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5 <br />Assignment and Modification –750k HOME <br />Property, Assignee’s interest in the Project and any other collateral held by City as security for <br />the Loan. <br />11.5 City agrees that, notwithstanding any provision in the Loan documents to the <br />contrary, insurance and condemnation proceeds shall be used to rebuild or restore the Property <br />provided that (i) if such proceeds are not reasonably sufficient to so rebuild or repair, sufficient <br />additional funds are provided from other sources to rebuild or restore the Property and (ii) City <br />shall have the right to reasonably approve plans and specifications for any major rebuilding and <br />the right to reasonably approve disbursement of such proceeds under a construction escrow or <br />similar arrangement, subject to the prior rights of any senior lenders. <br />12. Repayment. Notwithstanding anything to the contrary contained in the Loan Documents, <br />no payments or principal or interest shall be due prior to the Maturity Date. The principal <br />balance of the Loan and all accrued and unpaid interest thereon shall be due in full upon the <br />Maturity Date (as extended pursuant to this Agreement). <br />13. Effective Date. The assignment set forth above shall be effective as of the date the Grant <br />Deed (described in Recital C above) is recorded in the Official Records of the County of <br />Alameda. <br />14. Counterparts. This Agreement may be signed by different parties hereto in counterparts <br />with the same effect as if the signatures to each counterpart were upon a single instrument. All <br />counterparts shall be deemed an original of this Agreement. <br />15. Additional Documents. The Assignor, the Assignee and the City agree to execute or <br />provide such documents and instruments, as may be necessary to effectuate the intent of this <br />Agreement. <br />16. Governing Law. This Agreement shall be governed by and construed in accordance with <br />the laws of the State of California.