Common use of DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS Clause in Contracts

DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS. Any restoration or repair shall be done under the supervision of an architect acceptable to Mortgagee and pursuant to plans and specifications approved by Mortgagee. In any case where Mortgagee may elect to apply the proceeds to repair or restoration or permit Mortgagor to so apply the proceeds they shall be held by Mortgagee for such purposes and will from time to time be disbursed by Mortgagee to defray the costs of such restoration or repair under such safeguards and controls as Mortgagee may establish to assure completion in accordance with the approved plans and specifications and free of liens or claims. Mortgagor shall on demand deposit with Mortgagee any sums necessary to make up any deficits between the actual cost of the work and the proceeds and provide such lien waivers and completion bonds as Mortgagee may reasonably require. Any surplus which may remain after payment of all costs of restoration or repair may at the option of Mortgagee be applied on account of the Indebtedness then most remotely to be paid, whether due or not, without application of any prepayment premium or shall be returned to Mortgagor as its interest may appear, the choice of application to be solely at the discretion of Mortgagee.

DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS. Any restoration or repair shall be done under the supervision of an architect acceptable to Mortgagee Lender and pursuant to plans and specifications approved by Mortgageethe Lender. In any case where Mortgagee Lender may elect to apply the proceeds to repair or restoration or permit Mortgagor the Borrower to so apply the proceeds they shall be held by Mortgagee Lender for such purposes and will from time to time be disbursed by Mortgagee Lender to defray the costs of such restoration or repair under such safeguards and controls as Mortgagee Lender may establish to assure completion in accordance with the approved plans and specifications and free of liens or claims. Mortgagor Borrower shall on demand deposit with Mortgagee Lender any sums necessary to make up any deficits between the actual cost of the work and the proceeds and provide such lien waivers and completion bonds as Mortgagee Lender may reasonably require. Any surplus which may remain after payment of all costs of restoration or repair may at the option of Mortgagee the Lender be applied on account of the Indebtedness Secured Hereby then most remotely to be paid, whether due or not, without application of any prepayment premium or shall be returned to Mortgagor Borrower as its interest may appear, the choice of application to be solely at the discretion of MortgageeLender.

DISBURSEMENT OF INSURANCE AND CONDEMNATION PROCEEDS. Any restoration or repair shall be done under the supervision of an architect acceptable to Mortgagee Beneficiary and pursuant to plans and specifications approved by Mortgageethe Beneficiary. In any case where Mortgagee Beneficiary may elect to apply the proceeds to repair or restoration or permit Mortgagor the Grantor to so apply the proceeds they shall be held by Mortgagee Beneficiary for such purposes and will from time to time be disbursed by Mortgagee Beneficiary to defray the costs of such restoration or repair under such safeguards and controls as Mortgagee Beneficiary may establish to assure completion in accordance with the approved plans and specifications and free of liens or claims. Mortgagor Grantor shall on demand deposit with Mortgagee Beneficiary any sums necessary to make up any deficits between the actual cost of the work and the proceeds and provide such lien waivers and completion bonds as Mortgagee Beneficiary may reasonably require. Any surplus which may remain after payment of all costs of restoration or repair may at the option of Mortgagee the Beneficiary be applied on account of the Indebtedness Secured Hereby then most remotely to be paid, whether due or not, without application of any prepayment premium or shall be returned to Mortgagor Grantor as its interest may appear, the choice of application to be solely at the discretion of MortgageeBeneficiary.