THE USE THEREOF AFTER THE RESTORATION WILL BE IN
COMPLIANCE WITH AND PERMITTED UNDER ALL APPLICABLE ZONING LAWS, ORDINANCES,
RULES AND REGULATIONS PROVIDED, HOWEVER, THAT COMPLIANCE WITH SUCH ZONING LAWS,
ORDINANCES, RULES AND REGULATIONS (INCLUDING, WITHOUT LIMITATION, PARKING
REQUIREMENTS) WILL NOT REQUIRE RESTORATION OF THE IMPROVEMENTS OR THE PROPERTY
TO A SIZE, CONDITION, OR CONFIGURATION MATERIALLY DIFFERENT THAN THAT WHICH
EXISTED IMMEDIATELY PRIOR TO SUCH CASUALTY OR TAKING;
(H)
THE RESTORATION SHALL BE DONE AND COMPLETED BY BORROWER IN AN
EXPEDITIOUS AND DILIGENT FASHION AND IN COMPLIANCE WITH ALL APPLICABLE
GOVERNMENTAL LAWS, RULES AND REGULATIONS (INCLUDING, WITHOUT LIMITATION, ALL
APPLICABLE ENVIRONMENTAL LAWS);
(I)
SUCH FIRE OR OTHER CASUALTY OR TAKING, AS APPLICABLE, DOES NOT
RESULT IN THE LOSS OF ACCESS TO THE PROPERTY OR THE RELATED IMPROVEMENTS;
(J)
THE DEBT SERVICE COVERAGE RATIO, AFTER GIVING EFFECT TO THE
RESTORATION, SHALL BE EQUAL TO OR GREATER THAN 1.20 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 SHOULD BE CONSISTENT
WITH RESTORATION BUDGETS OF SIMILAR OFFICE PROPERTIES THEN OWNED AND OPERATED BY
NATIONALLY RECOGNIZED OWNERS AND OPERATORS OF OFFICE PROPERTIES LOCATED IN THE
AREAS IN WHICH THE PROPERTY IS LOCATED; 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.
68
(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 TO BE PAID FOR OUT OF THE REQUESTED DISBURSEMENT IN
CONNECTION WITH THE RESTORATION HAVE BEEN PERFORMED, 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 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 THE CONTRACTORS, SUBCONTRACTORS