HomeMy WebLinkAbout0078 be received by the Trustee, to whom the Issuer and the Company
do hereby assign their respective interests in any award
made in eminent domain proceedings with respect to any part
of the Mortgaged Property or the Project, including the land
described in Exhibit A and any other land which may be added
subsequently to the Mortgaged Property or the Project, shall
be applied by the Trustee in one or more of the following
ways as shall be directed in writing by the Company. '
;
(A) To the restoration of the Mortgaged Property
and the Project to substantially the same condition as they
existed prior to the exercise of the said power of eminent
domain. Tn the event such condemnation proceeds shall be
insufficient to pay in full the costs o~ such restoration,
the Company will nonetheless complete the work thereof and
pay from its own funds the amount necessary for such cor.?pletion,
and the Company shall furnish to the Trustee a certificate
of the Consultant stating that the Mortgaged Property and-
the Project have been restored to a condition substantially ~
equivaZent to its condition prior to the taking by such condemnation ,
proceedings. _
;
(B) To the acquisition, by construction or otherwise, '
of land and improvements fully adequate for the Company's
operations at the Mortgaged Property and the Project (which
land and improvements shall be made a part of the Mortgaged
Property to the same extent as if such land and improvements
were specifically described herein and subject to this Agreement
and the Mortgage and which shall be available for use and
occupancy by the Company without payment or expense other ~
than herein provided); provided, that such land and improvements ~
shall be acquired subject to no liens or encumbrances other '
than permitted encumbrances, and the Company shall furnish
to the Trustee a certificate of the Consultant stating that
the Mortgaged Property and the Project have been restored
to a condition substantially equivalent to its condition
prior to the taking by such condemnation proceedings.
(C) To deposit into the Bond Fund and use as a credit
against the purchase price hereunder by the Trustee. In
such event, the Trustee shall, if possible, use such deposited
funds to redeem or purchase outstanding Bonds at a price
not exceeding the par value thereof plus accrued interest
(or at such greater price as the Company in writing may consent
to); provided that no part of any such condemnation award
' may be applied for such purchase or redemption unless (1)
all of the~Bonds are to be purchased or redeemed:in accordance
~ with the Resoluition, or (2) 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 (a) the property forming a part of the Mortgaged
Property or the Project that was taken by such condemnation
proceedings 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 their condition prior to the
takirig by such condemnation proceedings, or (c) improvements
which are fu11y adequate for the Company's operations at
the Mortgaged Property have been acquired and made a part
of the Mortgaqed Property. The purchase price described
in Section 3.03 hereof shall be reduced to the extent of -
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