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to as the "Architect") and shall be accompanied by the Architect's
signed estimate, bearing the Architect's seal, of the entire cost
of completing the Work; (ii) to the extent the work is non-
structural and complete plans and specifications are not required
by law, plans and specifications or schedules of renovations
prepared by Mortgagor; (iii) certified or photostatic copies of all
permits and approvals required by law in connection with the
commencement and conduct of the Work; and (iv) a guaranty of the
payment for and completion of the Work, or such other security as
is reasonably satisfactory to Mortgagee, which guaranty or other
security shall be in form and substance reasonably satisfactory to
~ Mortgagee, and shall be in an amount of not less than one hundred
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; ten percent (110%) of the Architect's estimate of the entire cost
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k of ccmpleting the work, less the amount of Proceed~, if any, then
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held by Mortgagee for application toward the cast of the Work.
~ (c) Except in the event of emergency, Mortgagor shall not
commence any of ~he Work until Mortgagor shall have complied with
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~ the applicable requirements referred to in Paragraph (b) of this
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~ Paragraph 28, which requirements shall be complied with as soon as
~ reasonably practicable, and, after commencing the Work, Mortgagor
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~ shall cause the Work to be performed diligently in a good and
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~ workmanlike manner and in gaod faith substantially in accordance
with the plans and specifications referred to in subparagraph (b)
of this Paragraph 28, if applicable.
(d) (i) Each casualty insurance policy shall provide that Che
° proceeds shall be paid and applied in accordance with the
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