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40 <br />XEROX TELECOPIER 496 212 286 1786+ %s 3 <br />t i <br />are customarily insured against with respect to property similar to such <br />mortgaged property by businesses of like size and type (other than business <br />interruption pr products liability insurance). <br />r I <br />Damage, Destruction and Condemnation <br />Each' Mortgage provides that if the property covered thereby is <br />destroyed in whole or in part or damaged by fire or other casualty, the <br />following provisions will apply: <br />Prior' to the tim4 the Bonds secured by such Mortgage have been paid <br />in full and so long as the Bonds are secured by a Letter of Credit or <br />any amounts owed by the Company under the Reimbursement Agreement <br />remain unpaid, the Company will be required to repair, rebuild or <br />resters the property damaged or destroyed to substantially the same <br />cord#tion as existed prior to the event causing such damage or <br />destfuction and all net proceeds of insurance resulting from claims <br />for losses resultnq from such damage od destruction will be applied <br />to ouch repair, rebuilding or restoration, unless the mortgagor <br />directs the Company to apply available insurance proceeds to redeem <br />Bonds relating to'such Project. <br />Prior to the time the Bonds secured by such Mortgage have been paid <br />in full, and so lonq as there is no Letter of Credit outstanding and <br />no amounts owed by the Company under the Reimbursement Agreement are <br />unpaid,in the event such damage or destruction results from an <br />uninsured casualti and such damage or dtstruetien impairs the ability <br />of the Company to:operate its business at the same level and capacity <br />at which it was operating prior to such damage or destruction, the <br />Company will repair, rebuild or restore the property damaged or <br />destroyed at its own expense to substantially the same condition as <br />existed prior to the event causing such damage or destruction. In <br />the event such ;damage or destruction results from an insured <br />casualty, all net proceeds of insurance resulting from claims for <br />such losses will be applied at the direction of the Company either to <br />the redemption of; the Bonds or to the restoration of the mortgaged <br />property to substantially the same condition as existed prior to such <br />damage or destruction. <br />In the event of tihe condemnation of any mortgaged property, proceeds <br />from such condemnation shall be applied as follows: <br />(a) Prior to the time the Bonds secured by the Mortgage covering <br />such mortgaged property shall have been paid in full, and so <br />long as any amounts remain unpaid under the Reimbursement <br />Agreement or any Letter of Credit remains outstanding, the <br />1 condemnation proceeds will be applied to the altering, <br />restoring oe rebuilding of any part of the mortgaged property <br />which may have been altered, damiged or destroyed 42 result <br />of any such taking or for any other purpose orobject <br />D-11 <br />