Application of Casualty Insurance Proceeds. Any proceeds collected (the “Proceeds”) under any casualty insurance policy described in this Agreement shall be disbursed to Borrower as provided below, but only upon fulfillment of each of the following conditions (the “Restoration Conditions”) within one hundred twenty (120) days following the occurrence of the damage for which the Proceeds are collected:
(a) Borrower shall have demonstrated to Bondowner Representative’s reasonable satisfaction that the Proceeds (together with amounts deposited by Borrower pursuant to subparagraph (b)) will be adequate to repair the Improvements and to restore the fair market value of the Property, within a time period reasonably determined by Bondowner Representative, to at least the value it had immediately prior to sustaining the damage. Such demonstration shall include delivery to Bondowner Representative of (i) plans and specifications reasonably satisfactory to Bondowner Representative and (ii) a construction contract in form and content, and with a contractor, reasonably satisfactory to Bondowner Representative.
(b) To the extent that the Proceeds are insufficient to accomplish the restoration required above, Borrower shall have delivered funds (the “Shortfall Funds”) in the amount of such shortfall, which funds shall be assigned to Lender as security for Borrower’s obligation hereunder and held and disbursed in the same manner as the Proceeds.
(c) Borrower shall have executed such documents as Bondowner Representative requires to evidence and secure Borrower’s obligation to use all amounts disbursed for the diligent restoration of the Property.
(d) No Event of Default shall remain uncured (other than any Event of Default which relates to such casualty and will be cured by completion of the repair or restoration).
Application of Casualty Insurance Proceeds. If, prior to the completion of the term of this Assistance Agreement, the Project shall be damaged or partially or totally destroyed by fire, windstorm or other casualty, there shall be no abatement or reduction in the amount payable by the Governmental Agency pursuant to the terms of this Assistance Agreement and the Governmental Agency will (1) promptly repair, rebuild or restore the Project damaged or destroyed and (2) apply for such purpose so much as may be necessary of any net proceeds of insurance resulting from claims for such losses, as well as any additional moneys of the Governmental Agency necessary therefor. All net proceeds of insurance resulting from claims for such losses shall be paid to the Governmental Agency and shall be promptly applied as herein provided.
Application of Casualty Insurance Proceeds. If, before the completion of the term of this Assistance Agreement, the Project shall be damaged or partially or totally destroyed by fire, windstorm, or other casualty, there shall be no abatement or reduction in the amount payable by the Borrower in accordance with the terms of this Assistance Agreement and the Borrower will (i) promptly repair, rebuild, or restore the Project damaged or destroyed; and
Application of Casualty Insurance Proceeds. Any proceeds collected (the “Proceeds”) under any casualty insurance policy described in this Agreement shall be disbursed to Borrower as provided below, but only upon fulfillment of each of the following conditions (the “Restoration Conditions”) within sixty
Application of Casualty Insurance Proceeds. If, before the completion of the term of this Assistance Agreement, the Project shall be damaged or partially or totally destroyed by fire, windstorm, or other casualty, there shall be no abatement or reduction in the amount payable by the Borrower in accordance with the terms of this Assistance Agreement and the Borrower will (i) promptly repair, rebuild, or restore the Project damaged or destroyed; and (ii) apply for such purpose so much as may be necessary of any net proceeds of insurance resulting from claims for such losses, as well as any additional monies of the Borrower necessary therefor. All net proceeds of insurance resulting from claims for such losses shall be paid to the Borrower and shall be promptly applied as herein provided.
Application of Casualty Insurance Proceeds. If, prior to the completion of the term of this Assistance Agreement, the System shall be damaged or partially or totally destroyed by fire, windstorm or other casualty, there shall be no abatement or reduction in the amount payable by the Borrower pursuant to the terms of this Assistance Agreement and the Borrower will (1) promptly repair, rebuild or restore the System damaged or destroyed and (2) apply for such purpose so much as may be necessary of any net proceeds of insurance resulting from claims for such losses, as well as any additional moneys of the Borrower necessary therefor. All net proceeds of insurance resulting from claims for such losses shall be paid to the Borrower and shall be promptly applied as herein provided.
Application of Casualty Insurance Proceeds. Notwithstanding any provision of this Agreement, the County retains the sole power to control and direct the application and distribution of proceeds of casualty insurance applicable to the Facilities, as provided in the Financing Agreement.
