Common use of Damage, Destruction, Condemnation or Loss of Title Clause in Contracts

Damage, Destruction, Condemnation or Loss of Title. The Company or the City, as the case may be, shall notify the City, the Company and the Bank immediately in the case of damage to or destruction of the Project or any portion thereof resulting from fire or other casualty (hereinafter referred to as a “casualty loss”) or of a condemnation or loss of title. In the event of a casualty loss, a condemnation or a loss of title for which the Net Proceeds do not exceed $100,000, the Company shall forthwith repair, reconstruct, restore, replace and improve the Project to substantially the same or an improved condition or utility value as existed prior to such casualty loss or forthwith make such replacements of or repairs or improvements to the Project or portions thereof made necessary by such condemnation or loss of title. Such Net Proceeds shall be paid directly to the Company and applied to the extent necessary to the payment of the costs of such repair, reconstruction, restoration, replacement and improvement. Any remaining balance not required for such purpose shall be paid to the Bank and applied to the principal of and interest on the Bond. If such Net Proceeds are not sufficient to pay in full the costs of such replacement of or repairs or improvements to the Project, the Company shall nonetheless complete the work thereof and shall pay that portion of the costs thereof in excess of the amount of said Net Proceeds. If such Net Proceeds exceed $100,000, such Net Proceeds shall be paid to the Bank and held by the Bank in trust until such time as the Bank and the Company reach an agreement as to the use of such funds. In the event the Company decides to repair, reconstruct, restore, replace and improve the Project subsequent to a casualty loss, the Company shall complete the repair, reconstruction, restoration, replacement and improvement of the Project, whether or not the Net Proceeds are sufficient to pay for the same; (ii) the Company shall not be entitled to any reimbursement from the City or the Bank or any abatement or diminution of its obligations hereunder by reason of any payments made by the Company for such purpose in excess of the Net Proceeds; and (iii) all such repairs, reconstructions, restorations, replacements and improvements shall be a part of the Project.

Damage, Destruction, Condemnation or Loss of Title. (a) The Company or the City, as the case may be, Lessee shall notify the CityIssuer, the Company Letter of Credit Provider and the Bank Trustee immediately in the case of damage to or destruction of the Project or any portion thereof resulting from fire or other casualty (hereinafter referred to as a “"casualty loss”") or of a condemnation or loss of title. . (b) In the event of a casualty loss, a condemnation or a loss of title for which the Net Proceeds do not exceed $100,000250,000, the Company Lessee shall forthwith repair, reconstruct, restore, replace and improve the Project to substantially the same or an improved condition or utility value as existed prior to such casualty loss or forthwith make such replacements of or repairs or improvements to the Project or portions thereof made necessary by such condemnation or loss of title. Such Net Proceeds shall be paid directly to the Company Lessee and applied to the extent necessary to the payment of the costs of such repair, reconstruction, restoration, replacement and improvement. Any remaining balance not required for such purpose shall be paid by the Lessee to the Bank and applied Trustee for deposit in the Bond Fund. (c) If Net Proceeds exceed $250,000, the Net Proceeds shall be deposited with the Trustee and, at the option of the Lessee, with the prior written consent of the Letter of Credit Provider, by written notice delivered to the principal of and interest on the Bond. If such Net Proceeds are not sufficient to pay in full the costs of such replacement of or repairs or improvements to the ProjectTrustee, the Company shall nonetheless complete Letter of Credit Provider and the work thereof and shall pay that portion of Issuer within 60 days after the costs thereof in excess determination of the amount of said Net Proceeds. If such Net Proceeds exceed $100,000or 180 days after the occurrence of such casualty loss, such condemnation or loss of title, whichever occurs first, the Lessee shall either: (i) Option A - Repairs and Improvements: use Net Proceeds shall be paid to the Bank and held by the Bank in trust until such time as the Bank and the Company reach an agreement as to the use of such funds. In the event the Company decides to repair, reconstruct, restore, replace and improve equip the Project subsequent and, in such event, such Net Proceeds shall be deposited in a separate account of the Project Funds and, so long as no Default exists, shall be disbursed from time to time by the Trustee upon receipt of a Written Request therefor for the purpose of restoring or rebuilding the Project, subject to reasonable disbursement requirements to insure that the restoration or rebuilding is timely completed in a good and workmanlike manner, free of liens for labor and materials. Upon the completion of such use as certified in writing by the Lessee, any remaining balance not required for such repair, reconstruction, restoration, replacement and improvement shall be deposited in the Bond Fund and applied in accordance with the provisions of the Indenture; or (ii) Option B - Redemption of Bonds: (1) prepay all Lease Payments pursuant to Section 9.2 and cause all the Bonds to be redeemed (without premium or penalty) in accordance with paragraph (b) of Section 302 of the Indenture at the earliest practical date, or (2) prepay Lease Payments pursuant to Section 9.2 and cause part of the Bonds to be redeemed (without premium or penalty) pursuant to paragraph (b) of Section 302 of the Indenture if the property suffering such casualty loss, condemnation or loss of title was not essential to the Company use of the Project and the use of such funds for prepayment under such circumstances will not result in any of the representations or warranties respecting the Project and the use of the proceeds of the Bonds being false, untrue, misleading or breached. (d) In the event Net Proceeds do not exceed $250,000 or the Lessee elects Option A, (i) the Lessee shall complete the repair, reconstruction, restoration, replacement and improvement of the Project, whether or not the such Net Proceeds are sufficient to pay for the same; (ii) the Company Lessee shall not be entitled to any reimbursement from the City Issuer, the Trustee, the Letter of Credit Provider or the Bank Bondowners or any abatement or diminution of its obligations hereunder by reason of any inability to use all or any part of the Project during any period in which the Project is damaged or destroyed or by reason of any payments made by the Company Lessee for such purpose in excess of the Net Proceeds; and (iii) all such repairs, reconstructions, restorations, replacements and improvements shall be a part of the Project. (e) The Issuer shall cooperate fully with the Lessee in the handling and conduct of any prospective or pending condemnation proceedings with respect to the Project as long as the Issuer is not the condemning authority. In no event will the Issuer voluntarily settle or consent to the settlement of any prospective or pending condemnation proceedings with respect to the Project without the written consent of the Lessee.

Damage, Destruction, Condemnation or Loss of Title. The Company or the City, as the case may be, Obligor shall notify the City, the Company Issuer and the Bank Trustee immediately in the case of damage to or destruction of the Project or any portion thereof resulting from fire or other casualty (hereinafter referred to as a “casualty loss”) or of a condemnation or loss of title. In the event of a casualty loss, a condemnation or a loss of title for which the Net Proceeds do not exceed $100,00050,000, the Company Obligor shall forthwith repair, reconstruct, restore, replace and improve the Project to substantially the same or an improved condition or utility value as existed prior to such casualty loss or forthwith make such replacements of or repairs or improvements to the Project or portions thereof made necessary by such condemnation or loss of title. Such Net Proceeds shall be paid directly to the Company Obligor and applied to the extent necessary to the payment of the costs of such repair, reconstruction, restoration, replacement and improvement. Any remaining balance not required for such purpose shall be paid to the Bank and applied to Trustee for deposit in the principal of and interest on the Bond. If such Net Proceeds are not sufficient to pay in full the costs of such replacement of or repairs or improvements to the Project, the Company shall nonetheless complete the work thereof and shall pay that portion of the costs thereof in excess of the amount of said Net ProceedsBond Fund. If such Net Proceeds exceed $100,00050,000, such Net Proceeds shall be paid to the Bank and held by the Bank in trust until such time Trustee for disbursement as the Bank hereinafter described and the Company reach an agreement as Obligor shall, with prior Bondowner Consent, elect one of the following options by written notice delivered to the use Trustee and the Issuer within 60 days of the determination of the amount of such funds. In Net Proceeds or 180 days of the event the Company decides to repair, reconstruct, restore, replace and improve the Project subsequent to a occurrence of such casualty loss, the Company shall complete the repaircondemnation or loss of title, reconstruction, restoration, replacement and improvement of the Project, whether or not the Net Proceeds are sufficient to pay for the same; (ii) the Company shall not be entitled to any reimbursement from the City or the Bank or any abatement or diminution of its obligations hereunder by reason of any payments made by the Company for such purpose in excess of the Net Proceeds; and (iii) all such repairs, reconstructions, restorations, replacements and improvements shall be a part of the Project.whichever occurs first:

Damage, Destruction, Condemnation or Loss of Title. The Company or the City, as the case may be, Obligor shall notify the City, the Company Issuer and the Bank Trustee immediately in the case of damage to or destruction of the Series 2004 Project or any portion thereof resulting from fire or other casualty (hereinafter referred to as a “casualty loss”) or of a condemnation or loss of title. In the event of a casualty loss, a condemnation or a loss of title for which the Net Proceeds do not exceed $100,00050,000, the Company Obligor shall forthwith repair, reconstruct, restore, replace and improve the Series 2004 Project to substantially the same or an improved condition or utility value as existed prior to such casualty loss or forthwith make such replacements of or repairs or improvements to the Series 2004 Project or portions thereof made necessary by such condemnation or loss of title. Such Net Proceeds shall be paid directly to the Company Obligor and applied to the extent necessary to the payment of the costs of such repair, reconstruction, restoration, replacement and improvement. Any remaining balance not required for such purpose shall be paid to the Bank and applied to Trustee for deposit in the principal of and interest on the Bond. If such Net Proceeds are not sufficient to pay in full the costs of such replacement of or repairs or improvements to the Project, the Company shall nonetheless complete the work thereof and shall pay that portion of the costs thereof in excess of the amount of said Net ProceedsBond Fund. If such Net Proceeds exceed $100,00050,000, such Net Proceeds shall be paid to the Bank and held by the Bank in trust until such time Trustee for disbursement as the Bank hereinafter described and the Company reach an agreement as Obligor shall, with prior Bondowner Consent, elect one of the following options by written notice delivered to the use Trustee and the Issuer within 60 days of the determination of the amount of such funds. In Net Proceeds or 180 days of the event the Company decides to repair, reconstruct, restore, replace and improve the Project subsequent to a occurrence of such casualty loss, the Company shall complete the repaircondemnation or loss of title, reconstruction, restoration, replacement and improvement of the Project, whether or not the Net Proceeds are sufficient to pay for the same; (ii) the Company shall not be entitled to any reimbursement from the City or the Bank or any abatement or diminution of its obligations hereunder by reason of any payments made by the Company for such purpose in excess of the Net Proceeds; and (iii) all such repairs, reconstructions, restorations, replacements and improvements shall be a part of the Project.whichever occurs first: