HomeMy WebLinkAbout0079 such Bonds purchased or redeemed under the provisions of
this paragraph, with a corresponding reduction in affected
subsequent installments upon the purchase price.
(D) Whenever no Bonds shall remain outstanding under
the terms of the Resolution, or a balance of condemnation
proceeds shall remain after all outstanding Bonds shall have
been redeemed and all expenses cf the Trustee and the Issuer
have been paid, and when no Concurrent Parity Bonds remain '
outstanding, then to the Company. !
The Company shall within ninety (90) days from the
date of entry of a final order in any eminent domain proceedings
granting condemnation, but not prior to -the expiration of
the appeal period applicable to such final order, direct
the Issuer and the Trustee in writing as to which of the
ways specified in this Section the Company elects to have
the condemnation award applied. -
Any moneys held by the Trustee under the provisions
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 authorized
for investment of Bond or Construction Fund moneys pursuant
to the provisions o£ 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
shaZl be considered as part of the condemnation proceeds `
and the amount of any losses on such investments shall be
forthwith reimbursed to~the Trustee by the Company.
The Trustee shall cooperate fully with the Company
in the handling and conduct of any prospective or pending ~
.condemnation proceedings with resgact to the Mortgaged Property
or the Project or any part thereof and will, to the extent
it may lawfulZy do so, permit the Company to control the
defense of the proceedings. If no default is continuing
hereunder the Company may voluntarily settle~or consent to
the settlement of any prospective or pending condemnation
proceedings with respect to the Mortgaged Property or the ~
Project or any part thereof, or may give a deed as settlement,
without the written consent of the Trustee. Should there
be a default continuing hereunder the Company shall not voluntarily
; settle or consent to settler.tent or give a deed, but instead
such decision shall be vested in the Trustee.
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~ If no default is continuing hereunder the Company
shall be entitled to the proceeds of any condemnation award
~ or portion thereof separately awarded for damages to or takings
` of its own property or for dar.tages on account of the taking
r or an interference with its rights to possession, use or
occupancy of the Mortgaged Property or the Project, or for
bnsiness damages or moving expenses.
Section 5.03. SUBSTITUTED PROPERTY PART OF MORTGAGED
PROPERTY AND PROJECT. All property, real and personal, required
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, destruction or taking
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