Condemnation and Loss of Title. (a) In the case of a taking of all or any part of the Leased Property or any right therein under the exercise of the power of eminent domain or any loss of all or any part of the Leased Property because of loss of title thereto, or the commencement of any proceedings or negotiations which might result in such a taking or loss, the party upon whom notice of such taking is served or with whom such proceedings or negotiations are commenced or who learns of a loss of title shall give prompt notice to the other and to the Bondholder. Each such notice shall describe generally the nature and extent of such condemnation, taking, loss, proceedings or negotiations. All obligations of the County under this Lease Agreement (except obligations to pay Basic Rent when due) shall terminate as to the Leased Property or portion thereof as to which there is a loss of title or which is condemned or taken when such loss of title is finally adjudicated or when title thereto vests in the party condemning or taking the same, as the case may be (hereinafter referred to as the “Termination Date”). The County shall pay over to the Bondholder (and hereby irrevocably assigns, transfers and sets over to the Bondholder) all right, title and interest of the County in and to any Net Proceeds payable as to any such loss of title, condemnation or taking during the Lease Term. The Bondholder shall hold such Net Proceeds in accordance with the Bond Purchase Agreement for disbursement or use by the County in accordance with the option so elected:
Condemnation and Loss of Title. If title to or the temporary use of all or any part of the Leased Property shall be taken under the exercise of the power of eminent domain or lost because of failure of title, and the Local Government shall not have exercised its option, if such option is available, to redeem its obligations under this Agreement pursuant to Section 6.2, the Local Government shall cause the net proceeds from any such condemnation award or from title insurance to be applied to the restoration of the Leased Property to substantially its condition before the exercise of such power of eminent domain or failure of title. If such net proceeds are not sufficient to pay in full the cost of such restoration, the Local Government shall pay so much of the cost as may be in excess of such net proceeds.
Condemnation and Loss of Title. Unless Payment of the Bonds has occurred or the Borrower has provided for the redemption of all of the Bonds pursuant to an optional redemption in accordance with Section 405(b) of the Indenture, if title to, or the temporary use of, all or any part of the Project shall be taken under the power of eminent domain or lost because of failure of title, then the Borrower shall cause the Net Proceeds from any such condemnation award or from title insurance to be paid over to the Trustee to be held by it in a sub-account of the Bond Fund to be created for such purpose and applied to the restoration of the Project to substantially its condition before the exercise of such power of eminent domain or failure of title but only upon delivery to the Trustee and the Letter of Credit Issuer of a certificate or certificates from the Borrower to contain such information as the Trustee and the Letter of Credit Issuer may reasonably require. Any balance of Net Proceeds remaining after payment of the cost of such restoration shall be deposited in a separate segregated sub-account in the Bond Fund, invested in accordance with Section 801 of the Indenture and used by the Trustee to redeem Bonds in accordance with Section 405(b) of the Indenture. The Borrower hereby agrees that it will direct the optional redemption required by the preceding sentence.
Condemnation and Loss of Title. Unless the Company terminates this Loan Agreement and prepays the Note pursuant to Article IX, and subject to the terms and conditions of the Reimbursement Agreement, if before the Completion Date title to or the temporary use of all or any part of the Project shall be taken under the exercise of the power of eminent domain, the Company shall be obligated to continue to make the payments required under the Note. The Company shall cause the Net Proceeds from any such condemnation award to be applied to the restoration of the Project affected by the taking to substantially its same condition as prior to the exercise of such power of eminent domain with such repairs and replacements as the Company may determine and as will not impair the capacity or character of the Project for the purpose for which it is then being used or is intended to be used.
Condemnation and Loss of Title. If title to or the temporary use of all or any part of the Airport shall be taken under the exercise of the power of eminent domain or lost because of failure of title, and the Borrower shall not have exercised its option to prepay in full the Local Bond pursuant to Article VII, the Borrower shall cause the Net Proceeds from any such condemnation award or from title insurance to be applied to the restoration of the Airport to substantially its condition before the exercise of such power of eminent domain or failure of title. If such Net Proceeds are not sufficient to pay in full the cost of such restoration, the Borrower shall pay so much of the cost as may be in excess of such Net Proceeds. Any balance of such Net Proceeds remaining after payment of the cost of such restoration shall promptly be applied to the prepayment of the Local Bond pursuant to Article VII or any other lawful purpose.
Condemnation and Loss of Title. Unless the Lessee terminates this Agreement and prepays the Basic Rent pursuant to Article IX, and subject to the terms and conditions of the Credit Agreement, if before the Completion Date title to or the temporary use of all or any part of the Project shall be taken under the exercise of the power of domain (or sold under threat of condemnation), the Lessee shall be obligated to continue to make the Basic Rent payments required hereby. The Lessee shall cause the Net Proceeds from any such condemnation award to be applied to the restoration of the Project affected by the taking to substantially its same condition as prior to the exercise of such power of eminent domain with such repairs and replacements as the Lessee may determine and as will not impair the capacity or character of the Project for the purpose for which it is then being used or is intended to be used. Condemnation proceeds to be used for such purpose shall be paid to the Trustee and held in the Project Fund pending disbursement. If the condemnation proceeds exceed the cost of such repair, rebuilding, restoration or replacement, the excess shall be transferred to the Bond Fund and used to retire or defease the Bonds.
Condemnation and Loss of Title. If title to or the temporary use of all or any part of the Related Financed Property or the System, or both, shall be taken under the exercise of the power of eminent domain or lost because of failure of title, and the Local Government shall not have exercised its option, if such option is available, to redeem the outstanding Local Bond pursuant to Section 6.2, the Local Government shall cause the net proceeds from any such condemnation award or from title insurance to be applied to the restoration of the Related Financed Property or the System, or both, to substantially its condition before the exercise of such power of eminent domain or failure of title. If such net proceeds are not sufficient to pay in full the cost of such restoration, the Local Government shall pay so much of the cost as may be in excess of such net proceeds.
