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HomeMy WebLinkAbout0962 i. repair, rebuilding, replacement or restoration either on completion thereof or as the work progresses, as directed by E Mortgagor. Each such direction of Mortgagor shall be accompanied ' by a certificate of an architect or engineer (who shall be selected by Mortgagor and satisfactory to Mortgagee) in charge of = the rebuilding, repairing, replacement or restoring, dated not more than thirty (30) days priQr to such direction (x) setting - forth in substance that the sum then directed to be applied either has been paid by Mortgagor, or is justly due, to ' contractors, subcontractors, materialmen, engineers, architects or other persons ~ho have zendered services or furnished materials or improvements for the rebuilding, repairing, replacement or restoring therein specified and setting forth the names of such persons; a brYef description of such services or = materials or improvements and the several amounts so paid which ~ are due to each such person; and a statement that none of the costs of the services or materials or improvements described in such certificate has~been or is being made, in ~hole or in part, ~ the basis for any previous or then pending direction for payment under this paragraph and that the sum then directed to be applied does not exceed the value of the services or materials or ~ improvements described in the certificate, and (y) stating that, ~ except for the amount, if any, stated in the certificate pursuant ' to the immediately preceding subdivision (x? to be due for services or materials or improvements, there is not outstanding any indebtedness known to the persons signing such certificate which is th~n due for labor, wages, materia2s, supplies or services in connection with the repairing, rebuilding, replacement or restoring which if unpaid might become the basis of vendors', mechanics', laborers' or materialmen's liens upon the Mortgaged Property or any part thereof. If said net proceeds are not sufficient to pay in full the costs of such repairs, rebuilding, replacement or restoration, Mortgagor shall , nonetheless cQmplete the work thereof and shall pay the portion of the costs thereof in excess of the amount of said net proceeds. Mortgagor shall not, by reason of the payment of such excess costs, be entitled to any reimbursement from the Mortgagee or any abatement, diminution or postponement of the amounts payable with respect to the Secured Indebtedness. 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 lon~ as there is no Letter of Credit outstanding which secures the Bonds and no Letter of Credit Indebtedness outstanding, 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 Property at the same level and capacity at which it was operating -I3- 8ooK573 FAGE 9fi2 ~