HomeMy WebLinkAbout0081 insurance shall be payable and sufficient to pay all the ~ ~
installments upon the purchase price maturing during such ~
period, or such certification shall b~ ~ad.e with respect
to a substantial portion of the Mortgaged r'roperty or the
Project, the use and occupancy o£ which portion shall be
nec~ssary to the Company's operations at the Mortgaged Property
and the Project, then the Company may elect not to repair, ;
substitute or reconstruct the damaged or destroyed property, ;
in the manner provided in this Article V and in such event ;
the Company shall forthwith deposit to the credit of the '
Bond Fund such sums which, together with the insurance proceeds,
shall be sufficient to pay the principal of all the Bonds
then outstanding plus accrued interest thereon and interest
to accrue thereon to the next interest payment date, reasonable
Trustee's charges and expenses including attorneys' fees,
plus a premium of 6$ of the principal amount of Bonds then
outstanding if such certification that the Mortgaged Property
or the Project shall have been damaged or destroyed is made
prior to December 1, 1977; if such certification is made
on December 1, 1977, or subsequent thereto then the premium
for the year in which such certification is made as provided
in Section 11 of the Resolution shall apply and such premium
plus the other amounts specified therein (except that one
year's interest at the coupon rate on the Bonds redeemed.
shall not be paid under this Section) shall be deposited
by the Company to the credit of the Bond Fund as provided
in this Section 5.05 and in which event all of the Bonds
then outstanding shall be redeemed by the Trustee on the
next succeeding interest payment date which occurs at least
six.ty (60) days after the deposit of said funds in the Bond
Fund. Such redemption shall be effected in the manner provided
in Section 11 of the Resolution.
Section 5.06. PROVISION CONCERNING CONDEMNATION.
Upon certification by the Company and the Consultant that
the Mortgac~ed Property or the Project has been taken by the
exercise of the poh~er of eminent domain or such certification
has been made with respect to a substantial portion of the
Mortgaged Property or the Project the use and occupancy of
which portion is necessary to the Company's operations at
the Mortgaged Property, then the Company may elect not to
replace or restore the property taken by the exercise of
the power of eminent domain, in the manner provided in this
Article V; and in such event, the Company shall forthwith
deposit to the credit of the Bond Fund such sums ~~hich, together
with the condemnation award, shall be sufficient to pay the
! principal of all the Bonds then outstanding at par plus accrued _
interest thereon and interest to accrue thereon to the next
I interest payment date. The Trustee shall redeem all of the
; Bonds then outstanding on the next succeeding interest payment
f date which occurs at least sixty (60) days after the deposit
; of said funds into the Bond Fund. Such redemption shall
~ be effected in the manner provided in Section 11 of the Resolution. ~
;
ARTICLE VI
- SPECIAL COVE?~IANTS
Section 6.01. NO Z~JARRANTY OF CONDITION OR SUITABILITY
BY ISSUER OR TRUSTEE. The Issuer and the Trustee make no
warranty, either express of implied, as to the title or condition
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