Common use of Net Proceeds Sufficient to Redeem All Bonds Clause in Contracts

Net Proceeds Sufficient to Redeem All Bonds. If the City does not exercise the election to reconstruct pursuant to Section 8.01(a)(2) hereof and Net Proceeds are at least sufficient to redeem all Outstanding Bonds pursuant to Section 4.01(c) of the Indenture, such Net Proceeds shall be transferred by the Trustee to the Redemption Fund established under the Indenture and used to redeem all Outstanding Bonds in the manner provided by Section 4.01(c) of the Indenture. If the Net Proceeds (not including proceeds of any policy of title insurance or condemnation award received by the Trustee in respect of the Leased Property) exceed the amount necessary to redeem all Outstanding Bonds, the City shall be entitled to the amount of proceeds remaining after redemption of all Outstanding Bonds (“Excess Proceeds”) and shall have the option (i) to distribute the Excess Proceeds to the Reconstruction and to manage the Reconstruction pursuant to Section 8.01(a)(5) hereof; or (ii) if required by law or if the City so elects, to demolish any remaining improvements on the Leased Property and remove all debris from the Leased Property.

Net Proceeds Sufficient to Redeem All Bonds. If the City does not exercise the election to reconstruct pursuant to Section 8.01(a)(27.01(a)(2) hereof and Net Proceeds are at least sufficient to redeem all Outstanding Bonds pursuant to Section 4.01(c) 4.01 of the Indenture, such Net Proceeds shall be transferred by to the Trustee with directions to apply the proceeds to the Redemption Fund Account established under the Indenture and used to redeem all Outstanding Bonds in the manner provided by Section 4.01(c) 4.01 of the Indenture. If the Net Proceeds (not including proceeds of any policy of title insurance or condemnation award received by the Trustee in respect of the Leased Property) exceed the amount necessary to redeem all Outstanding Bonds, the City shall be entitled to the amount of proceeds remaining after redemption of all Outstanding Bonds (“Excess Proceeds”) and shall have the option option (i) to distribute the Excess Proceeds to the Reconstruction and to manage the Reconstruction pursuant to Section 8.01(a)(57.01(a)(5) hereof; , or (ii) if required by law or if the City so elects, to demolish any remaining improvements on the Leased Property site and remove all debris from the Leased Propertysite.

Net Proceeds Sufficient to Redeem All Bonds. If the City does not exercise the election to reconstruct pursuant to Section 8.01(a)(2) hereof and Net Proceeds are at least sufficient to redeem all Outstanding Bonds pursuant to Section 4.01(c) of the Indenture, such Net Proceeds shall be transferred by the Trustee to the Redemption Fund established under the Indenture and used to redeem all Outstanding Bonds in the manner provided by Section 4.01(c) of the Indenture. If the Net Proceeds (not including proceeds of any policy of title insurance or condemnation award received by the Trustee in respect of the Leased PropertyPremises) exceed the amount necessary to redeem all Outstanding Bonds, the City shall be entitled to the amount of proceeds remaining after redemption of all Outstanding Bonds (“Excess Proceeds”) and shall have the option (i) to distribute the Excess Proceeds to the Reconstruction and to manage the Reconstruction pursuant to Section 8.01(a)(5) hereof; or (ii) if required by law or if the City so elects, to demolish any remaining improvements on the Leased Property Premises and remove all debris from the Leased PropertyPremises.

Net Proceeds Sufficient to Redeem All Bonds. If the City does not exercise the election to reconstruct pursuant to Section 8.01(a)(2) hereof and Net Proceeds are at least sufficient to redeem all Outstanding Bonds pursuant to Section 4.01(c4.01(b) of the Indenture, such Net Proceeds shall be transferred by the Trustee to the Redemption Fund established under the Indenture and used to redeem all Outstanding Bonds in the manner provided by Section 4.01(c4.01(b) of the Indenture. If the Net Proceeds (not including proceeds of any policy of title insurance or condemnation award received by the Trustee in respect of the Leased Property) exceed the amount necessary to redeem all Outstanding Bonds, the City shall be entitled to the amount of proceeds remaining after redemption of all Outstanding Bonds (“Excess Proceeds”) and shall have the option option (i) to distribute the Excess Proceeds to the Reconstruction and to manage the Reconstruction pursuant to Section 8.01(a)(5) hereof; or (ii) if required by law or if the City so elects, to demolish any remaining improvements on the Leased Property and remove all debris from the Leased Property.