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(a) After payment in full, or provision for the payment in
full, of the Bonds in accordance with the provisions of the
Indenture, condemnation proceeds may, at th~ option of Mortgagee, >
be retained and applied by Mortgagee toward payment of the
Secured Indebtedness or be paid over, wholly or in part, to
Mortgagor for the purpose of altering, restoring or rebuilding
any part of the Mortgaged Property which may have been altered,
damaged or destroyed as a result of any such taking, alteration
of grade, or other injury to the Mortgaged Property, or for any
other purpose or object satisfactory to Mortgagee, but Mortgagee
shall not be obligated to see to the application of any amount -
paid over to Mortgagor,
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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 lor;g as any of the Letter of Credit Indebtedness remains
outstanding or the Bonds are secured by the Letter of Credit, or
both, the condemnation proceeds will be paid to and heid by
Mortgagee, first, for application, in the manner hereinafter
provided, to the altering, restoring or rebuilding any part of
~ the Mortgaged Property rrhich may have been altered, damaged or ~
~ destroyed as a result of any such takin~, alteration of grade, or ~
( other injury to the Mortgaged Property, or for any other purpose
' or object satisfactory to Mortgaqee (although Mortgagee shall not
~ be obligated to see to the application of any amount paid over to
Mortgagor), and, second, to the reduction of the Letter of Credit
Indebtedness-then outstanding. The balance, if any, shall be
paid over to Mortgagor.
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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 there is no Letter of Credit outstanding which +
secures the Bonds and no Letter of Credit Indehtedness
outstanding, all condemnation proceeds shall be paid to and held
by Mortgagee and applied, at the direction of Mortgagor, either
to the redemption of Bonds or to the alteration, restoration or
rebuilding of any part of the Mortgaged Premises which may have
bee~ altered, damaged or destroyed as a result of any such
taking, alteration of grade or other injury to the Mortgaged
Property, or for any other purpose or object satisfactory to
Mortgagee (although Mortgagee shall not be obligated to see to
the application of any amaunt paid over to Mortgagor). Unless
Mortgagor shall have elected, by delivery of written notice of
such election to Mortgagee within ninety (90) days after the
occurrence of such taking, either to apply such condemnation
proce~eds to the restoration of the Mortgaged Property or to
transfer the condemnation proceeds to Trustee (or to the
registrar and paying agent then serving as such under the
Indenture, as the case may be) for deposit in the Principal
Account of the Debt Service Fund to be used for the redemption of
Bonds on the earliest date for. which notice thereof can be given
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g~K 573 ~A~E 9~5