FUNDS FOR THE RESTORATION.
IF THE NET
RESTORATION FUNDS AFTER PAYMENT OF THE AFOREMENTIONED EXPENSES OF COLLECTION
SHALL BE INSUFFICIENT TO PAY THE ENTIRE COST OF THE RESTORATION, AS DETERMINED
IN ACCORDANCE WITH SECTION 11.1(D) HEREOF, THE TENANT SHALL CAUSE THE
CONDOMINIUM ASSOCIATION TO DEPOSIT THE AMOUNT OF SUCH SHORTFALL WITH DEPOSITARY
TO BE HELD AND DISBURSED BY DEPOSITARY IN THE SAME MANNER AS THE OTHER
RESTORATION FUNDS.
(B)
RETAINAGE OF RESTORATION FUNDS.
SUBJECT TO THE PROVISIONS OF
SECTION 11.3 HEREOF AND TO ANY PROVISIONS OF THE RECOGNIZED MORTGAGE MOST SENIOR
IN LIEN SETTING FORTH ADDITIONAL, MORE STRINGENT CONDITIONS FOR THE DISBURSEMENT
OF THE RESTORATION FUNDS OR THE RETAINAGE OF RESTORATION FUNDS NOT INCONSISTENT
HEREWITH, THE RESTORATION FUNDS SHALL BE PAID TO THE CONDOMINIUM ASSOCIATION IN
INSTALLMENTS AS THE RESTORATION PROGRESSES, LESS RETAINAGE EQUAL TO TEN PERCENT
(10%) UNTIL FIFTY PERCENT (50%) OF SUCH RESTORATION IS COMPLETED, AND FIVE
PERCENT (5%) UNTIL SUCH RESTORATION IS FULLY COMPLETED, UPON APPLICATION TO BE
SUBMITTED BY THE CONDOMINIUM ASSOCIATION, TO DEPOSITARY AND LANDLORD SHOWING THE
COST OF LABOR AND MATERIALS (I) PURCHASED AND DELIVERED TO THE PROPERTY FOR
INCORPORATION IN SUCH RESTORATION AND THAT SUCH MATERIALS HAVE BEEN INSURED BY
THE CONDOMINIUM ASSOCIATION (INCLUDING INSURANCE AGAINST VANDALISM, THEFT,
MALICIOUS MISCHIEF AND THE LIKE) FOR ONE HUNDRED PERCENT (100%) OF THE COST
THEREOF AND STORED AT A REASONABLY SECURE AND SAFE LOCATION AT THE PROPERTY, OR
(II) INCORPORATED THEREIN SINCE THE LAST PREVIOUS APPLICATION, AND DUE AND
PAYABLE OR PAID BY THE CONDOMINIUM ASSOCIATION.
THE DEPOSITARY SHALL RELEASE
THAT PORTION OF THE RETAINAGE APPLICABLE TO EACH TRADE UPON COMPLETION BY SUCH
TRADE OF ITS PORTION OF SUCH RESTORATION.
IF ANY VENDOR'S, MECHANIC'S,
LABORER'S OR MATERIALMAN'S LIEN IS FILED AGAINST THE PROPERTY OR ANY PART
THEREOF, OR IF ANY PUBLIC IMPROVEMENT LIEN RELATING TO THE RESTORATION IS
CREATED OR PERMITTED TO BE CREATED BY TENANT OR THE CONDOMINIUM ASSOCIATION, AS
THE CASE MAY BE, AND IS FILED AGAINST LANDLORD, OR ANY ASSETS OF LANDLORD, AND
IF SUCH LIEN IS NOT SATISFIED OR DISCHARGED (BY BONDING OR OTHERWISE) WITHIN
FORTY-FIVE (45) DAYS AFTER FILING OF THE LIEN, THE CONDOMINIUM ASSOCIATION SHALL
NOT BE ENTITLED TO RECEIVE ANY FURTHER INSTALLMENT UNTIL SUCH LIEN IS SATISFIED
OR DISCHARGED (BY BONDING OR OTHERWISE).
NOTWITHSTANDING THE FOREGOING, THE
EXISTENCE OF ANY SUCH LIEN SHALL NOT PRECLUDE THE CONDOMINIUM ASSOCIATION FROM
RECEIVING ANY INSTALLMENT OF RESTORATION FUNDS, PROVIDED SUCH LIEN WILL BE
DISCHARGED WITH FUNDS FROM SUCH INSTALLMENT.
98
(C)
BALANCE OF FUNDS.
UPON RECEIPT BY LANDLORD OF EVIDENCE
SATISFACTORY TO IT THAT THE RESTORATION HAS BEEN COMPLETED EXCEPT TO AN
IMMATERIAL EXTENT AND PAID FOR IN FULL AND THAT THERE ARE NO LIENS ON THE
PROPERTY AS A RESULT THEREOF AND UPON COMPLIANCE WITH ANY PROVISIONS OF THE
RECOGNIZED MORTGAGE MOST SENIOR IN LIEN PURSUANT TO SECTIONS 11.2(B) AND 11.3
HEREOF, THE BALANCE OF THE RESTORATION FUNDS SHALL BE PAID OVER TO THE
CONDOMINIUM ASSOCIATION.
LANDLORD SHALL RECOGNIZE ANY FULL OR PARTIAL
ASSIGNMENT BY THE CONDOMINIUM ASSOCIATION TO A