Common use of Damage, Destruction, Title Defect and Condemnation; Use of Net Proceeds Clause in Contracts

Damage, Destruction, Title Defect and Condemnation; Use of Net Proceeds. (a) If prior to the termination of the term hereof, (i) the Leased Property or any improvements in or on the Leased Property are damaged (each of which is hereinafter called “Damaged Improvements”) by a peril covered by a policy of insurance described in Section 7.03(a)(1) hereof (an “Insured Peril”); or (ii) title to, or the temporary use of, the Leased Property or any portion thereof or the estate of the City or the Authority in the Leased Property or any portion thereof is defective or shall be taken under the exercise of the power of eminent domain by any governmental body or by any person or firm or corporation acting under governmental authority, then the City and the Authority will cause the Net Proceeds of any insurance claim (other than use and occupancy insurance pursuant to Section 7.03(a)(2) hereof which shall be directly transferred to the Trustee for deposit in the Revenue Fund pursuant to Section 7.03(c) hereof) or condemnation award to be transferred to the Trustee for deposit in the Insurance and Condemnation Fund established pursuant to Section 5.05 of the Indenture and applied by the Trustee as follows:

Damage, Destruction, Title Defect and Condemnation; Use of Net Proceeds. (a) If prior to the termination of the term hereof, hereof (i) the Leased Property or any other improvements in or on the Leased Property are damaged (each of which is hereinafter called “Damaged Improvements”) by a peril covered by a policy of insurance described in Section 7.03(a)(14.04(1) hereof (an “Insured Peril”); or (ii) title to, or the temporary use of, the Leased Property or any portion thereof or the estate of the City or the Authority in the Leased Property or any portion thereof is defective or shall be taken under the exercise of the power of eminent domain by any governmental body or by any person or firm or corporation acting under governmental authority, then the City and the Authority will cause the Net Proceeds of any insurance claim (other than use and occupancy insurance pursuant to Section 7.03(a)(24.04(2) hereof which shall be directly transferred to the Trustee for deposit in the Revenue Debt Service Fund pursuant to Section 7.03(c) 4.04 hereof) or condemnation award to be transferred to the Trustee for deposit in the Insurance and Condemnation Proceeds Fund established pursuant to Section 5.05 5.07 of the Indenture and applied by the Trustee as follows:

Damage, Destruction, Title Defect and Condemnation; Use of Net Proceeds. (a) If prior to the termination of the term hereof, (i) the Leased Property Premises or any improvements in or on the Leased Property Premises are damaged (each of which is hereinafter called “Damaged Improvements”) by a peril covered by a policy of insurance described in Section 7.03(a)(1) hereof (an “Insured Peril”); or (ii) title to, or the temporary use of, the Leased Property Premises or any portion thereof or the estate of the City or the Authority in the Leased Property Premises or any portion thereof is defective or shall be taken under the exercise of the power of eminent domain by any governmental body or by any person or firm or corporation acting under governmental authority, then the City and the Authority will cause the Net Proceeds of any insurance claim (other than use and occupancy insurance pursuant to Section 7.03(a)(2) hereof which shall be directly transferred to the Trustee for deposit in the Revenue Fund pursuant to Section 7.03(c) hereof) or condemnation award to be transferred to the Trustee for deposit in the Insurance and Condemnation Fund established pursuant to Section 5.05 of the Indenture and applied by the Trustee as follows: