Obligation to Repair or Replace the Real Property and Project Facilities. Subject to the provisions of Section 7.3 hereof, the County, the Corporation and the Trustee shall cause the Net Proceeds of any insurance policies, performance bonds or condemnation awards, made available by reason of any occurrence described in Section 7.1 hereof, to be deposited in a separate trust fund designated as the “Net Proceeds Fund” which the Trustee is hereby directed to establish in such event. Except as set forth in Section 7.3 hereof, all Net Proceeds so deposited shall be applied to the prompt repair, restoration, modification, improvement or replacement of the Real Property or the Project Facilities, as are appropriate, by the County upon receipt of requisitions signed by an authorized official of the County 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
Appears in 4 contracts
Samples: Public Facilities Purchase and Occupancy Agreement, Public Facilities Purchase and Occupancy Agreement, Public Facilities Purchase and Occupancy Agreement
