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A TRUE COPY CERTIFICATION ON LAST PAGE JR, SMITH, CLERK procedures set forth above for LESSEE's initial construction (including, but not limited to, LESSOR's review and approval of plans); and (3) any and all insurance proceeds attributable to the replacement of the improvements, but not LESSEE's personal property, shall be deposited in LESSOR and LESSEE's joint names in an escrow account at a bank or other financial institution designated by LESSOR (or, if required by a leasehold mortgage approved pursuant to Article 7 above, to the leasehold mortgagee) to be used by LESSEE for the repair, reconstruction, or restoration of the improvements. Such proceeds shall be disbursed periodically upon certification of the architect or engineer having supervision of the work that such amounts are the amounts paid or payable for the repair, reconstruction, or restoration. LESSEE shall obtain, and make available to LESSOR, receipted bills, and upon completion of said work, full and final waivers of lien. In the event the insurance company monitors the repair, reconstruction, or restoration of the improvements, the parties acknowledge that the proceeds may not be disbursed in advance of invoices from contractors and therefore not paid in advance in order to escrow the proceeds. In the event the proceeds are not escrowed in advance of payments due for the repair, reconstruction, or restoration of the improvements, the proceeds shall be jointly payable to LESSOR and LESSEE. If the insurance proceeds are insufficient to pay the cost of Restoration, LESSEE must pay the shortfall. If the proceeds exceed the cost of Restoration, LESSEE will be entitled to the surplus, unless LESSEE is in default under this LEASE. In the latter event, the surplus must be applied to the default; the remainder, if any, will be paid to LESSEE. If LESSEE does so elect to terminate the LEASE, then any and all insurance proceeds received and receivable as a result of on account of casualty damage shall be payable, first, to paying off the leasehold mortgage (but only to the extent the leasehold mortgage secures amounts actually spent by LESSEE on improvements to the Premises, plus interest), and second, split between LESSOR and Page 24 of 41