HomeMy WebLinkAbout0076 (A) If the claim for_ loss resulting from such destruction
or damage is not greater than $50,000 the Company will (1)
promptly repair, rebuild or restore the property damaged
or destroyed to substantially' the same condition as it existed
prior to the event causing such damage or destruction, with
such changes, alterations and modifications (including the .
substitution and addition of other property) as may be desired
by the Company, or (2) promptly proceed as provided by paragraphs ~
- (A) or (C) of Section 4.02 hereof; and either subparagraphs
(1) or (2) of this paragraph will be accomplished in such -
a manner as wiZ1 not impair operating unity or productive
capacity or the value of the Mortgaged Property as an industrial
plant; and the Company will pay the costs thereof and wi11
be entitled to retain all proceeds of insurance in respect
of such claim.
(B) If claim for loss resulting from such destruction
or damage is in excess of $50,000, the Company.shall promptly ~ t
give written notice thereo£ to the Trustee. All proceeds
of insurance resultinct from claims for such losses shall
be paid to and held by the Trustee, whereupon (1) the Company
will (a) proceed promptly to repair, rebuild or restore the
property damaged or destroyed to substantially the same condition
as existed prior to the event causing such damage or destruction,
with such changes, alterations and modifications (including
the substitution and addition of other property) as may be
desired by the Company and as will not materially impair
operating unity or productive capacity or the value of the 'f
Mortgaged Propertyas an industrial plant, (b) the Trustee ;
_will apply so much as may be necessary of the proceeds-of. ;
such insurance to payment of the costs of such repairs, rebuilding ;
or restoration either on completion thereof or as the work ?
progresses, upon certification by the Company and the Consultant
of such costs for work in place and provided that the Trustee
has no knowledge of any default which has occurred under
this Agreerient which has not been remedied, and (c) in the
event said insurance proceeds are not:sufficient to pay in
full the costs of such repair, rebuilding or restoration,
the Company will nonetheless complete the work thereof and
will pay from its own funds that portion of the costs thereof
in excess of the amount of insurance proceeds necessary to
complete said work, or (2) the Company will promptly proceed
as provided by paragraphs (A) or (C) of Section 4.02 hereof,
and upon the Trustee being furnished a certificate of the
~ Consultant stating that (a) the property forming a part of
the Iylortgaged Property or the Project that was destroyed
or damaged is not essential to the Company's use or occupancy
of the Mortgaged Property and the Project, or (b) the Mortgaged
~ Property and the Project have been restored to a condition
' substantially equivalent to its condition prior to such destruction
or damage, or (c) improvements have been acquired which
~ are fully adequate for the Company's operations at the ,~iortgaged
Property, and the Trustee having no knowledge of any default
by the Company under this Agreement which has not been remedied, _
such insurance proceeds shall be paid by the Trustee to the
Comgany or, if the Company shall so direct the Trustee in
writing, into the Bond Fund and applied by the Trustee in
the manner hereinafter provided in this paragraph.~ The Company
shall not, by reason of the payment of any excess costs under
clause (1)(c) above, be entitled to any reimbursement from
~ the Issuer or the Trustee, nor shall the Company be entitled
to any delay, abatement or diminution of the installments
~ payable upon the purchase price as specified in Section
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