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HomeMy WebLinkAbout0022 1:9 respect to the Mortgaged Property or the Project or any part thereof, or may give a deed as settler.~ent, without the written consent of the Trustee. 5hould there be a default continuing hereunder the Company shall not voluntarily settle or consent ' to settlement or give a d~ed, but instead such decision shall be vested in the Trustee. + Y If no default is continuing hereunder the Company s~all be entitled to the proceeds of any condemnation award or portion thereof separately awarded for damag~s to or takings of its own - property or for damages on account of the taking or an interference with its rights to possession, use or occupancy of the Mortgaged Property or the Project, or for business damages or moving expenses. 1 Section 5.03. SUBSTITUTED PROPERTY PART OF MORTGAGED ; PROPERTY AND PROJECT. All property, real and personal, required t by the provisions of this Article V to be substituted and/or added to the Mortgaged Property or the Project for the purpose of restoring the same to a condition substantially equivalent to ~ its condition prior to any damage, destructian or taking under the exercise of the power of eminent domain, or to a condition ' fully adequate for the Company's operations at the Mortgaged ; Property, shall become a part of the Mortgaged Property and the Project and the Company shall execute all appropriate mortgage - deeds, security agreements, bills of sale, financing statements and other instrurients in writing as shall be reasonably requested by the Trustee for the purpose of conveying to the Trustee a mortgagee's interest or security interest free and clear of all encumbrances other than permitted encumbrances and interests created by this Agreement, to such property to the Trustee in a manner appropriate under the laws of Florida, as the Trustee ~ may be advised by its counsel, and the Trustee shall have the -duty to.request of the Company such mortgage deeds, security ; agreements, financing statements, bills of sale and other ; - instruments upon the acquisition, construction, installation and/or substitution of any such real and personal property. All such property shall be subject to all the terms and condi- tions of this Agreement and the Company shall be entitled to have the Mortgage or lien thereto in favor of the Issuer or its assignee satisifed pursuant to the conditions and provisions of Sectian 3.01 of this Agreement. ; Section 5.04. APPLICATION OF CONDEMNATION AND INSURANCE ; PROCEEDS. Upon the occurrence of any damage or destruction ; caused by the perils insurable against under fire and extended coverage insurance, resulting in a loss of use of which shall . give rise to payments of proceeds of use and occupancy insurance, ! and provided the Company ~s not in default under this Agreement, ~ the proceeds of any use and accupancy insurance shall be paid by the Issuer and Trustee to the Compan~. In the event the temporary ~ use of the Mortgaged Property or the Project or any part thereof ~ shall be taken under the exercise of the power of eminent domain, ' ; or in the event that damage or destruction to the Mortgaged Property or the Project results in a loss of use which shall give rise to payments of use and occupancy insurance and the Company is in default under this Agreement, ~he proceeds derived from any condemnation award or such proceeds of use and occupancy insurance shall be promptly deposited to the credit of the Bond Fund (subject to the provisions of Section 5.02 hereof) and applied, to the extent available in lieu of the Company's - payments, upon the next succeeding installments of the purchase ~ ~ ~ ~ 20 ~ i BQOr ~~J hAf,~ . . ~ ~ - : _