Common use of Mortgagee to Make Proceeds Available Clause in Contracts

Mortgagee to Make Proceeds Available. Notwithstanding the provisions of Sections 3-1 and 3-2 above, in the event of insured damage to the Mortgaged Premises or in the event of a taking by eminent domain of only a portion of the Mortgaged Premises, and provided that: (a) the portion remaining can with restoration or repair continue to be operated for the purposes utilized immediately prior to such damage or taking, (b) the appraised value of the Mortgaged Premises after such restoration or repair shall not have been reduced from the appraised value as of the date hereof, and (c) no Event of Default has occurred and is continuing beyond any applicable notice and cure period, and (d) the leases require Mortgagor to restore or repair the Mortgaged Premises and the leases remain in full force and effect and the tenants thereunder certify to Mortgagee their intention to remain in possession of the leased premises without any reduction in rental payments (other than temporary abatements during the period of restoration and repair); Mortgagee agrees to make the insurance proceeds or condemnation awards available for such restoration and repair, except for proceeds payable pursuant to Section 2-4(a)(iii). Mortgagee may, at its option, hold such proceeds or awards in escrow (subject to the following paragraph) until the required restoration and repair has been satisfactorily completed. No interest shall be payable to Mortgagor with respect to any such escrow. In the event insurance proceeds or condemnation awards are made available for restoration in accordance with the foregoing, such proceeds shall be made available, from time to time, upon Mortgagee being furnished with such information, documents, instruments and certificates as Mortgagee may require, including, but not limited to, satisfactory evidence of the estimated cost of completion of the repair or restoration of the Mortgaged Premises, such architect’s certificates, waivers of lien, contractor’s sworn statements and other evidence of cost and of payments, including, at the option of Mortgagee, insurance against mechanics’ liens and/or a performance bond or bonds in form satisfactory to Mortgagee, with premium fully prepaid, under the terms of which Mortgagee shall be either the sole or dual obligee, and which shall be written with such surety company or companies as may be satisfactory to Mortgagee, and all plans and specifications for such rebuilding or restoration which shall be subject to approval by Mortgagee. No payment made prior to the final completion of the work shall exceed ninety percent (90%) of the value of the work performed, from time to time, and at all times the undisbursed balance of said proceeds, plus additional funds deposited by Xxxxxxxxx remaining in the hands of Mortgagee shall be at least sufficient to pay for the cost of completion of the work free and clear of liens. Notwithstanding anything to the contrary set forth herein, provided Xxxxxxxxx is in compliance with the other conditions hereof, Xxxxxxxxx shall be entitled to compromise, settle, hold and administer insurance proceeds or condemnation awards of $250,000.00 or less with respect to the Mortgaged Premises.

Mortgagee to Make Proceeds Available. Notwithstanding the provisions of Sections 3-1 subsections 3.1 and 3-2 3.2 above, in the event of insured damage to the Mortgaged Premises or in the event of a taking by eminent domain of only a portion of the Mortgaged Premises, and provided that: (a) the portion remaining can with restoration or repair continue to be operated for the purposes utilized immediately prior to such damage or taking, (b) the appraised value of the Mortgaged Premises after such restoration or repair shall not have been reduced from the appraised value as of the date hereof, and (c) no Event of Default has occurred and is continuing beyond any applicable notice and cure periodexists hereunder, and (d) the leases require Mortgagor to restore or repair the Mortgaged Premises and the leases remain in full force and effect and the tenants thereunder certify to Mortgagee their intention to remain in possession of the leased premises without any reduction in rental payments (other than temporary abatements during the period of restoration and repair); Mortgagee agrees to make the insurance proceeds or condemnation awards available for such restoration and repair, except for proceeds payable pursuant to Section 2-4(a)(iiisubsection 2.4(a)(iii). Mortgagee may, at its option, hold such proceeds or awards in escrow (subject to the following paragraph) until the required restoration and repair has been satisfactorily completed, and all costs and expenses incurred by Mortgagee in administering the same, including without limitation any costs of inspection, shall be paid or reimbursed by Mortgagor. No interest shall be payable to Mortgagor with respect to any such escrow. In the event insurance proceeds or condemnation awards are made available for restoration in accordance with the foregoing, such proceeds shall be made available, from time to time, upon Mortgagee being furnished with such information, documents, instruments and certificates as Mortgagee may require, including, but not limited to, satisfactory evidence of the estimated cost of completion of the repair or restoration of the Mortgaged Premises, such architect’s certificates, waivers of lien, contractor’s sworn statements and other evidence of cost and of payments, including, at the option of Mortgagee, insurance against mechanics’ liens and/or a performance bond or bonds in form satisfactory to Mortgagee, with premium fully prepaid, under the terms of which Mortgagee shall be either the sole or dual obligee, and which shall be written with such surety company or companies as may be satisfactory to Mortgagee, and all plans and specifications for such rebuilding or restoration which shall be subject to approval by Mortgagee. No payment made prior to the final completion of the work shall exceed ninety percent (90%) of the value of the work performed, from time to time, and at all times the undisbursed balance of said proceeds, plus additional funds deposited by Xxxxxxxxx Mortgagor remaining in the hands of Mortgagee shall be at least sufficient to pay for the cost of completion of the work free and clear of liens. Notwithstanding anything to the contrary set forth herein, provided Xxxxxxxxx is in compliance with the other conditions hereof, Xxxxxxxxx shall be entitled to compromise, settle, hold and administer insurance proceeds or condemnation awards of $250,000.00 or less with respect to the Mortgaged Premises.

Mortgagee to Make Proceeds Available. Notwithstanding the provisions of Sections 3-1 and 3-2 above, in In the event of an insured damage casualty to the Mortgaged Premises improvements (“Casualty”) or in a Condemnation, the Mortgagee agrees to make the proceeds payable from such event of a taking by eminent domain of only a portion of (“Proceeds”) available to the Mortgaged Premises, and provided that: (a) the portion remaining can with restoration or repair continue to of the Improvements under the following conditions: 1. The Premises can be operated for the purposes utilized immediately restored in its condition and useable square footage as existed prior to such damage Casualty or takingCondemnation and a complete architectural unit with the same use pursuant to plans and specifications acceptable to Mortgagee and the same value after restoration as that prior to the Casualty or Condemnation and the ratio of net operating income to debt service payment from the Premises after restoration is at least equal to that which existed on the date of this Mortgage. 2. Mortgagor shall provide a sworn construction statement itemizing the full cost of restoration. 3. The Proceeds are sufficient to complete such repair or restoration or the Mortgagor deposits with Mortgagee prior to commencing repair or restoration such amount as is necessary to assure completion. 4. Disbursement of Proceeds shall be made not more frequently than once a month for restoration work completed and in place pursuant to prudent construction lending procedures as reasonably determined by Mortgagee including (i) a retainage of ten (10%) percent of the disbursement requested, (bii) the appraised value of the Mortgaged Premises after such restoration or repair shall not have been reduced from the appraised value as of the date hereofitemized draw requests approved by an inspector acceptable to Mortgagee, and (ciii) no Event lien waivers for the work done. At Mortgagee’s election, the Proceeds shall be disbursed through an escrow account established with the title insurer (“Title”) having issued the Mortgagee’s Title Insurance Policy. 5. The Proceeds shall be held by Mortgagee in an interest bearing account. All interest earned shall be considered as earnings of Default Mortgagor and shall be reported on Mortgagor’s tax returns and such interest earning shall be retained in the construction escrow account and disbursed in accordance with the terms of this Mortgage. 6. Mortgagee must receive adequate evidence at the time of disbursement that the cost of restoration has occurred been paid and shall be given such lien protection as Mortgagee and Title, if applicable, shall require including lien waivers and an endorsement to Mortgagee’s Title Insurance Policy. 7. No event of default shall exist at the time of such Casualty or Condemnation, or at any time a disbursement is continuing beyond required. If such event of default exists, the Proceeds may be applied by Lender in accordance with the loan documents. 8. The Mortgagor shall pay any applicable notice actual expenses Mortgagee incurs including any escrow expenses, any costs and cure period, expenses for title insurance and (d) any disbursement fees charged by Title. 9. All tenants of the leases require Mortgagor Premises certify to restore or repair the Mortgaged Premises and the Mortgagee that their leases remain in full force and effect and the tenants thereunder certify have not been canceled and agree to Mortgagee their intention to remain in continue possession of the leased premises Premises under the terms of their lease and reopen after completion of the repair or restoration without any reduction abatement or adjustment in rental payments (other than temporary abatements abatement during the period of restoration or repair which is fully insured by Rent Loss or Business Interruption Insurance). 10. If the Proceeds are due to a Condemnation, less than twenty-five percent (25%) of the Premises is taken, such Premises that is taken is located along the perimeter or periphery of the Premises, no portion of the building(s) or other improvements is located on such Premises and repair); Mortgagee agrees to make the insurance proceeds or condemnation awards available for such restoration and repair, except for proceeds payable pursuant to Section 2-4(a)(iii). Mortgagee may, at its option, hold such proceeds or awards in escrow (subject taking does not materially impair access to the following paragraph) until the required restoration and repair has been satisfactorily completedPremises. 11. No interest right to use Proceeds for restoration shall be payable applicable to Mortgagor with respect the last six (6) months prior to any such escrowthe Maturity Date. In the event insurance proceeds Any surplus which may remain after payment of all costs of restoration or condemnation awards are made available for restoration in accordance with the foregoing, such proceeds shall be made available, from time to time, upon Mortgagee being furnished with such information, documents, instruments and certificates as Mortgagee repair may require, including, but not limited to, satisfactory evidence of the estimated cost of completion of the repair or restoration of the Mortgaged Premises, such architect’s certificates, waivers of lien, contractor’s sworn statements and other evidence of cost and of payments, including, at the option of Mortgageethe Mortgagee be applied to the outstanding principal balance of the loan whether due or not, insurance against mechanics’ liens and/or a performance bond without application of any prepayment premium or bonds in form satisfactory to Mortgagee, with premium fully prepaid, under the terms of which Mortgagee shall be either returned to Mortgagor as its interest may appear, the sole or dual obligee, and which shall choice of application to be written with such surety company or companies as may be satisfactory to Mortgagee, and all plans and specifications for such rebuilding or restoration which shall be subject to approval by Mortgagee. No payment made prior to solely at the final completion discretion of the work shall exceed ninety percent (90%) of the value of the work performed, from time to time, and at all times the undisbursed balance of said proceeds, plus additional funds deposited by Xxxxxxxxx remaining in the hands of Mortgagee shall be at least sufficient to pay for the cost of completion of the work free and clear of liens. Notwithstanding anything to the contrary set forth herein, provided Xxxxxxxxx is in compliance with the other conditions hereof, Xxxxxxxxx shall be entitled to compromise, settle, hold and administer insurance proceeds or condemnation awards of $250,000.00 or less with respect to the Mortgaged PremisesMortgagee.

Mortgagee to Make Proceeds Available. Notwithstanding anything to the provisions of contrary in Sections 3-1 and 3-2 4.1 or 4.2 above, in the event of an insured damage casualty to the Mortgaged Premises improvements or in a condemnation ("Casualty") as the Mortgagee agrees to make the proceeds payable from such event of a taking by eminent domain of only a portion ("Proceeds") available to the restoration or repair of the Mortgaged Premises, and provided that: Improvements under the following conditions: (a) the portion remaining The Premises can with restoration or repair continue to be operated for the purposes utilized immediately restored in its condition and useable square footage as existed prior to such damage or taking, Casualty and a complete architectural unit with the same use pursuant to plans and specifications acceptable to Mortgagee and the same value after restoration as that prior to the Casualty and the ratio of net operating income to debt service payment from the Premises after restoration is at least equal to that which existed on the date of this Mortgage. (b) Mortgagor shall provide a sworn construction statement itemizing the appraised value full cost of restoration. (c) The Proceeds are sufficient to complete such repair or restoration or the Mortgagor deposits with Mortgagee prior to commencing repair or restoration such amount as is necessary to assure completion. (d) Disbursement of Proceeds shall be made not more frequently than once a month for restoration work completed and in place pursuant to prudent construction lending procedures as reasonably determined by Mortgagee including (i) a retainage of ten (10%) percent of the Mortgaged Premises after such restoration or repair shall not have been reduced from the appraised value as of the date hereofdisbursement requested, (ii) itemized draw requests approved by an inspector acceptable to Mortgagee, and (ciii) no Event lien waivers for the work done. At Mortgagee's election, the Proceeds shall be disbursed through an escrow account established with the title insurer ("Title") having issued the Mortgagee's Title Insurance Policy. (e) The Proceeds shall be held by Mortgagee in an interest bearing account. All interest earned shall be considered as earnings of Default Mortgagor and shall be reported on Mortgagor's tax returns and such interest earning shall be retained in the construction escrow account and disbursed in accordance with the terms of this Mortgage. (f) Mortgagee must receive adequate evidence at the time of disbursement that the cost of restoration has occurred been paid and shall be given such lien protection as Mortgagee and Title, if applicable, shall require including lien waivers and an endorsement to Mortgagee's Title Insurance Policy. (g) No event of default shall exist at the time of such casualty, or at any time a disbursement is continuing beyond required. If such event of default exists, the Proceeds may be applied by Lender in accordance with the loan documents. (h) The Mortgagor shall pay any applicable notice actual expenses Mortgagee incurs including any escrow expenses, any costs and cure period, expenses for title insurance and any disbursement fees charged by Title. (di) All tenants of the leases require Mortgagor Premises certify to restore or repair the Mortgaged Premises and the Mortgagee that their leases remain in full force and effect and the tenants thereunder certify have not been canceled and agree to Mortgagee their intention to remain in continue possession of the leased premises Premises under the terms of their lease and reopen after completion of the repair or restoration without any reduction abatement or adjustment in rental payments (other than temporary abatements abatement during the period of restoration and repairor repair which is fully insured by Rent Loss or Business Interruption Insurance); Mortgagee agrees . (j) No right to make the insurance proceeds or condemnation awards available use Proceeds for such restoration and repair, except for proceeds payable pursuant to Section 2-4(a)(iii). Mortgagee may, at its option, hold such proceeds or awards in escrow (subject shall be applicable to the following paragraphlast six (6) until months prior to the required Maturity Date. Any surplus which may remain after payment of all costs of restoration and or repair has been satisfactorily completed. No interest shall be payable to Mortgagor with respect to any such escrow. In the event insurance proceeds or condemnation awards are made available for restoration in accordance with the foregoing, such proceeds shall be made available, from time to time, upon Mortgagee being furnished with such information, documents, instruments and certificates as Mortgagee may require, including, but not limited to, satisfactory evidence of the estimated cost of completion of the repair or restoration of the Mortgaged Premises, such architect’s certificates, waivers of lien, contractor’s sworn statements and other evidence of cost and of payments, including, at the option of Mortgageethe Mortgagee be applied to the outstanding principal balance of the loan whether due or not, insurance against mechanics’ liens and/or a performance bond without application of any prepayment premium or bonds in form satisfactory to Mortgagee, with premium fully prepaid, under the terms of which Mortgagee shall be either returned to Mortgagor as its interest may appear, the sole or dual obligee, and which shall choice of application to be written with such surety company or companies as may be satisfactory to Mortgagee, and all plans and specifications for such rebuilding or restoration which shall be subject to approval by Mortgagee. No payment made prior to solely at the final completion discretion of the work shall exceed ninety percent Mortgagee. (90%k) As of the value date of commencement of the work performedrestoration, from time to time, the Mortgagor and at all times the undisbursed balance of said proceeds, plus additional funds deposited by Xxxxxxxxx remaining Premises must in the hands judgment of Mortgagee shall be at least sufficient to pay meet Mortgagee's then current underwriting standards for the cost loans of completion of the work free a similar type and clear of liens. Notwithstanding anything to the contrary set forth herein, provided Xxxxxxxxx is in compliance with the other conditions hereof, Xxxxxxxxx shall be entitled to compromise, settle, hold and administer insurance proceeds or condemnation awards of $250,000.00 or less with respect to the Mortgaged Premisessize.

Mortgagee to Make Proceeds Available. Notwithstanding the provisions of Sections 3-1 and 3-2 aboveforegoing, in the event of an insured damage casualty to the Mortgaged Premises or in (“Casualty”) such that the event of a taking by eminent domain of only a portion of the Mortgaged Premises, Buildings then located thereon have not been totally destroyed and provided that: may be repaired to their prior condition within six (a6) the portion remaining can with restoration or repair continue to be operated for the purposes utilized immediately prior to such damage or taking, (b) the appraised value of the Mortgaged Premises after such restoration or repair shall not have been reduced months from the appraised value as date of Casualty, but not later than the date hereofMaturity Date, and (c) no Mortgagee agrees, unless an Event of Default has occurred and is continuing beyond any applicable notice continuing, to make the proceeds payable from such event (“Insurance Proceeds”) available to the restoration or repair of such Improvements under the following conditions: (a) The Buildings can be restored to a complete architectural unit pursuant to plans and cure periodspecifications acceptable to Mortgagee so that such Buildings have the same use and, in the case of Casualty, the same value after restoration as that prior to the Casualty; (b) Mortgagor shall provide a sworn construction statement to Mortgagee itemizing the full cost of restoration and completion of the Buildings; (c) The Insurance Proceeds are sufficient to complete such repair or restoration or Mortgagor shall deposit with Mortgagee prior to commencing repair or restoration such amount as is necessary to assure completion; N:\PL\80714\80714-073\1257591.doc (d) the leases require Mortgagor to restore or repair the Mortgaged Premises and the leases remain in full force and effect and the tenants thereunder certify to Mortgagee their intention to remain in possession Disbursement of the leased premises without any reduction in rental payments (other than temporary abatements during the period of restoration and repair); Mortgagee agrees to make the insurance proceeds or condemnation awards available for such restoration and repair, except for proceeds payable pursuant to Section 2-4(a)(iii). Mortgagee may, at its option, hold such proceeds or awards in escrow (subject to the following paragraph) until the required restoration and repair has been satisfactorily completed. No interest shall be payable to Mortgagor with respect to any such escrow. In the event insurance proceeds or condemnation awards are made available for restoration in accordance with the foregoing, such proceeds Insurance Proceeds shall be made availablenot more frequently than once a month for restoration work completed and in place pursuant to prudent construction lending procedures as reasonably determined by Mortgagee, including, without limitation, (i) a retainage of ten (10%) percent of the disbursement requested, (ii) itemized draw requests approved by an inspector acceptable to Mortgagee and (iii) lien waivers for the work done at Mortgagee’s election the Insurance Proceeds shall be disbursed through an escrow account established with the title insurer having issued Mortgagee’s title insurance policy or another escrow account designated by Mortgagee; (e) The Insurance Proceeds shall be held by Mortgagee or a bank designated by Mortgagee without interest; (f) Mortgagor shall provide to Mortgagee adequate evidence at the time of each disbursement that the cost of restoration has been paid or will be paid from time to time, upon such disbursement and Mortgagee being furnished with shall be given such information, documents, instruments and certificates lien protection as Mortgagee may shall require, including, but not limited towithout limitation, satisfactory evidence lien waivers and an endorsement to Mortgagee’s title policy; (g) No Event of Default shall exist at the time of each disbursement of the estimated cost Insurance Proceeds; (h) Mortgagor shall pay any actual expense Mortgagee incurs, including, without limitation, any escrow expenses and any costs and expenses for title insurance; (i) Each tenant shall certify to Mortgagee that its Lease remains in effect and has not been canceled and agrees to continue possession of the Premises under the terms of its Lease after completion of the repair or restoration without any abatement or adjustment in rental payments; and (j) The loan-to-value requirements of Section 5.17 of the Mortgaged Premises, such architect’s certificates, waivers of lien, contractor’s sworn statements and other evidence of cost and of payments, including, at the option of Mortgagee, insurance against mechanics’ liens and/or a performance bond or bonds in form satisfactory Loan Agreement continue to Mortgagee, with premium fully prepaid, under the terms of which Mortgagee shall be either the sole or dual obligee, and which shall be written with such surety company or companies as may be satisfactory to Mortgagee, and all plans and specifications for such rebuilding or restoration which shall be subject to approval by Mortgageesatisfied. No payment made prior to the final completion of the work shall exceed ninety percent (90%) of the value of the work performed, from time to time, and at all times the undisbursed balance of said proceeds, plus additional funds deposited by Xxxxxxxxx remaining in the hands of Mortgagee shall be at least sufficient to pay for the cost of completion of the work free and clear of liens. Notwithstanding anything to the contrary set forth herein, provided Xxxxxxxxx is in compliance with the other conditions hereof, Xxxxxxxxx shall be entitled to compromise, settle, hold and administer insurance proceeds or condemnation awards of $250,000.00 or less with respect to the Mortgaged Premises.N:\PL\80714\80714-073\1257591.doc

Mortgagee to Make Proceeds Available. Notwithstanding the provisions of Sections 3-1 and 3-2 above, in the event of insured damage to the Mortgaged Premises or in the event of a taking by eminent domain of only a portion of the Mortgaged Premises, and provided that: (a) the portion remaining can with restoration or repair continue to be operated for the purposes utilized immediately prior to such damage or taking, (b) the appraised value of the Mortgaged Premises after such restoration or repair shall not have been reduced from the appraised value as of the date hereof, and (c) no Event of Default has occurred and is continuing beyond any applicable notice and cure periodexists hereunder, and (d) the leases require Mortgagor to restore or repair the Mortgaged Premises and the leases remain in full force and effect and the tenants thereunder certify to Mortgagee their intention to remain in possession of the leased premises without any reduction in rental payments (other than temporary abatements during the period of restoration and repair); Mortgagee agrees to make the insurance proceeds or condemnation awards available for such restoration and repair, except for proceeds payable pursuant to Section 2-4(a)(iii). Mortgagee may, at its option, hold such proceeds or awards in escrow (subject to the following paragraph) until the required restoration and repair has been satisfactorily completed, and all costs and expenses incurred by Mortgagee in administering the same, including without limitation any costs of inspection, shall be paid or reimbursed by Xxxxxxxxx. No interest shall be payable to Mortgagor with respect to any such escrow. In the event insurance proceeds or condemnation awards are made available for restoration in accordance with the foregoing, such proceeds shall be made available, from time to time, upon Mortgagee being furnished with such information, documents, instruments and certificates as Mortgagee may require, including, but not limited to, satisfactory evidence of the estimated cost of completion of the repair or restoration of the Mortgaged Premises, such architect’s certificates, waivers of lien, contractor’s sworn statements and other evidence of cost and of payments, including, at the option of Mortgagee, insurance against mechanics’ liens and/or a performance bond or bonds in form satisfactory to Mortgagee, with premium fully prepaid, under the terms of which Mortgagee shall be either the sole or dual obligee, and which shall be written with such surety company or companies as may be satisfactory to Mortgagee, and all plans and specifications for such rebuilding or restoration which shall be subject to approval by Mortgagee. No payment made prior to the final completion of the work shall exceed ninety percent (90%) of the value of the work performed, from time to time, and at all times the undisbursed balance of said proceeds, plus additional funds deposited by Xxxxxxxxx remaining in the hands of Mortgagee shall be at least sufficient to pay for the cost of completion of the work free and clear of liens. Notwithstanding anything to the contrary set forth herein, provided Xxxxxxxxx is in compliance with the other conditions hereof, Xxxxxxxxx shall be entitled to compromise, settle, hold and administer insurance proceeds or condemnation awards of $250,000.00 or less with respect to the Mortgaged Premises.

Mortgagee to Make Proceeds Available. Notwithstanding the provisions of Sections 3-1 and 3-2 above, in the event of insured damage to the Mortgaged Premises or in the event of a taking by eminent domain of only a portion of the Mortgaged Premises, and provided that: (a) the portion remaining can with restoration or repair continue to be operated for the purposes utilized immediately prior to such damage or taking, (b) the appraised value of the Mortgaged Premises after such restoration or repair shall not have been reduced from the appraised value as of the date hereof, and (c) no Event of Default has occurred and is continuing beyond any applicable notice and cure period, and (d) the leases require Mortgagor to restore or repair the Mortgaged Premises and the leases remain in full force and effect and the tenants thereunder certify to Mortgagee their intention to remain in possession of the leased premises without any reduction in rental payments (other than temporary abatements during the period of restoration and repair); , Mortgagee agrees to make the insurance proceeds or condemnation awards available for such restoration and repair, except for proceeds payable pursuant to Section 2-4(a)(iii). Mortgagee may, at its option, hold such proceeds or awards in escrow (subject to the following paragraph) until the required restoration and repair has been satisfactorily completed. No interest shall be payable to Mortgagor with respect to any such escrow. In the event insurance proceeds or condemnation awards are made available for restoration in accordance with the foregoing, such proceeds shall be made available, from time to time, upon Mortgagee being furnished with such information, documents, instruments and certificates as Mortgagee may require, including, but not limited to, satisfactory evidence of the estimated cost of completion of the repair or restoration of the Mortgaged Premises, such architect’s certificates, waivers of lien, contractor’s sworn statements and other evidence of cost and of payments, including, at the option of Mortgagee, insurance against mechanics’ liens and/or a performance bond or bonds in form satisfactory to Mortgagee, with premium fully prepaid, under the terms of which Mortgagee shall be either the sole or dual obligee, and which shall be written with such surety company or companies as may be satisfactory to Mortgagee, and all plans and specifications for such rebuilding or restoration which shall be subject to approval by Mortgagee. No payment made prior to the final completion of the work shall exceed ninety percent (90%) of the value of the work performed, from time to time, and at all times the undisbursed balance of said proceeds, plus additional funds deposited by Xxxxxxxxx remaining in the hands of Mortgagee shall be at least sufficient to pay for the cost of completion of the work free and clear of liens. Notwithstanding anything to the contrary set forth herein, provided Xxxxxxxxx is in compliance with the other conditions hereof, Xxxxxxxxx shall be entitled to compromise, settle, hold and administer insurance proceeds or condemnation awards of $250,000.00 or less with respect to the Mortgaged Premises.