1983-102 - Laserfiche WebLink

Home Browse Search

Section 6.4 Property S u bstituted in Project. All [)rop,~rt./ cequired by the provisi-1ns of this Article VI to be sub- 3 tituccJ 3nd/or added to t h e Project for the purpose of restoring the s~~e to a condition substantially equivalent l0 its condition prior to any Jamage, destruction or taking u n der the exercise of th~ 9ower ~f ~minent domain, or to a condition fully adequate for the ~orrowcr's operation at the Project, shall become a part of the ~roj~ct. All such property •hall be subject to the terms and c.::m.:.iitions of this f\greement, including the creation of a security intere:;t therein or a mortgage thereon. The Borrower :;h.:ill -~xecute all documents reasona· ... 1y requested by the Trustee for ':.he purpose of continuing the security contemplated hereby. Section 6.5 Temporary Disruption of Project Operations ~v ~rnincnt Domain, In the event the temporary use of the Project or the PrOJdCt Site or any part thereof shall be taken under the ~xer~ise of the power of eminent d omain, the proceeds derived fr3m ,.W'f conJemation award shall promptly be deposited to t~e creJit ~f the □ond Fund and applied , to the elCtent available in 1 ieu ,.)i; t.he i3orro..,,er' s payments, upon the next succeeding i.n::.tall::i.ents of the Loan Payments in the same manner as payments ~~ereof by the Borrower are applied pursuant to the provisions of Se<.:tian ..J, 2 of this Agreement. To the extent that any such con- 1~~nation awari shall be insufficient to pay any such installment or i:1st1l l::ients upon the Loan Payments while the Borrower shall be experiencing any loss· of use of the Project or the Project 3ic~ ·)r Jny Qart thereof, such deficiency shall be fully paid by the Jorrower to the Trustee, with no resulting abatement, diminu- tion or -1eL::i.y i.n subsequent payments of the installments upon the l...-:>an Payments in the manner t'equire<J. by Section 4,2 of this ,\gr<?':!<nent. The expression "temporary use" shall be deemed to m•~-J.n for the ::,urposc of this Section 6. 5, use for a period of less than 12 months, in the tletermination of the Borrower at the t i.ne of the taking. -32-