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19 <br /> (b) If the amount of Net Proceeds received by the County from any single <br /> event or any single series of related events is more than $100,000, then the County grants <br /> a security interest in the Net Proceeds to the Lender to secure the County's obligations <br /> under this Contract, subject to the further provisions of this Section. This Contract is in- <br /> tended as and constitutes a security agreement with respect to this security interest. All <br /> Net Proceeds remain subject to the security interest provided for in this subsection until <br /> expended in compliance with this Contract. <br /> (c) If the amount of Net Proceeds received by the County from any single <br /> event or any single series of related events is more than $100,000 but less than <br /> $1,000,000, the County will retain the Net Proceeds and promptly apply those amounts to- <br /> ward the repair or restoration of the Mortgaged Property, to the extent that can be accom- <br /> plished with those amounts. <br /> (d) If the amount of Net Proceeds received by the County from any single <br /> event or any single series of related events is at least $1,000,000, the County will cause <br /> those Net Proceeds to be paid to an escrow agent (which must be a bank, trust company or <br /> similar entity exercising fiduciary responsibilities and reasonably acceptable to the Lender) <br /> for deposit in a special escrow fund to be held by the escrow agent and disbursed by the es- <br /> crow agent pursuant to requisitions in form and substance reasonably acceptable to the <br /> Lender. The County will then promptly apply those amounts toward the repair or restoration <br /> of the Mortgaged Property, to the extent that can be accomplished with those amounts. <br /> (e) In the case of any use of Net Proceeds for repair or restoration, the County <br /> must act with due diligence and in a commercially reasonable manner to provide for the <br /> repair and restoration. After the County has finished applying Net Proceeds to repair or res- <br /> toration, the County will promptly report to the Lender regarding the use of those Net Pro- <br /> ceeds. <br /> (f) In any event, the County may apply any Net Proceeds toward the prepay- <br /> ment of the Amount Advanced subject to the terms of Section 2.3. <br /> (g) The County is not entitled to any reimbursement of any supplemental funds <br /> it provides under this subsection, nor is the County entitled to any postponement or dimi- <br /> nution of its obligation to make Contract Payments as a result of any contribution. Any <br /> repair or replacement paid for in whole or in part out of Net Proceeds will be the County's <br /> property and will be part of the Mortgaged Property. <br /> 12 <br />