2018/04/25 Council Agenda Packet

14 16. Loan Agreement. This Note is subject to the terms and conditions of the Loan Agreement executed between Maker and Holder regarding the Project. Disbursement of the funds evidenced by this Note is to be made subject to the terms and conditions of Loan Agreement. Capitalized terms used but not otherwise defined in this Note shall have the meanings ascribed to them in the Loan Agreement. 17. Casualty Loss or Condemnation. In the event of any fire or other casualty to the Project or eminent domain proceedings resulting in condemnation of the Project or any part thereof, Maker shall have the right to rebuild the Project, and to use all available insurance or condemnation proceeds to which Maker is entitled therefor, PROVIDED that(a) such proceeds are sufficient to keep the Loan in balance and rebuild or cause the rebuilding of the Project in a manner that provides adequate security to Holder for repayment of the Loan, or, if such proceeds are insufficient, then Maker shall have funded any deficiency; (b) Holder shall have the right to approve plans and specifications for any major rebuilding and the right to approve disbursements of insurance or condemnation proceeds for rebuilding under a construction escrow or similar arrangement; and (c) no material default then exists under the Loan Documents. If the casualty or condemnation affects only part of the Project and total rebuilding is infeasible, then proceeds to which Maker is entitled may be used for partial rebuilding and partial repayment of the Loan in a manner that provides adequate security to Holder for repayment of the remaining balance of the Loan. ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, TO EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON STATE LAW. MAKER: By: Its: Date: B-4 94