Damage, Destruction or Condemnation of the Facilities. In the event the Facilities are damaged, destroyed or condemned, and the Lessee determines that insurance claim proceeds or condemnation awards made to the Lessee are insufficient to repair or replace such property under the conditions set forth in Section 7.03(b) or 7.03(c) of the Indenture and as set forth in Section 5.3(c) of this Lease, the Lessee (i) shall be deemed to have exercised its option to purchase the Facilities and terminate the Ground Lease as set forth in Section 3.4(a) of this Lease and (ii) shall pay to the Trustee the amount of the then applicable Option Price, as shown on Schedule F of this Lease at a closing to be scheduled by the Lessor pursuant to Section 3.4(c) of this Lease.
Damage, Destruction or Condemnation of the Facilities. In the event the Facilities are damaged, destroyed or condemned, and the Lessee determines that insurance claim proceeds or condemnation awards made to the Lessee are insufficient to repair or replace such property under the conditions set forth in Section 7.03(b) or 7.03(c) of the Indenture and as set forth in Section 5.3(c) of this Lease, the Lessee (i) shall be deemed to have exercised its option to purchase the Facilities and terminate the Ground Lease as set forth in Section 3.4(a) of this Lease and (ii) shall pay to the Trustee the amount of the then applicable Option Price, as shown on Schedule F of this Lease at a closing to be scheduled by the Lessor pursuant to Section 3.4(c) of this Lease; provided that such Option Price must equal or exceed the amount necessary to defease the Bonds in accordance with Article XIII of the Indenture.
