COMPARABLE VALUE AND, TO THE EXTENT COMMERCIALLY
PRACTICABLE, OF SUBSTANTIALLY THE SAME CHARACTER AS PRIOR TO THE TAKING, ALL TO
BE EFFECTED IN ACCORDANCE WITH APPLICABLE LAW AND PLANS AND SPECIFICATIONS
REASONABLY APPROVED IN ADVANCE BY AGENT. BORROWER SHALL PAY ALL COSTS (AND IF
REQUIRED BY AGENT, BORROWER SHALL DEPOSIT THE TOTAL THEREOF WITH AGENT IN
ADVANCE) OF SUCH RESTORING, REPAIRING, REPLACING OR REBUILDING IN EXCESS OF THE
CONDEMNATION PROCEEDS MADE AVAILABLE PURSUANT TO THE TERMS HEREOF.
(B)
THE CONDEMNATION PROCEEDS HELD BY AGENT SHALL BE HELD IN AN ELIGIBLE
ACCOUNT AS PROVIDED IN SECTION 3.12(F) AND DISBURSED FROM TIME TO TIME AS THE
RESTORATION PROGRESSES UPON AGENT BEING FURNISHED WITH (1) EVIDENCE REASONABLY
SATISFACTORY TO IT (WHICH EVIDENCE MAY INCLUDE INSPECTION(S) OF THE WORK
PERFORMED) THAT THE RESTORATION, REPAIR, REPLACEMENT AND REBUILDING COVERED BY
THE DISBURSEMENT HAS BEEN COMPLETED IN ACCORDANCE WITH PLANS AND SPECIFICATIONS
APPROVED BY AGENT, (2) EVIDENCE REASONABLY SATISFACTORY TO IT OF THE ESTIMATED
COST OF COMPLETION OF THE RESTORATION, REPAIR, REPLACEMENT AND REBUILDING,
(3) FUNDS, OR, AT AGENT'S OPTION, ASSURANCES SATISFACTORY TO AGENT THAT SUCH
FUNDS ARE AVAILABLE AND SUFFICIENT IN ADDITION TO THE CONDEMNATION PROCEEDS TO
COMPLETE THE PROPOSED RESTORATION, REPAIR, REPLACEMENT AND REBUILDING, AND
(4) SUCH ARCHITECT'S CERTIFICATES, WAIVERS OF LIEN, CONTRACTOR'S SWORN
STATEMENTS, TITLE INSURANCE ENDORSEMENTS, BONDS AND OTHER EVIDENCES OF COST,
PAYMENT AND PERFORMANCE OF THE FOREGOING REPAIR, RESTORATION, REPLACEMENT OR
REBUILDING AS AGENT MAY REASONABLY REQUIRE AND APPROVE. AGENT MAY, IN ANY EVENT,
REQUIRE THAT ALL PLANS AND SPECIFICATIONS FOR SUCH RESTORATION, REPAIR,
REPLACEMENT AND REBUILDING BE SUBMITTED TO AND REASONABLY APPROVED BY AGENT
PRIOR TO COMMENCEMENT OF WORK. AGENT MAY RETAIN A CONSTRUCTION CONSULTANT TO
INSPECT SUCH WORK AND REVIEW ANY REQUEST BY BORROWER FOR PAYMENTS AND BORROWER
SHALL,
95
ON DEMAND BY AGENT, REIMBURSE AGENT FOR THE REASONABLE FEES AND DISBURSEMENTS OF
SUCH CONSULTANT. NO PAYMENT MADE PRIOR TO THE FINAL COMPLETION OF THE
RESTORATION, REPAIR, REPLACEMENT AND REBUILDING SHALL EXCEED NINETY PERCENT
(90%) OF THE HARD CONSTRUCTION COSTS VALUE OF THE CONSTRUCTION WORK PERFORMED
FROM TIME TO TIME (EXCEPT FOR RESTORATION WORK ON A TRADE BY TRADE BASIS OR ON
AN HOURLY BASIS FOR PROFESSIONAL SERVICES IN WHICH EVENT, PAYMENT MAY BE MADE IN
FULL UPON THE COMPLETION OF SUCH WORK); FUNDS OTHER THAN CONDEMNATION PROCEEDS
SHALL BE DISBURSED PRIOR TO DISBURSEMENT OF SUCH PROCEEDS; AND AT ALL TIMES, THE
UNDISBURSED BALANCE OF SUCH PROCEEDS REMAINING IN THE HANDS OF AGENT, TOGETHER
WITH FUNDS DEPOSITED FOR THAT PURPOSE OR IRREVOCABLY COMMITTED TO THE REPAYMENT
OF AGENT BY OR ON BEHALF OF BORROWER FOR THAT PURPOSE, SHALL BE AT LEAST
SUFFICIENT IN THE REASONABLE JUDGMENT OF AGENT TO PAY FOR THE COST OF COMPLETION
OF THE RESTORATION, REPAIR, REPLACEMENT OR REBUILDING, FREE AND CLEAR OF ALL
LIENS OR CLAIMS FOR LIEN. ANY SURPLUS WHICH MAY REMAIN OUT OF CONDEMNATION
PROCEEDS HELD BY AGENT AFTER PAYMENT OF SUCH COSTS OF RESTORATION, REPAIR,
REPLACEMENT OR REBUILDING SHALL BE PAID TO BORROWER SO LONG AS NO EVENT OF
DEFAULT HAS