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HomeMy WebLinkAbout0961 w or any part thereof, at its option, (i) to the payment of the Secured Indebtedness, whether or not due and in whatever order Mortgagee elects, (ii) to the repair and/or restoration of the Mortgaged Property as hereinafter provided, and/or (iii) for any ~ other purposes or objects for which Mortgagee is entitled to advance funds under this Mortgage, all withoUt affecting the security interest created by this Mortgage. Prior to the time the Bonds shall have been paid in full, or such payment duly provided for in accordance with the Indenture, and so long as any of the Letter of Credit Indebtedness remains outstanding or the Bonds are secured by the Letter of Credit, the following provisions of this subsection (d) shall apply: In the event such damage or destruction results from an uninsured casualty and such damage or destruction impairs the ability of Mortgagor to operate its business at the Mortgaged Froperty at the same level and capacity at which it was operating prior to such damage or destruction, Mortgagor agrees to promptly repair, rebuild or restore the property damaged or destroyed at its own expense to substantially the same condition as existed ( prior to the event causing such damage or destruction, with such changes, alterations and modifications (including the substitution or addition of other property) as may be desired by Mortgagor which will not impair the effective use of the Mortgaged Property, paying when due all claims for labor performed and materials furnished in connection therewith. In the event such damage or destruction results from an insured casualty, all net proceeds of insurance resulting from claims for such losses shall be paid to and held by Mortgagee and applied to the restoration of the Mortgaged Property to ~ substantially the same condition as existed prior to such damage or destruction in the manr~er hereinafter described, unless Mortgagee shall direct Mortgagor in writing, within thirty (30) days after the amounts of available insurance proceeds is confirmed in writing by the applicable insurance company to Mor*_gagee, that Mortgagor utilize such insurance proceeds to ` redeem Bonds. In the event the net proceeds are to be applied to the restoration of the Mortgaged Property, Mortgagor shall proceed promptly to repair, rebuild, replace or restore the property damaged or destroyed to substantially the same condition as existed prior to the event which caused such damage or destruction, with such changes, alterations and modifications (including the substitution or addition of other property) as may be desired by Mortgagor which will not impair the operating unity or effective use of the Mortgaged Property, and Mortgagee will apply so much as may be necessary to payment of the costs of such -12- gppK FAGE ° ~ 573 gfi1. ~ " -