Common use of Establishment of Insurance and Condemnation Fund; Application of Net Proceeds of Insurance Award Clause in Contracts

Establishment of Insurance and Condemnation Fund; Application of Net Proceeds of Insurance Award. (a) Any Net Proceeds of insurance against damage to or destruction of any part of the Property collected by the Town in the event of any such damage or destruction shall be paid to the Trustee by the Town pursuant to Section 6.2(a) of the Lease Agreement and deposited by the Trustee promptly upon receipt thereof in a special fund designated as the “Insurance and Condemnation Fund” to be established by the Trustee when deposits are required to be made therein. (b) Within ninety (90) days following the date of such deposit, the Town shall determine and notify the Trustee in writing of its determination either (i) that the replacement, repair, restoration, modification or improvement of the Property is not economically feasible or in the best interest of the Town, or (ii) that all or a portion of such Net Proceeds are to be applied to the prompt replacement, repair, restoration, modification or improvement of the damaged or destroyed portions of the Property. (c) In the event the Town’s determination is as set forth in clause (i) of paragraph (b) above, such Net Proceeds shall be promptly transferred by the Trustee to the Lease Payment Fund, applied to the prepayment of Lease Payments pursuant to Section 11.3 of the Lease Agreement and applied to the redemption of Certificates as provided in Section 4.01(b) hereof; provided, however, that in the event of damage or destruction of the Property in full, such Net Proceeds may be transferred to the Lease Payment Fund only if sufficient, together with other moneys available therefor, to cause the prepayment of the principal components of all unpaid Lease Payments pursuant to Section 10.3 of the Lease Agreement, otherwise such Net Proceeds shall be applied to the replacement, repair, restoration, modification or improvement of the Property; provided further, however, that in the event of damage or destruction of the Property in part, such Net Proceeds may be transferred to the Lease Payment Fund and applied to the prepayment of Lease Payments only if the resulting Lease Payments represent fair consideration for the remaining portions of the Property, evidenced by a certificate signed by a Town Representative and an Authority Representative. (d) In the event the Town’s determination is as set forth in clause (ii) of paragraph (b) above, Net Proceeds deposited in the Insurance and Condemnation Fund shall be applied to the prompt replacement, repair, restoration, modification or improvement of the damaged or destroyed portions of the Property by the Town, and disbursed by the Trustee upon receipt of requisitions signed by a Town Representative stating with respect to each payment to be made (i) the requisition number, (ii) the name and address of the person, firm or corporation to whom payment is due, (iii) the amount to be paid and (iv) that each obligation mentioned therein has been properly incurred, is a proper charge against the Insurance and Condemnation Fund, has not been the basis of any previous withdrawal, and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx or a statement of account for such obligation. The Trustee shall not be responsible for the representations made in such requisitions and may conclusively rely thereon and shall be under no duty to investigate or verify any statements made therein. Any balance of the Net Proceeds remaining after such work has been completed shall be paid to the Town.

Establishment of Insurance and Condemnation Fund; Application of Net Proceeds of Insurance Award. (a) Any Net Proceeds of insurance against damage collected by the District in the event of accident to or destruction of any part component of the Leased Property collected by the Town in the event of any such damage or destruction shall be paid to the Trustee by the Town pursuant to under Section 6.2(a) 7.1 of the Lease Agreement and deposited by the Trustee promptly upon receipt thereof in a special fund designated as the “Insurance and Condemnation Fund” to be established by which the Trustee when deposits are required to be made therein. (b) Within ninety (90) shall thereupon establish. If the District determines and notifies the Trustee in writing of its determination, within 90 days following the date of such deposit, the Town shall determine and notify the Trustee in writing of its determination either (i) that the replacement, repair, restoration, modification or improvement of the Leased Property is not economically feasible or in the best interest interests of the TownDistrict, or (ii) that all or a portion of such Net Proceeds are to be applied to the prompt replacement, repair, restoration, modification or improvement of the damaged or destroyed portions of the Property. (c) In the event the Town’s determination is as set forth in clause (i) of paragraph (b) above, then such Net Proceeds shall be promptly transferred by the Trustee to the Lease Payment Fund, Fund and applied to the prepayment of Lease Payments pursuant to under Section 11.3 4.3(f) of the Lease Agreement and applied the corresponding prepayment of Certificates under Section 3.01(b ), which prepayment shall be made on the first prepayment date for which notice of prepayment can be timely given. Notwithstanding the foregoing provisions of this Section, the determination of the District to apply Net Proceeds to the redemption prepayment of Certificates as provided in Section 4.01(bis subject to the following: (a) hereof; provided, however, that in if the event of damage Leased Property is damaged or destruction of the Property destroyed in full, such Net Proceeds may be transferred to the Lease Payment Fund to be used to prepay Outstanding Certificates only if sufficientsuch Net Proceeds, together with other moneys available thereformoneys, are sufficient to cause the corresponding prepayment of the principal components of all unpaid Lease Payments pursuant to Section 10.3 of the Lease Agreement, otherwise such Net Proceeds shall be applied allocable to the replacement, repair, restoration, modification or improvement of the Leased Property; provided further, however, that and (b) if the Leased Property is damaged or destroyed in the event of damage or destruction of the Property part but not in partwhole, such Net Proceeds may be transferred to the Lease Payment Fund and applied to the prepayment of Lease Payments be used to prepay Outstanding Certificates only if the resulting Lease Payments represent fair consideration for which result after the remaining portions corresponding abatement thereof under Section 7.3 of the Property, evidenced Lease Agreement are sufficient to pay the full amount of principal and interest represented by a certificate signed by a Town Representative and an Authority Representative. (d) In the event the Town’s determination is as set forth in clause (ii) of paragraph (b) above, Certificates which remain Outstanding after such prepayment. All Net Proceeds deposited in the Insurance and Condemnation Fund and not so transferred to the Lease Payment Fund shall be applied to the prompt replacement, repair, restoration, modification or improvement of the damaged or destroyed portions of the Leased Property by the TownDistrict, and disbursed by the Trustee upon receipt of written requisitions signed by a Town Representative of the District stating with respect to each payment to be made (i) the requisition number, (iia) the name and address of the person, firm or corporation to whom payment is due, (iiib) the amount to be paid and (ivc) that each obligation mentioned therein has been properly incurred, is a proper charge against the Insurance and Condemnation Fund, has not been the basis of any previous withdrawal, and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx or a statement of account for such obligation. The Trustee shall not be responsible for the representations made in such requisitions and may conclusively rely thereon and shall be under no duty to investigate or verify any statements made therein. Any balance of the Net Proceeds remaining after the District shall file a written certificate with the Trustee stating that such work has been completed shall shall, after payment of all amounts then due and owing to the Trustee hereunder, be paid to the TownDistrict.

Establishment of Insurance and Condemnation Fund; Application of Net Proceeds of Insurance Award. (a) Any Net Proceeds of insurance against damage collected by the District in the event of accident to or destruction of any part component of the Leased Property collected by the Town in the event of any such damage or destruction shall be paid to the Trustee by the Town pursuant to under Section 6.2(a) 5.1 of the Lease Agreement and deposited by the Trustee promptly upon receipt thereof in a special fund designated as the “Insurance and Condemnation Fund” to be established by which the Trustee when deposits are required to be made therein. (b) Within ninety (90) shall thereupon establish. If the District determines and notifies the Trustee in writing of its determination, within 90 days following the date of such deposit, the Town shall determine and notify the Trustee in writing of its determination either (i) that the replacement, repair, restoration, modification or improvement of the Leased Property is not economically feasible or in the best interest interests of the TownDistrict, or (ii) that all or a portion of such Net Proceeds are to be applied to the prompt replacement, repair, restoration, modification or improvement of the damaged or destroyed portions of the Property. (c) In the event the Town’s determination is as set forth in clause (i) of paragraph (b) above, then such Net Proceeds shall be promptly transferred by the Trustee to the Lease Payment Fund, Fund and applied to the prepayment of Lease Payments pursuant to under Section 11.3 8.3 of the Lease Agreement and applied the corresponding prepayment of Certificates under Section 3.01(b), which prepayment shall be made on the first prepayment date for which notice of prepayment can be timely given. Notwithstanding the foregoing provisions of this Section 6.01, the determination of the District to apply Net Proceeds to the redemption prepayment of Certificates as provided in Section 4.01(bis subject to the following: (a) hereof; provided, however, that in if the event of damage Leased Property is damaged or destruction of the Property destroyed in full, such Net Proceeds may be transferred to the Lease Payment Fund to be used to prepay Outstanding Certificates only if sufficientsuch Net Proceeds, together with other moneys available thereformoneys, are sufficient to cause the corresponding prepayment of the principal components of all unpaid Lease Payments pursuant to Section 10.3 of the Lease Agreement, otherwise such Net Proceeds shall be applied allocable to the replacement, repair, restoration, modification or improvement of the Leased Property; provided further, however, that and (b) if the Leased Property is damaged or destroyed in the event of damage or destruction of the Property part but not in partwhole, such Net Proceeds may be transferred to the Lease Payment Fund and applied to the prepayment of Lease Payments be used to prepay Outstanding Certificates only if the resulting Lease Payments represent fair consideration for which result after the remaining portions corresponding abatement thereof under Section 5.3 of the Property, evidenced Lease are sufficient to pay the full amount of principal and interest represented by a certificate signed by a Town Representative and an Authority Representative. (d) In the event the Town’s determination is as set forth in clause (ii) of paragraph (b) above, Certificates which remain Outstanding after such prepayment. All Net Proceeds deposited in the Insurance and Condemnation Fund and not so transferred to the Lease Payment Fund shall be applied to the prompt replacement, repair, restoration, modification or improvement of the damaged or destroyed portions of the Leased Property by the TownDistrict, and disbursed by the Trustee upon receipt of written requisitions signed by a Town Representative of the District stating with respect to each payment to be made (i) the requisition number, (iia) the name and address of the person, firm or corporation to whom payment is due, (iiib) the amount to be paid and (ivc) that each obligation mentioned therein has been properly incurred, is a proper charge against the Insurance and Condemnation Fund, has not been the basis of any previous withdrawal, and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx or a statement of account for such obligation. The Trustee shall not be responsible for the representations made in such requisitions and may conclusively rely thereon and shall be under no duty to investigate or verify any statements made therein. Any balance of the Net Proceeds remaining after the District shall file a written certificate with the Trustee stating that such work has been completed shall shall, after payment of all amounts then due and owing to the Trustee hereunder, be paid to the TownDistrict.

Establishment of Insurance and Condemnation Fund; Application of Net Proceeds of Insurance Award. (a) Any Net Proceeds of insurance against damage collected by the County in the event of accident to or destruction of any part of the Leased Property collected by the Town in the event of any such damage or destruction shall be paid to the Trustee by the Town pursuant to Section 6.2(a) 6.1 of the Lease Agreement and deposited by the Trustee promptly upon receipt thereof in a special fund designated as the “Insurance and Condemnation Fund” to be established by which the Trustee when deposits are required to be made therein. (b) Within shall thereupon establish. If the County determines and notifies the Trustee in writing of its determination, within ninety (90) days following the date of such deposit, the Town shall determine and notify the Trustee in writing of its determination either (i) that the replacement, repair, restoration, modification or improvement of the Leased Property is not economically feasible or in the best interest interests of the TownCounty, or (ii) that all or a portion of such Net Proceeds are to be applied to the prompt replacement, repair, restoration, modification or improvement of the damaged or destroyed portions of the Property. (c) In the event the Town’s determination is as set forth in clause (i) of paragraph (b) above, then such Net Proceeds shall be promptly transferred by the Trustee to the Lease Payment Fund, Fund and applied to the prepayment of Lease Payments pursuant to Section 11.3 9.3 of the Lease Agreement and applied to the redemption corresponding prepayment of Certificates as provided in pursuant to Section 4.01(b) hereof; provided, however, that in 3.01(b). In the event of damage or destruction of the Leased Property in full, such Net Proceeds may be transferred by the County to the Lease Payment Fund to be used to prepay Outstanding Certificates only if sufficientsuch Net Proceeds, together with other moneys available thereformoneys, are sufficient to cause the corresponding prepayment of the principal components of all unpaid Lease Payments pursuant to Section 10.3 of the Lease Agreement, otherwise such Net Proceeds shall be applied to the replacement, repair, restoration, modification or improvement of the Property; provided further, however, that in the event of damage or destruction of the Property in part, such Net Proceeds may be transferred to the Lease Payment Fund and applied to the prepayment of Lease Payments only if the resulting Lease Payments represent fair consideration for the remaining portions of the Property, evidenced by a certificate signed by a Town Representative and an Authority Representative. (d) In the event the Town’s determination is as set forth in clause (ii) of paragraph (b) above, Payments. All Net Proceeds deposited in the Insurance and Condemnation Fund and not so transferred to the Lease Payment Fund shall be applied to the prompt replacement, repair, restoration, modification or improvement of the damaged or destroyed portions of the Leased Property by the TownCounty, and shall be disbursed by the Trustee at the direction of the County upon receipt of written requisitions signed by of a Town County Representative stating with respect to each payment to be made (i) the requisition number, (iia) the name and address of the person, firm or corporation to whom payment is due, (iiib) the amount to be paid and (ivc) that each obligation mentioned therein has been properly incurred, is a proper charge against the Insurance and Condemnation Fund, has not been the basis of any previous withdrawal, and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx or a statement of account for such obligation. The Trustee shall not be responsible for the representations made in such requisitions and may conclusively rely thereon and shall be under no duty to investigate or verify any statements made therein. Any balance of the Net Proceeds Proceeds, including all interest or income received on the investment thereof, remaining after the County has filed a written certificate with the Trustee stating that such work has been completed shall be paid to the TownCounty.

Establishment of Insurance and Condemnation Fund; Application of Net Proceeds of Insurance Award. (a) Any Net Proceeds of insurance against damage to or destruction of any part of the Property collected by the Town City in the event of any such damage or destruction shall be paid to the Trustee by the Town City pursuant to Section 6.2(a7.2(a) of the Lease Agreement and deposited by the Trustee promptly upon receipt thereof in a special fund designated as the “Insurance and Condemnation Fund” to be established by the Trustee when deposits are required to be made therein. (b) Within ninety (90) days following the date of such deposit, the Town City shall determine and notify the Trustee in writing of its determination either (i) that the replacement, repair, restoration, modification or improvement of the Property is not economically feasible or in the best interest of the TownCity, or (ii) that all or a portion of such Net Proceeds are to be applied to the prompt replacement, repair, restoration, modification or improvement of the damaged or destroyed portions of the Property. (c) In the event the TownCity’s determination is as set forth in clause (i) of paragraph (b) above, such Net Proceeds shall be promptly transferred by the Trustee to the Lease Payment Fund, applied to the prepayment of Lease Payments pursuant to Section 11.3 of the Lease Agreement and applied to the redemption of Certificates as provided in Section 4.01(b) hereof; provided, however, that in the event of damage or destruction of the Property in full, such Net Proceeds may be transferred to the Lease Payment Fund only if sufficient, together with other moneys available therefor, to cause the prepayment of the principal components of all unpaid Lease Payments pursuant to Section 10.3 11.3 of the Lease Agreement, otherwise such Net Proceeds shall be applied to the replacement, repair, restoration, modification or improvement of the Property; provided further, however, that in the event of damage or destruction of the Property in part, such Net Proceeds may be transferred to the Lease Payment Fund and applied to the prepayment of Lease Payments only if the resulting Lease Payments represent fair consideration for the remaining portions of the Property, evidenced by a certificate signed by a Town City Representative and an a Authority Representative. (d) In the event the TownCity’s determination is as set forth in clause (ii) of paragraph (b) above, Net Proceeds deposited in the Insurance and Condemnation Fund shall be applied to the prompt replacement, repair, restoration, modification or improvement of the damaged or destroyed portions of the Property by the TownCity, and disbursed by the Trustee upon receipt of requisitions signed by a Town City Representative stating with respect to each payment to be made (i) the requisition number, (ii) the name and address of the person, firm or corporation to whom payment is due, (iii) the amount to be paid and (iv) that each obligation mentioned therein has been properly incurred, is a proper charge against the Insurance and Condemnation Fund, has not been the basis of any previous withdrawal, and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx or a statement of account for such obligation. The Trustee shall not be responsible for the representations made in such requisitions and may conclusively rely thereon and shall be under no duty to investigate or verify any statements made therein. Any balance of the Net Proceeds remaining after such work has been completed shall be paid to the TownCity.