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<br /> --- <br /> C or reimbursement of the costs thereof. . <br /> In the event the Minimum Improvements or any portion thereof <br /> is destroyed by fire or other casualty and the damage or destruc- <br /> tion is estimated to equal or exceed $50,000, then the Developer <br /> shall within one hundred and twenty (120) days after such damage <br /> or destruction, proceed forthwith to repair, reconstruct and <br /> restore the damaged Minimum Improvements to substantially the same <br /> condition or utility value as it existed prior to the event causing <br /> such damage or destruction and, to the extent necessary to <br /> accomplish such repair, reconstruction and restoration, the <br /> Developer will apply the Net Proceeds of any insurance relating to <br /> such damage or destruction received by the Developer to the payment <br /> or reimbursement of the costs thereof. Any Net Proceeds remaining <br /> after completion of construction shall be disbursed to the <br /> Developer. The Developer shall complete the repair, reconstruction <br /> and restoration of the Minimum Improvements, whether or not the net <br /> Proceeds of insurance received by the Developer for such purposes <br /> are sufficient to pay for the same. Any Net Proceeds remaining <br /> after completion of such repairs, construction and restoration <br /> shall be remitted to the Developer. <br /> (e) The provisions of this Section are expressly subject to <br /> the provisions of the construction lender and trustee mortgages. <br /> ,,--. . <br /> - <br /> ~ . <br /> 11 <br />