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8 <br /> 17. Casualty and Condemnation. In the event of any fire or other casualty to the <br /> Project or eminent domain proceedings resulting in condemnation of the Project or any part <br /> thereof, Maker shall have the right to rebuild the Project, and to use all available insurance or <br /> condemnation proceeds therefor, PROVIDED that (a) such proceeds are sufficient to keep the <br /> Loan in balance and rebuild the Project in a manner that provides adequate security to Holder <br /> for repayment of the Loan, or, if such proceeds are insufficient, then Maker shall have funded <br /> any deficiency; (b) Holder shall have the right to approve plans and specifications for any <br /> major rebuilding and the right to approve disbursements of insurance or condemnation <br /> proceeds for rebuilding under a construction escrow or similar arrangement; and (c) no <br /> material default then exists under the Loan Documents. If the casualty or condemnation <br /> affects only part of the Project and total rebuilding is infeasible, then proceeds may be used for <br /> partial rebuilding and partial repayment of the Loan in a manner that provides adequate <br /> security to Holder for repayment of the remaining balance of the Loan. <br /> MAKER: <br /> Monte Cristo Partners, L.P. <br /> A Washington limited partnership <br /> By Archdiocesan Housing Authority, General Partner <br /> Its <br /> 82 <br /> C-3 <br />