(3) SUCH TIME AS MAY BE REQUIRED UNDER ALL APPLICABLE LEGAL REQUIREMENTS
IN ORDER TO REPAIR AND RESTORE THE PROPERTY TO THE CONDITION IT WAS IN
IMMEDIATELY PRIOR TO SUCH CASUALTY OR TO AS NEARLY AS POSSIBLE THE CONDITION IT
WAS IN IMMEDIATELY PRIOR TO SUCH CONDEMNATION, AS APPLICABLE, OR (4) THE
EXPIRATION OF THE INSURANCE COVERAGE REFERRED TO IN SECTION 6.1(A)(II) HEREOF;
(G)
THE PROPERTY AND THE USE THEREOF AFTER THE RESTORATION WILL BE IN
COMPLIANCE WITH AND PERMITTED UNDER ALL APPLICABLE LEGAL REQUIREMENTS;
(H)
THE RESTORATION SHALL BE DONE AND COMPLETED BY BORROWER IN AN
EXPEDITIOUS AND DILIGENT FASHION AND IN COMPLIANCE WITH ALL APPLICABLE LEGAL
REQUIREMENTS;
(I)
SUCH CASUALTY OR CONDEMNATION, AS APPLICABLE, DOES NOT RESULT IN
THE LOSS OF ACCESS TO THE PROPERTY OR THE IMPROVEMENTS;
(J)
THE DEBT SERVICE COVERAGE RATIO FOR THE PROPERTY, AFTER GIVING
EFFECT TO THE RESTORATION, SHALL BE EQUAL TO OR GREATER THAN 1.30 TO 1.0;
(K)
BORROWER SHALL DELIVER, OR CAUSE TO BE DELIVERED, TO LENDER A SIGNED
DETAILED BUDGET APPROVED IN WRITING BY BORROWER'S ARCHITECT OR ENGINEER STATING
THE ENTIRE COST OF COMPLETING THE RESTORATION, WHICH BUDGET SHALL BE APPROVED BY
LENDER, WHICH APPROVAL SHALL NOT BE UNREASONABLY WITHHELD; AND
(L)
THE NET PROCEEDS TOGETHER WITH ANY CASH OR CASH EQUIVALENT DEPOSITED
BY BORROWER WITH LENDER ARE SUFFICIENT IN LENDER'S DISCRETION TO COVER THE COST
OF THE RESTORATION.
(II)
THE NET PROCEEDS SHALL BE HELD BY LENDER IN AN
INTEREST-BEARING ACCOUNT AND, UNTIL DISBURSED IN ACCORDANCE WITH THE PROVISIONS
OF THIS SECTION 6.4(B), SHALL CONSTITUTE ADDITIONAL SECURITY FOR THE DEBT AND
OTHER OBLIGATIONS UNDER THE LOAN DOCUMENTS.
THE NET PROCEEDS SHALL BE DISBURSED
BY LENDER TO, OR AS DIRECTED BY, BORROWER FROM TIME TO TIME DURING THE COURSE OF
THE RESTORATION, UPON RECEIPT OF EVIDENCE SATISFACTORY TO LENDER THAT (A) ALL
MATERIALS INSTALLED AND WORK AND LABOR PERFORMED (EXCEPT TO THE EXTENT THAT THEY
ARE TO BE PAID FOR OUT OF THE REQUESTED DISBURSEMENT) IN CONNECTION WITH THE
RESTORATION HAVE BEEN PAID FOR IN FULL OR WILL BE PAID IN FULL UPON SUCH
DISBURSEMENT, AND (B) THERE EXIST NO NOTICES OF PENDENCY, STOP ORDERS,
MECHANIC'S OR MATERIALMAN'S LIENS OR NOTICES OF INTENTION TO FILE SAME, OR ANY
OTHER LIENS OR ENCUMBRANCES OF ANY NATURE WHATSOEVER ON THE PROPERTY WHICH HAVE
NOT EITHER BEEN FULLY BONDED TO
66
THE SATISFACTION OF LENDER AND DISCHARGED OF RECORD OR IN THE ALTERNATIVE FULLY
INSURED TO THE SATISFACTION OF LENDER BY THE TITLE COMPANY ISSUING THE TITLE
INSURANCE POLICY.
(III)
ALL PLANS AND SPECIFICATIONS REQUIRED IN CONNECTION
WITH THE RESTORATION, THE COST OF WHICH EXCEEDS THE RELEVANT RESTORATION
THRESHOLD, SHALL BE SUBJECT TO PRIOR REVIEW AND ACCEPTANCE IN ALL RESPECTS BY
LENDER AND BY AN INDEPENDENT CONSULTING ENGINEER SELECTED BY LENDER (THE
"CASUALTY CONSULTANT"), SUCH REVIEW AND ACCEPTANCE NOT TO BE UNREASONABLY
WITHHELD OR DELAYED.
LENDER SHALL HAVE THE USE OF THE PLANS AND SPECIFICATIONS
AND ALL PERMITS, LICENSES AND APPROVALS REQUIRED OR OBTAINED IN CONNECTION WITH
THE RESTORATION.
THE IDENTITY OF