Restoration of Trust Property After Loss. Should any insurance or condemnation proceeds be applied to the restoration or repair of the Trust Property, the restoration or repair shall be done under the supervision of an architect reasonably acceptable to the Beneficiary, pursuant to plans and specifications reasonably approved by the Beneficiary, and in accordance in all material respects with all applicable building laws, regulations and ordinances, including, but not limited to, the Accessibility Guidelines set forth in the Americans with Disabilities Act. In such case, the proceeds shall be held by the Beneficiary for such purposes and will from time to time be disbursed by the Beneficiary to defray the costs of such restoration or repair under such safeguards and controls as the Beneficiary may reasonably require to assure completion in accordance with the approved plans and specifications and free of liens, other than Permitted Liens. Any surplus which may remain after payment of all costs of restoration or repair may, at the option of the Beneficiary, be applied on account of the Secured Indebtedness then most remotely to be paid, whether due or not, without application of any prepayment premium, or shall be returned to the Trustor, the choice of application to be solely at the discretion of the Beneficiary.
Appears in 4 contracts
Samples: Security Agreement (Green Plains Renewable Energy, Inc.), Security Agreement (Green Plains Renewable Energy, Inc.), Security Agreement (Green Plains Renewable Energy, Inc.)
