Loading...
HomeMy WebLinkAbout0023 1:9 price in the same manner as payments thereof by the Company are applied pursuant to the provisions of Section 3.Q3 of this Agree- ment. To the extent that any such condemnation award or proceeds of use and occupancy insurance shall be insufficient to pay any such installment or installments upon the purchase price while the Company shall be experiencing any loss of use of the Mortgaged Property or the Project or any part thereof, such deficiency shall be fully paid by the Company to the Trustee, with no resulting abatement, diminution or delay in subsequent payr.?ents of the installments upon the purchase price in-the manner required by Section 3.~03 of this Agreement. Section 5.05. ELECTION NOT TO RESTORE MORTGAGED PROPERTY OR PROJECT; DEP05IT TO BOND FUND. Upon certification by the Company and the Consultant that the Mortgaged Property or the Project shall have been damaged or destroyed and cannot be replaced or restored within six (6) months, or within any longer period during which the proceeds of use and occupancy insurance shall be payable and sufficient to pay all the install- ments upon the purchase price maturing during such period, or such certification shall be made with respect to a substantial portion of the Mortgaged Property or the Project, the use and occupancy of which portion shall be necessary to the Company's ' 3 operations at the Mortgaged Property and the Project, then the Company may elect not to repair, substitute or reconstruct the damaged or destroyed property, in the manner provided in this Article V and in such event the Company shall forthwith deposit to the credit of the Bond Fund such sums which, together with the insurance proceeds, shall be sufficient to pay the principal of all the Bonds then outstanding plus accrued interest thereon and interest to accrue thereon to the next interest payment date, reasonable.Trustee's charges and•expenses ; inc].uding attorneys' fees, plus a premium of 6$ of the principal amount of Bonds then outstanding if such certification that the Mortgaged Property or the Project shall have been damaged or destroyed is made prior to December l, 1977; if such certification is made on December 1, 1977, or subsequeat thereto then the premium for the year in which such certification is made as pravided in Section 11 of the Resolution shall apply and such premium plus the other amounts specified therein (except that one year's interest at the coupon rate on the Bonds redeemed shall not be paid under this Section) shall be deposited by the Company to the credit of the Bond Fund as provided in this Section 5.05 and in which event a11 of the Bonds then outstanding shall be redeemed by the Trustee on the next succeeding interest payment date which occurs at least sixty (60) days after the deposit of said funds in the Bond Fund: Such redemption shall be effected in the manner provided in Section 11 of the Resolution. Section 5.06. PROVISION CONCERNING CONDEMNATION. Upon i certification by the Company and the Consultant that the i Mortgaged Property or the Project has been taken by the exercise of the power of eminent domain or such certification has been made with respect to a substantial portion of the Mortgaged Property or the Project the use and occupancy of which portion is necessary to the Company's operations at the Mortgaged Property, then the Company may elect not to replace or restore the property taken by the exercise of the power of eminent domain, in the manner provided in this Article V; and in such event, the Company shall forthwith deposit to the credit of the Bond Fund such sums which, together with the i 21 ( j ~o~c~3 ~ - _ - _ .