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HomeMy WebLinkAbout0080 ; ; i under the exercise of the power of eminent domain, or to ~ a condition fully adequate for the Company's operations at the Mortgaged Property, shall become a part of the Mortgaged Property. and the Project and the Company shall execute all appropriate mortgage deeds, security agreements, bills of sale, financing statements and other instruments in writing as sha].1 be reasonably requested by the Trustee for the purpose of-conveying to the Trustee a mortgagee's interest or security interest free and clear of all encumbrances other than permitted encumbrances and interests created by this Agreement, to ~ such property to the Trustee in a manner appropriate under the laws of Florida, as the Trustee may be advised by its counsel, and the Trustee shall have the duty to request of the Company such mortgage deeds, security agreements, financing statements, bills-of sale and other instruments upon the acquisition, construction, installation and/or substitution of any such real and personal property. All such property shall be subject to all the terms and conditions of this Agreement and the Company shall be entitled to have the Mortgage or lien thereto in favor of the_Issuer or its assignee satisifed pursuant to the conditions and provisions of Section 3.01 of this Agreement. Section 5.04. APPLICATION OF CONDEMNATION AND INSURANCE PROCEEDS. Upon the occurrence of any damage or destruction caused by the perils insurable against under fire and extended coverage insurance, resulting in a loss of use of which shall give rise to payments of proceeas of use and occupancy insurance, and provided the Company is not in default under this Agreement, the proceeds of any use and occupancy insurance shall be paid by the Issuer and Trustee to the Company. In the event the temporary use of the Mortgaged Property or the Project or any part thereof shall be taken under the exercise of the power of eminent domain, or in the event that damage or destruction to the Mortgaged Property or the Project results in a loss of use~which shall give rise to payments of use and~occupancy insurance and the Campany is in default under this Agreement, the proceeds derived from any condemnation award or such proceeds of use and occupancy insurance shall be promptly deposited to the credit of the Bond Fund (subject to the provisions of Section 5.02 hereof) and applied, to - the extent available in lieu of the Company's payments, upon the next succeeding installrients af the purchase price in the same manner as payments thereof by the Company are applied ; pursuant to the provisions of Section 3.03 of this Agreement. ' To the extent that any such condemnation award or proceeds I _ 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 payments 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; DEPOSIT 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 ~ i i ~ 21 ~ ~It P11~ ~ - ~ -