PAYABLE TO GRANTOR FOR
INJURY OR DAMAGE TO THE PROPERTY.
GRANTOR SHALL, PROMPTLY UPON REQUEST OF
HOLDER, EXECUTE SUCH ADDITIONAL ASSIGNMENTS AND OTHER DOCUMENTS AS MAY BE
NECESSARY FROM TIME TO TIME TO PERMIT SUCH PARTICIPATION AND TO ENABLE HOLDER TO
COLLECT AND RECEIPT FOR ANY SUCH SUMS.
NEITHER HOLDER NOR LENDERS SHALL BE,
UNDER ANY CIRCUMSTANCES, LIABLE OR RESPONSIBLE FOR FAILURE TO COLLECT OR TO
EXERCISE DILIGENCE IN THE COLLECTION OF ANY SUCH SUM OR FOR FAILURE TO SEE TO
THE PROPER APPLICATION OF ANY AMOUNT PAID OVER TO GRANTOR.
HOLDER IS HEREBY
AUTHORIZED, IN ITS OWN NAME ON BEHALF OF ITSELF AND LENDERS OR IN GRANTOR'S
NAME, TO SETTLE OR COMPROMISE ANY CONDEMNATION CLAIM OR CAUSE OF ACTION, AND TO
EXECUTE AND DELIVER VALID ACQUITTANCES FOR, AND TO APPEAL FROM, ANY AWARD,
JUDGMENT OR DECREE ARISING FROM ANY SUCH CLAIM OR CAUSE OF ACTION.
ALL COSTS
AND EXPENSES (INCLUDING ATTORNEYS' FEES) INCURRED BY HOLDER OR LENDERS IN
CONNECTION WITH ANY CONDEMNATION SHALL BE A DEMAND OBLIGATION OWING BY GRANTOR
(WHICH GRANTOR HEREBY PROMISES TO PAY) TO HOLDER (FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF LENDERS, AS APPLICABLE) PURSUANT TO THIS DEED OF TRUST.
(I)
DAMAGES AND INSURANCE AND CONDEMNATION
PROCEEDS.
GRANTOR HEREBY ABSOLUTELY AND IRREVOCABLY ASSIGNS TO ADMINISTRATIVE
AGENT FOR THE RATABLE BENEFIT OF ITSELF AND LENDERS, AND AUTHORIZES THE PAYOR TO
PAY TO ADMINISTRATIVE AGENT OR ANY OTHER HOLDER, THE FOLLOWING CLAIMS, CAUSES OF
ACTION, AWARDS, PAYMENTS AND RIGHTS TO PAYMENT (COLLECTIVELY, "CLAIMS"):
ALL
AWARDS OF DAMAGES AND ALL OTHER COMPENSATION PAYABLE DIRECTLY OR INDIRECTLY
BECAUSE OF A CONDEMNATION, PROPOSED CONDEMNATION OR TAKING WHICH AFFECTS ANY
PART OF THE PROPERTY; ALL AWARDS AND OTHER CLAIMS ARISING OUT OF ANY WARRANTY
AFFECTING ANY PART OF THE PROPERTY OR FOR DAMAGE OR INJURY TO ANY PART OF THE
PROPERTY; ALL PROCEEDS OF ANY INSURANCE POLICIES PAYABLE BECAUSE OF LOSS
SUSTAINED TO ANY PART OF THE PROPERTY, WHETHER OR NOT SUCH INSURANCE POLICIES
ARE REQUIRED BY HOLDER, AND ALL INTEREST THAT MAY ACCRUE ON ANY OF THE
FOREGOING.
ALL PROCEEDS OF CLAIMS DESCRIBED IN THIS CLAUSE (I) SHALL BE PAYABLE
TO HOLDER AND SHALL BE APPLIED FIRST TO REIMBURSE HOLDER AND LENDERS FOR THEIR
COSTS AND EXPENSES OF RECOVERING SUCH PROCEEDS, INCLUDING ATTORNEYS' FEES.
UPON
SATISFACTION OF EACH OF THE FOLLOWING CONDITIONS, PROVIDED THAT NO DEFAULT
EXISTS, GRANTOR SHALL BE PERMITTED TO USE THE BALANCE OF THE PROCEEDS ("NET
CLAIMS PROCEEDS") TO PAY THE COSTS OF REPAIRING OR RECONSTRUCTING THE PROPERTY:
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(I)
HOLDER SHALL HAVE APPROVED THE PLANS AND
SPECIFICATIONS, CONSTRUCTION BUDGET, CONSTRUCTION SCHEDULE, CONTRACTOR,
ARCHITECT, ENGINEER AND PAYMENT AND PERFORMANCE BOND (IF REQUIRED BY HOLDER);
(II)
GRANTOR SHALL HAVE PRESENTED SUFFICIENT
EVIDENCE TO HOLDER THAT AFTER THE REPAIR OR RECONSTRUCTION, THE PROPERTY WILL BE
COMPLETELY RESTORED TO ITS USE, VALUE AND CONDITION IMMEDIATELY PRIOR TO THE
OCCURRENCE OF THE DAMAGE OR CONDEMNATION;
(III)
HOLDER SHALL HAVE DETERMINED THAT THE NET
CLAIMS PROCEEDS ARE SUFFICIENT TO PAY THE TOTAL COST OF THE REPAIR OR
RECONSTRUCTION, INCLUDING