Common use of Restoration of the Improvements Clause in Contracts

Restoration of the Improvements. In the event of ------------ ------------------------------- damage or destruction of the Improvements, or any part thereof, as a result of casualty, condemnation, taking or other cause, the Mortgagor shall give prompt written notice thereof to the Mortgagee and (except in the event of impossibility of restoration or repair in the event of condemnation or other taking), provided that the Mortgagee shall make available to the Mortgagor the insurance proceeds (if any) (or in the event of condemnation or taking, the award (if any) arising out of such condemnation or taking) recovered by the Mortgagee as herein provided, the Mortgagor shall promptly commence and diligently continue to perform the repair, restoration and rebuilding of that portion of the Improvements so damaged or destroyed (hereinafter, the "Work") so as to restore the Improvements in full compliance with all legal requirements and so that the Improvements shall be at least equal in value and general utility as they were prior to the damage or destruction, and if the Work to be done is structural or if the cost of the Work, as estimated by the Mortgagee, shall exceed Twenty Thousand and No/100 ($20,000) Dollars (hereinafter, collectively, "Major Work"), the Mortgagor shall, prior to the commencement of the Major Work, furnish to the Mortgagee for its approval: (i) complete plans and specifications for the Major Work, with satisfactory evidence of the approval thereof (a) by all governmental authorities whose approval is required, (b) by all parties to or having an interest in the leases, if any, of any portion of the Premises whose approval is required, and (c) by an architect reasonably satisfactory to the Mortgagee (hereinafter, the "Architect") and which shall be accompanied by the Architect's signed estimate, bearing the Architect's seal, of the entire cost of completing the Major Work; and (ii) certified or photostatic copies of all permits and approvals required by law in connection with the commencement of the Work and as and when obtainable, the conduct of the Work. The Mortgagor shall not commence any of the Major Work until the Mortgagor shall have complied with the applicable requirements referred to in this Section, and after commencing the Major Work the Mortgagor shall perform the Major Work diligently and in good faith in accordance with the plans and specifications referred to in this Section 2.05, if applicable.

Restoration of the Improvements. In the event of ------------ ------------------------------- damage or destruction of the Improvements, or any part thereof, as a result of casualty, condemnation, taking or other cause, the Mortgagor Grantor shall give prompt written notice thereof to the Mortgagee Beneficiary and (except in the event of impossibility of restoration or repair in the event of condemnation or other taking), provided that the Mortgagee Beneficiary shall make available to the Mortgagor Grantor the insurance proceeds (if any) (or in the event of condemnation or taking, the award (if any) arising out of such condemnation or taking) recovered by the Mortgagee Beneficiary as herein provided, the Mortgagor Grantor shall promptly commence and diligently continue to perform the repair, restoration and rebuilding of that portion of the Improvements so damaged or destroyed (hereinafter, the "`Work"') so as to restore the Improvements in full compliance with all legal requirements and so that the Improvements shall be at least equal in value and general utility as they were prior to the damage or destruction, and if the Work to be done is structural or if the cost of the Work, as estimated by the MortgageeBeneficiary, shall exceed Twenty Fifty Thousand and No/100 ($20,00050,000) Dollars (hereinafter, collectively, "`Major Work"'), the Mortgagor Grantor shall, prior to the commencement of the Major Work, furnish to the Mortgagee Beneficiary for its approval: (i) complete plans and specifications for the Major Work, with satisfactory evidence of the approval thereof (a) by all governmental authorities whose approval is required, (b) by all parties to or having an interest in the leases, if any, of any portion of the Premises whose approval is required, and (c) by an architect reasonably satisfactory to the Mortgagee Beneficiary (hereinafter, the "`Architect"') and which shall be accompanied by the Architect's signed estimate, bearing the Architect's seal, of the entire cost of completing the Major Work; and (ii) certified or photostatic copies of all permits and approvals required by law in connection with the commencement of the Work and as and when obtainable, the conduct of the Work; and (iii) a surety bond and/or guaranty of the payment for and completion of the Major Work, which bond or guaranty shall be in form and substance satisfactory to the Beneficiary and shall be signed by a surety or sureties, or guarantor or guarantors, as the case may be, who are acceptable to the Beneficiary, and in an amount not less than the Architect's estimate of the entire cost of completing the Work, less the amount of insurance proceeds (or condemnation award), if any, then held by the Beneficiary for application toward the cost of the Work. The Mortgagor Grantor shall not commence any of the Major Work until the Mortgagor Grantor shall have complied with the applicable requirements referred to in this Section, and after commencing the Major Work the Mortgagor Grantor shall perform the Major Work diligently and in good faith in accordance with the plans and specifications referred to in this Section 2.05, if applicable.

Restoration of the Improvements. In the event of ------------ ------------------------------- damage or destruction of the Improvements, or any part thereof, thereof as a result of casualty, condemnation, taking or other cause, the Mortgagor Grantor shall give prompt written notice thereof to the Mortgagee Beneficiary and (except in the event of impossibility of restoration or repair in the event of condemnation or other taking)) subject to the requirements under the Leases, provided that the Mortgagee Beneficiary shall make available to the Mortgagor Grantor the insurance proceeds (if any) (or in the event of condemnation or taking, the award (if any) arising out of such condemnation or taking) recovered by the Mortgagee Beneficiary as herein provided, the Mortgagor Grantor shall promptly commence and diligently continue to perform the repair, restoration and rebuilding of that portion of the Improvements so damaged or destroyed (hereinafter, the "Work") so as to restore the Improvements in full compliance with all legal requirements and so that the Improvements shall be at least equal in value and general utility as they were prior to the damage or destruction, and if the Work to be done is structural or if the cost of the Work, as estimated by the MortgageeBeneficiary, shall exceed Twenty Thousand and No/100 ($20,000) Dollars 20,000 (hereinafter, collectively, "Major Work"), the Mortgagor Grantor shall, prior to the commencement of the Major Work, furnish to the Mortgagee Beneficiary for its approval: (i) complete plans and specifications for the Major Work, with satisfactory evidence of the approval thereof (a) by all governmental authorities whose approval is required, (b) by all parties to or having an interest in the leases, if any, of any portion of the Premises whose approval is required, and (c) by an architect reasonably satisfactory to the Mortgagee Beneficiary (hereinafter, the "Architect") and which shall be accompanied by the Architect's signed estimate, bearing the Architect's seal, of the entire cost of completing the Major Work; and (ii) certified or photostatic copies of all permits and approvals required by law in connection with the commencement of the Work and as and when obtainable, the conduct of the Work. Beneficiary shall have thirty (30) days following receipt of the foregoing within which to approve or disapprove the Major Work, and if Beneficiary fails to respond such Major Work shall be deemed approved. The Mortgagor Grantor shall not commence any of the Major Work until the Mortgagor Grantor shall have complied with the applicable requirements referred to in this Section, and after commencing the Major Work the Mortgagor Grantor shall perform the Major Work diligently and in good faith in accordance with the plans and specifications referred to in this Section 2.05SECTION 2.5, if applicable.

Restoration of the Improvements. In the event of ------------ ------------------------------- damage or destruction of the Improvements, or any part thereof, ; as a result of casualty, condemnation, taking or other cause, the Mortgagor shall give prompt written notice thereof to the Mortgagee and (except in the event of impossibility of restoration or repair in the event of condemnation or other taking)) subject to the requirements under the Leases, provided that the Mortgagee shall make available to the Mortgagor the insurance proceeds (if any) (or in the event of condemnation or taking, the award (if any) arising out of such condemnation or taking) recovered by the Mortgagee as herein provided, the Mortgagor shall promptly commence and diligently continue to perform the repair, restoration and rebuilding of that portion of the Improvements so damaged or destroyed (hereinafter, the "Work") so as to restore the Improvements in full compliance with all legal requirements and so that the Improvements shall be at least equal in value and general utility as they were prior to the damage or destruction, and if the Work to be done is structural or if the cost of the Work, as estimated by the Mortgagee, shall exceed Twenty Thousand and No/100 ($20,000) Dollars (hereinafter, collectively, "Major Work"), the Mortgagor shall, prior to the commencement of the Major Work, furnish to the Mortgagee for its approval: (i) complete plans and specifications for the Major Work, with satisfactory evidence of the approval thereof (a) by all governmental authorities whose approval is required, (b) by all parties to or having an interest in the leases, if any, of any portion of the Premises whose approval is required, and (c) by an architect reasonably satisfactory to the Mortgagee (hereinafter, the "Architect") and which shall be accompanied by the Architect's signed estimate, bearing the Architect's seal, of the entire cost of completing the Major Work; and (ii) certified or photostatic copies of all permits and approvals required by law in connection with the commencement of the Work and as and when obtainable, the conduct of the Work. Mortgagee shall have thirty (30) days following receipt of the foregoing within which to approve or disapprove the Major Work, and if Mortgagee fails to respond such Major Work shall be deemed approved. The Mortgagor shall not commence any of the Major Work until the Mortgagor shall have complied with the applicable requirements referred to in this Section, and after commencing the Major Work the Mortgagor shall perform the Major Work diligently and in good faith in accordance with the plans and specifications referred to in this Section 2.05, SECTION 2.5 if applicable.