Damage and Destruction Provisions. In the event that the Project, including any item of Leased Equipment, is destroyed or damaged, by whatever cause, the Company shall have the option (a) to continue to pay the rent and to cause the Project to be repaired or rebuilt in the same condition and value as immediately preceding the event causing such loss, or (b) to pay to the Trustee for the account of the Bond and Interest Fund, held by the Trustee under the Mortgage, a sum which, when added to all insurance proceeds which the Trustee has collected on account of such destruction or damage, shall be sufficient to pay the principal of and interest on the Bonds as they mature and come due or to redeem the same. In the event that the Company shall elect to cause the Project to be repaired or rebuilt, the Company shall continue to make the rental payments provided for in this Lease Agreement shall cause an estimate to be made of the expense of repairing or rebuilding the Project in the same condition and value as immediately preceding the event causing such loss, by a capable and reputable architect or engineer, or both, acceptable to the Board and the Trustee, and the Company shall forthwith pay to the Trustee for the account of the Construction Fund the amount by which such estimate exceeds the insurance proceeds collected by the Trustee on account of such damage or destruction; and the Company shall forthwith proceed with all practicable dispatch to cause the Project to be repaired or rebuilt in the same condition and value as immediately preceding the event causing such loss, and the Board shall cause the expenses thereof to be paid by the Trustee out of the Construction Fund, as in the Mortgage provided. If the actual cost of repairing or rebuilding the Project shall exceed the amount available therefor in the Construction Fund, the Company shall pay any deficiency from its own funds. In the event that the Company shall elect not to cause the Project to be repaired or rebuilt, the Company shall forthwith pay to the Trustee a sum of money which, when added to the insurance proceeds, will be sufficient to pay the principal of and interest on the Bonds as they mature and come due or to redeem the same; and upon the payment or retirement of all Bonds and interest thereon and all other obligations under the Mortgage, the Basic Rent for the Primary Term of the lease shall abatx. Xxyment to the Trustee of insurance proceeds in excess of the amounts used to repair or rebuild the Project in the same con...
Damage and Destruction Provisions. 23 Section 5.2 Condemnation Provisions......................................... 24
Damage and Destruction Provisions. If the Project is destroyed, in whole or in part, or is damaged, by fire or other casualty, all obligations of the Company and the Authority under the Loan Agreement and the Company Note shall continue in full force and effect. The Company will promptly notify the Authority and the Trustee of such damage or destruction, and all Net Insurance Proceeds referable to such damage or destruction, whether or not initially recovered by the Authority or the Company, shall be paid to and held by the Trustee in a separate trust account until applied in accordance with the provisions hereof. Pursuant to directions to be given to the Trustee by the Company in a written certificate which shall be delivered to the Trustee not more than ninety (90) days following the event causing such damage or destruction, the Net Insurance Proceeds referable to such damage or destruction and held by the Trustee shall be applied by the Trustee for one or both of the following purposes:
Damage and Destruction Provisions. 28 Section 7.2 Condemnation Provisions.................................. 30 Section 7.3 Condemnation of Right to Use of the Project for Limited Period................................................ 34 Section 7.4 Condemnation of Company-Owned Property................... 35 Section 7.5 Cooperation of the Council in the Conduct of Condemnation Proceedings.............................. 35
Damage and Destruction Provisions. If, prior to full payment of the Indenture Indebtedness, the Project is destroyed, in whole or in part, or is damaged, by fire or other casualty, the Company will promptly so notify the Council and the Trustee in writing. All obligations of the Company and the Council under the Lease which are still capable of performance (including, without limitation, the obligation of the Company to pay the Basic Rent and all Additional Rent due hereunder) shall continue in full force and effect. If, in such event, the Company is not entitled to exercise the option to purchase the Project granted in Section 11.2 hereof or if, in such event, being entitled to, it does not exercise such option, the Net Insurance Proceeds recovered by the Council, the Company and the Trustee on account of such damage or destruction shall be paid to and held by the Trustee. Pursuant to directions to be given the Council and the Trustee by the Company in a written statement to be forwarded to the Council and the Trustee not more than ninety (90) days following the event causing such damage or destruction, such proceeds shall be applied by the Trustee in one or both of the following ways (the amount, if any, to be applied in each such way to be specified in such written statement):
Damage and Destruction Provisions. It shall be the responsibility of Lessee to fully insure the demised premises, and all improvements situated thereon, in an amount not less than the full replacement value thereof. In the event any portion of the demised premises is damaged, in whole or in part, such risk of loss shall rest on Lessee, and the Board assumes no responsibility for any such damage which may occur. Any insurance proceeds payable with respect to such damage shall be paid unto Lessee. If the Building is destroyed, in whole or in part, or is damaged, neither the Lessee nor the Board shall be obligated to repair, replace or restore the property damaged or destroyed, and any Net Insurance Proceeds referable to such damage or destruction shall be paid to the Lessee; provided, however, that the Board will, to the extent and in the manner provided herein, cooperate fully with the Lessee in carrying out such repair, replacement and restoration as the Lessee may, in its sole discretion, decide to undertake. All property acquired in connection with the repair, replacement or restoration of any part of the Project pursuant to the provisions of this Section shall be and become part of the Project subject to the demise hereof and the lien of any Mortgage applicable to the demised premises and shall be held by the Lessee on the same terms and conditions as the property originally constituting the Project.
Damage and Destruction Provisions. 19 Section 7.2
Damage and Destruction Provisions. 25 Section 7.2 Condemnation Provisions . . . . . . . . . . . . . . . . . . 26 Section 7.3 Condemnation of Right to Use of Project for Limited Period . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Section 7.4 Condemnation of Company-Owned Property . . . . . . . . . . . 27
Damage and Destruction Provisions. If the Project is destroyed, in whole or in part, or is damaged, by fire or other casualty, to such extent that the loss to the Project resulting therefrom is not greater than $500,000, the Company, subject to the provisions of Section 7.6 hereof, (a) will promptly repair, rebuild or restore the property damaged or destroyed to substantially the same condition as prior to the event causing such damage or destruction, with such changes, alterations and modifications as will not impair the operating unity of the Plant or the character of the Project as a "project" under the Authorizing Act, (b) will apply for such purpose so much as may be necessary therefor of any insurance proceeds referable thereto, as well as any other moneys required therefor, and (c) may, in the event the total costs of such repair, rebuilding and restoration are less than the amount of insurance proceeds referable thereto, retain the amount by which such proceeds exceed said total costs. If the Project is destroyed, in whole or in part, or is damaged, by fire or other casualty, to such extent that the loss to the Project resulting therefrom is in excess of $500,000, the Company will promptly so notify the Trustee in writing, and the Net Insurance Proceeds shall be paid to and held by the Trustee (or, if the Bonds have been fully paid, the Company), whereupon, subject to the provisions of Section 7.6 hereof,
Damage and Destruction Provisions. If the Project is destroyed, in whole or in part, or is damaged, by fire or other casualty, the total insurance proceeds recovered on account of such destruction or damage, less all expenses (including attorneys’ fees) incurred in collection of such proceeds, shall be paid to the Lessee. All Facilities acquired in connection with any repair, replacement or restoration of any part of the Project shall be and become part of the Project subject to the demise hereof and the lien of the Indenture and shall be held by the Lessee on the same terms and conditions as the property originally constituting the Project.
