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(A) builder's risk insurance against loss through
vandalism, fire and other causes, limited only as may be ;
provided in the standard form of extended coverage insurance,
~ to the full insurable value of all improvements, machinery and
equipment, with not greater than $100,000 deductible, with loss
payable clauses to the Issuer, the Company and the Trustee as
their respective interests may appear;
(B) general public liability insnrance against claims
for bodily injury or death occurring upon, in or about the
Mortgaged Property and the Project, affording protection to
the limit of not less than $500,000'in respect of bodily
injury or death to any one person and not less than $1,000,000 ;
in respect of any one accident; ;
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(C) property damage insurance against claims for
damage to property occurring upon, in or about the Mortgaged ;
Property and the Pro.ject affording protectian to the limit of
not less than $100,000 in respect of damage to the property j
of any one owner; and ~ ~
(D) such worl:men's compensation.or employers' liability
insurance as may be required by law.
The Company May "self-insure" any of the risks
designated in this Section, provided the Issuer and the
Trustee agree to such self-insuring. In the event the _ ~
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Company secures commercially available insurance to cover ~
such risks, the premiums.for such insurance which are applicable ;
and apportionable to the Project sha11 be considered to be a ~
par~ of the cost of the Project. All risk of loss shall be ~ a
upon the Compa~y and the Trustee sha11 have an interest in all =
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proceeds upon any loss to the extent of the balance of the
purchase price of the Project pursuant to Section 3.02 of ~
this Agreement.
Section 2.03. COST OF PROJECT. It is estimated that
the cost of the Project will not exceed the net proceeds of
the sale of the Bonds (exclusive of accrued interest) plus
any income or other gains from investments of moneys in the
Construction Fund hereinafter referred to, and less any losses
on investments of moneys in the Construction Fund. The net
proceeds from the sale of the Bonds; as that expression is
used in this Agreement, shall mean the amount of the gross
~ proceeds remaining after payment of the costs and expenses
of initiating (but not constructing) the Project, including,
without li.miting the generality of the foregoing, documentary
stamps, if any, intangible and other taxes, if any, recording
fees and fees and expenses of the Trustee including attorneys'
fees properly incurred prior to the delivery of the Bonds to
the purchasers thereof or during the period of the construction
; of the Project. The cost of the Project, as that expression -
is used in this Agreement, shall include all costs and expenses,
regardless of whether such costs and expenses are made prior
to or subsequent to the execution of this Agreement, reasonably
related to the eompletion of the Project and all costs and
expenses incidental thereto including, without limitation,
the following:
(A) All amounts paid by the Gompany in discharge of
its obligations under Sections 2.01, 2.02 and 2.04 hereof,
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