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n�«nrzss . . <br /> 7 <br /> contained shall !'unit or be consuued co limit or impair the enforcemenc against said Premises of <br /> � ��rig�t� and remedies of the Holder heceof, including the loinda of the Maker in any action w <br /> foreclose the liens and security interests securm8 t�5 Note. <br /> 16. Loan Astreement. This note is subject to the terms and condirioris of the City of <br /> Everett Community Development Block Grant ("CDBG'7 Loan Agreement Number <br /> �•� '� acecuud between the Maker and the Holder. <br /> 17. Condemnation. In the evenc of aay fire or other casualty co the Prolect or eminrnt <br /> domain proceedings resulting in condemnarion of the Project or any part d►ereof> Mak�r shall <br /> have the rig6t to rebuild the Project, and to use all available insurance or condemnation proceeds <br /> thenfor, provided that (a) such proceeds aze sufficient to keep the Loan in balance and rebuild <br /> the Project in a manaer that provides adequate securiry to Holder for repayment of the Loan or if <br /> such proceeds are insufficient then Maker shall have funded aay deficiency, (b) Holder shall ' <br /> have the right to approve plans and specificadons for any major rebuilding and the right to I <br /> approve disbursements of insurance or condemnation proceeds for rebuilding under •a <br /> construcrion escrow or similar arrangement, and (c)no material default then exists under the <br /> Laan Documents• If the casualry or condemnation affects only part of the Project and total <br /> rrbuilding is infeasible, then proceeds may be used for partial rebuilding and partiat repayment <br /> of the Loan in a manner that provides adequate security to Holder for repayment of the <br /> romaining balance of the Loan. Notwithstanding the foregoing, this paragraph 5 shall be � <br /> inapplicable and of no effect at any rime that any lenders have a deed of trust secured by the f <br /> property with a priority saperior to that of Halder's deed of crust on the Property (a "Prior <br /> Holder'�. In such case+ the terms of the Prior Lender's deed of trust shall contcol the d�sposition <br /> of casualty or condemnarion proceeds. <br /> HOPE VILLAGE LIMITED PARTNERSHIP� E3Y <br /> Building Cndits, Its Genenl Pactner - <br /> By I', <br /> Its <br /> , 85 <br /> 4 <br /> 7A25:\IIS.SJA - <br />