HomeMy WebLinkAbout0077 3.03 hereof or any other sums payable by the Company hereunder.
Any balance of such insurance proceeds rer,iaining after the
payment of all the costs of such repair, rebuilding or restoration
which shall be paid into the Bond Fund may be used at the
option of the Company as a credit against the purchase price
hereunder by the Trustee redeeming or purchasing, if possible,
vutstanding Bonds at a price not exceeding the par value
thereof plus accrued interest and any premium which shall
be applicable upon the redemption of Bonds on the next date
that Bonds shall be caZlable for redemption prior to maturity
(or at such greater price as the Company may in writing consent
to); provided that no part of any such insurance proceeds
may be applied for such purchase or redemption unless all
of the Bonds are to be purchased or redeemed in accordance
with the Resolution or Agreement, or in the event that less
than all of the Bonds are-to be purchased or redeemed, the
Company shall furnish to the Trustee a certificate of the
Consultant stating that~the property forming a part of the
Mortgaged Property or Project that was damaged or destroyed #
is not essential to the Company's use or occupancy of the
Mortgaged Property or the Project, or the Mortgaged Property
and the Project have been restored to a condition substantially
equivalent to their condition prior to the damage or destruction,
or improvements which are fully adequate for the Company's
operations at the ~ortgaged Property have been acquired and
made a part of the Mortgaged Property. The purchase price
described in Section 3.03 hereof shall be reduced to the
extent of such Bonds purchased or redeemed under the provisions
of this paragraph, with a corresponding reduction in affected
subsequent installments upon the purchase price. ;
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(C) When no Bonds remain outstanding under the terms `
of the Resolution or a balance of insurance proceeds shall `
remain after all outstanding Bonds shall have been redeemed
and all expenses and fees of the Trustee and Issuer have
been paid, and when no Concurrent Parity Bonds remain outstanding,
such balance will be paid to the Company.
(D) Any moneys held by the Trustee under the provisions M
of this Section may, at the written request of the Company
be invested or reinvested by the Trustee as~specified by
the Company in such request in such investments as are autharized
for investment of Bond or Construction Fund moneys pursuant ~
to the provisions of Section 15 of the Resolution, maturing
not later than the date or dates specified in writing by
the Consultant that such moneys shall be needed for the purposes
herein provided. Any earnings or profits on such investments
shall be considered as part of the insurance proceeds and
' the amount of any losses on such investments shall be forthwith
~ reimbursed to the Trustee by the Company.
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Section 5.02. OBLIGATION IN EVENT OF CONDEMNATION.
; So long as any Bonds remain outstanding under the terms of
~ the Resolution, if title to the Mortgaged Property or the
Project or any part thereof shall be taken under the exercise
of the power of emznent domain by any governmental body or
by any person, firm or corporation acting under governmental
authority, the Company shall be obligated to continue to
make the payments upon the purchase price as specified in
Section 3.03 hereof. If no default is continuing hereunder,
~ the proceeds derived from any such condennation which shall
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