Common use of Damage or Destruction or Condemnation Clause in Contracts

Damage or Destruction or Condemnation. If the Project shall be damaged or destroyed or is taken by condemnation (in whole or in part) at any time subsequent to the Project Completion Date while any of the Bonds are Outstanding, the Borrower shall, subject to the terms of the Mortgage, reconstruct the Project to its condition prior to such loss or damage, provided the net proceeds of the insurance or of the award received as a consequence of such damage or destruction or condemnation, together with any other money available for such purpose (including money contributed by Borrower), are sufficient to pay the cost of such reconstruction. Proceeds that exceed $10,000 shall be deposited in the Insurance and Condemnation Proceeds Fund and expended as provided in Sections 6.04 or 4.04, as applicable, of the Indenture. If the net proceeds of the insurance or of the award received as a consequence of such damage destruction, or condemnation, together with other available money for such purpose (including money contributed by Borrower), are insufficient to repair and restore the Project, the Borrower shall immediately notify in writing the Financial Monitor and the Trustee.