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9. Control by Most Stringent Requirements. Notwithstanding the order of <br />priority and subordinations granted herein or any provisions to the contrary contained herein, the <br />parties hereto agree that if there are any inconsistencies contained herein or in the Loan <br />Documents, the most stringent provision shall control. <br />10. Absence of Events of Default and Compliance with Closing Requirements. <br />Each party hereto states, represents, and warranties that as to each of its individual Loans, (i) <br />such Loans have been duly closed, (ii) there are no Events of Default, or events that with the <br />passage of time could constitute and Event of Default, currently existing with respect to any of <br />its Loans, and (iii) all of its Loans are in good standing. <br />11. Use of Insurance and Condemnation Proceeds. Notwithstanding any <br />provisions to the contrary contained herein or in any of the Loan Documents, the parties hereto <br />agree that any and all insurance and/or condemnation proceeds will be used first to repair or <br />reinstate the Development. If there are any remaining proceeds, or if such amounts are <br />insufficient to repair or reinstate the Development (as determined by Borrower and the holder of <br />the U.S. Bank Loan), or if the Development cannot be repaired or reinstated (as determined by <br />Borrower and the holder of the U.S. Bank Loan), then such proceeds shall be used to pay off the <br />Loans in order of the priority of the Documents specified herein. <br />12. Tax and Insurance Escrow. Notwithstanding any provision contained in any of <br />the Subordinate Lender pocuments, the U. S. Bank Loan Documents shall supersede and govern <br />all agreements of Borrower relating to escrowing of tax and insurance payments. <br />13. Execution in Counterparts. This Agreement may be executed in any number of <br />counterparts, each of which shall be an original but all of which shall constitute one instrument. <br />: <br />