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� 7 . <br /> MHIV277a.)7256 <br /> contained shall limit or be construed to limit or impair the enforccment against said Premises of <br /> the rights and remedies of the Holder hereof, including the joinder of the Maker in any action to <br /> foreclose tlie liens and securiry interesu securing this Note. <br /> 16. Loan Aqreement. This note is subject to the terms and conditions of the City of <br /> Everett Community Development Block Grant ("CDBG") Loan Agreement Number <br /> ('� '� executed between the Maker and the Holder. <br /> 17. Condemnation. In the event of any fire or other casualty to the Project or emineat ' <br /> domain proceedings resulting in condemnauon of the Project or any part thereof, Maker s6a11 � <br /> i <br /> have the right to rebuild the Project, and to use all available iasurance or condemnarion proceeds '� <br /> therefor, provided that (a)such proceeds are sufficient to keep the Loan in ba'iance and rebuild !I <br /> the Project in a manner that provides adequate securiry to Holder for repayment of the Loan or if ; <br /> such proceeds a�e insufficient then Maker shall have funded any deficiency, (b) Holder shall <br /> have the right to approve plans and specifications for any major rebuilding and the right to <br /> approve disbursements of insurance or condemaation proceeds for rebuilding under a <br /> construction escrow or similaz arrangerrent, and (c) no material default then exists uader the <br /> Loan Documents. If the casualty or condemnation affecu only part of the Project and total <br /> rebuilding is infeasible, then proceeds may be used for partial rebuilding and partial repayment <br /> of the Loan in a manner that provides adequate security to Holder for repayment of the <br /> remaining balance of the Loan. Notwithstanding the foregoing, this pazagraph 5 shall be - <br /> inapplicable and of no effect at aay time that any lenders have a deed of crust secured by the ; <br /> Properry with a priority superior to that of Holder's deed of trust on the Property (a "Prior j <br /> Holdec'�. In such case, the terms of the Prior Lender's deed of hwt shall control the disposition � <br /> of casualty or condenmarion proceeds. <br /> ; <br /> HOPE VILLAGE LIMITED PARTNERSHIP, By <br /> Building Crediu, Its Geneml Partner - <br /> By <br /> Its <br /> � <br /> 81 4� I � <br /> 1A25,V I R 51 R 3F�3r�]i6.Sl& � <br />