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<br />14 <br />516911v4 JAE MU205-47 <br />coverage provided below the amounts required herein without giving written notice to the Developer and <br />the Authority at least thirty (30) days before the cancellation or modification becomes effective. In lieu of <br />separate policies, the Developer may maintain a single policy, blanket or umbrella policies, or a <br />combination thereof, having the coverage required herein, in which event the Developer will deposit with <br />the Authority a certificate or certificates of the respective insurers as to the amount of coverage in force <br />upon the Minimum Improvements. <br /> <br /> (d) The Developer agrees to notify the Authority immediately in the case of damage <br />exceeding $100,000 in amount to, or destruction of, the Minimum Improvements or any portion thereof <br />resulting from fire or other casualty. In the event this type of damage or destruction occurs, the <br />Developer will forthwith repair, reconstruct and restore the Minimum Improvements to substantially the <br />same or an improved condition or value as it existed prior to the event causing the damage and, to the <br />extent necessary to accomplish the repair, reconstruction and restoration, the Developer will apply the Net <br />Proceeds of any insurance relating to the damage received by the Developer to the payment or <br />reimbursement of the costs thereof. <br /> <br /> The Developer will complete the repair, reconstruction and restoration of the Minimum <br />Improvements, whether or not the Net Proceeds of insurance received by the Developer is sufficient to <br />pay for the same. Any Net Proceeds remaining after completion of the repairs, construction and <br />restoration will be the property of the Developer. <br /> <br /> (e) Notwithstanding anything to the contrary contained in this Agreement, in the event of <br />damage to the Minimum Improvements in excess of $100,000 and the Developer fails to complete any <br />repair, reconstruction or restoration of the Minimum Improvements within eighteen (18) months from the <br />date of damage or such later time as reasonably determined by the Authority if the Developer commences <br />restoration within such eighteen (18) month period and diligently prosecutes the same to completion, the <br />Authority may, at its option, terminate the TIF Note as provided in Section 9.3(b) hereof. If the Authority <br />terminates the TIF Note, the termination will constitute the Authority’s sole remedy under this Agreement <br />as a result of the Developer’s failure to repair, reconstruct or restore the Minimum Improvements. <br />Thereafter, the Authority will have no further obligations to make any payments under the TIF Note. <br /> <br /> (f) The Developer and the Authority agree that all of the insurance provisions set forth in <br />this Article V will terminate upon the termination of this Agreement. <br /> <br /> Section 5.2. Subordination. Notwithstanding anything to the contrary contained in this Article V, <br />the rights of the Authority with respect to the receipt and application of any proceeds of insurance will, in <br />all respects, be subject and subordinate to the rights of the United States Department of Housing and <br />Urban Development or any lender under a Mortgage approved pursuant to Article VII hereof. <br /> <br /> <br /> <br /> <br />(The remainder of this page is intentionally left blank.)