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ARTICLE: V II <br />POSSC::SSION, USE, DES'l'RUC'rION Al\JD <br />CON DEMNT,>.TIOt.J Ol~ PROJECT <br />Section 7,1 Indenture Subject to Rights of the Oorrower. <br />::>O Lon:J H the uorrower is not in de fault under the provisions of <br />t:;u :..;:,.'In ,\qre ~men t, this Indenture and the rights and privileges <br />horeun,l~r .Jf t.he Trustee and the holders of the Bonds are speci- <br />Eic~ l ly ~ade $Ubj ect and subordinate tn the rights and p rivil eges <br />or t.:rn :3cJ rrower set forth in the Loan Agr eement, and the Borro wer <br />sn~ll oe ~ntitled to possession of the Project a nd all other <br />ri.-}hts unJe r t.he Loan Agreement. <br />~action 7.2 Condemnation or Destructi on of or Damage to <br />the i'ro1ect. In the event of con<lemnation or destruction of or <br />-lacn:q~ :.o ::.he Project, provision is :nade in the Loan Agreement <br />for t.\1e .1pplication of the Net Proc:eeds (as therein defined) of <br />in~ur~ncc ;:,r condemnation awards, All such proceeds shall be <br />:1e l,l rnJ 1pplied as provided in the Loan Agreement. Any such <br />proceeds nel...l by the Trustee for the purpose of repairing, <br />raouLlJing or restoring the Project shall be deposited in the <br />Pro J~Ct ~u nd and withdrawal s shall be made therefrom upon <br />c~:;ipli ,,nce •,1ith the provisions of this Indenture with reference <br />to Jisoursements from such Fund. <br />Section 7.J No Liens. Except for Permitted Encum- <br />:,r3nc~s ar ~s oKp ressly permitted hereunder or in the Loan <br />.\<J rc<?1aent, no lien, encumbrance or other right shall be permitted <br />·,nt;1 C'espect to any of the Project nor shall any lien, encumbrance, <br />.issLyn::ient -.,r other right be permitted with C'espec t to any <br />~ev~nuds ,1hich is prior to or on a parity with the lien of this <br />rnuenture, except for Permitted Encumbrances. <br />-47-