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7 n�r�rahn�s <br /> contained shall limit or be consuurd !o limit or impair the enforcement against said Premises of <br /> the rights and remedies of the Holder hereof, including the joinder of the Maka ia aay action W <br /> foreclose the liens and security interesu securmg this Note. <br /> 16. Loan Apleement. This note is subject to the tenns and condirioos of the City of <br /> Everott Communiry Development Elock Grant ("CDBG'7 Agreement Number <br /> (" '� execuud between the Maker and the Holder. Disbursement of the fuads <br /> evidrnced by this Note is to be made subject to the terms and condidons of the Loan Agreemeat <br /> 17. Condemnarion. In the event of any fue or other casualry to the Project or eminent <br /> _ domain proceedings resniting in condemnation of the Project or any part thereof, Maker shall <br /> have the right to rebuild the Project, and to use all available insurance or condemnation proceeds <br /> therefor, provided that (a) such proceeds are sufficieat to keep the Loan in balance and rebuild <br /> tfie Project in a manner that provides adequate securiry to Holder for repayment of the Loan or if <br /> such proceeds are insufficient then Maker shall have funded any deficiency, (b) Holder shall <br /> have the right to approve plans and specificarions for any major rebuilding and the right to <br /> approve disbursements of insurance or condemnarion proceeds for rebuilding under a <br /> coastruccion escrow or simi(ar arrangement, and (c) no material default then exists under the <br /> Loan Documenu. If the casualry or condemnation affects only part of the Project and total <br /> nbuilding is infeasible, then proceeds may ba used for paztial rebuilding and partial ropayment <br /> of the Loan in a manner that provides adequate securiry to Holder for repayment of the <br /> remaining balancc o:� the Loan. Notwithstanding the foregoing, this paragraph 5 shall be <br /> inapplicable and of no effect at any time that any lenders have a deed of mu: secured by the <br /> Properry with a prioriry superior to that of Holde�'s deed oP trust on the Property (a "Prior <br /> Holder'�. In such case, the terms of the Prior Lendet's deed of mist shall conerol the disposirion <br /> of casualty or condemnation proceeds. <br /> HOPE VII.LAGE LIMITEL� PARTNERSHII', <br /> By Building Credits, Its Genecal Parmer <br /> sy <br /> Its <br /> as <br /> 4 <br /> 7A?SA]lW.S1R <br />