction cost, wh ich depos ited f unds shal l be expended f irst; and iii. All major tenants designated by Mortgagee shall have agieed in wr iting and be obligated to re-enter the same leased spaced under the same lease agreements as prior to the event qiving rise to the receipt of mortgage proceeds and iv. Suff icient time remains to matur ity to permit the restoration, reconstruction and repayment of the loan as herein contemplated; and j v. If such damage shall occur prior to the assignment of f the Note and this Mortgage to Crown Life Insurance ~ Company, Mortgagor shall obtain the written consent ~ of Crown Life Insurance Company to extent the time to ~ purchase the Note and the Mortgage pursuant to the . terms of a certain Buy-Sell Agreement among ~ Mortgagee, Mortgagor and such insurance company for a ~ sufficient period to permit the repair and ~ restoration af the Improvements. ~ Any advances of such insurance proceeds shall be made in the same manner and on the same conditions as advances under the Loan (hereinafter def ined Such insurance shall at all times be subject to Mortgagee's approval as to amount, company, form and expiration date. Upon exercise of any power of sale given in this I~ortgage or foreclosure hereof, or other acquisition of the premises or any part thereof by Mortgagee, y such policies shall become the absolute property of Mortgagee. ~ Such palicies shall contain an agreement by the insurer to give ~ Mortgagee at least thirty (3Q) days written notice prior to cancellation tnereof or l~ay~nent of any ~lai~n *_her~~~~:~~~~r. ~ . ~ . ~ ~ ~ ~ ~ ~ ; ~ ~ ~ ~ ~ P~~~ 271~ .