Option A - Repair and Restoration. The County may elect to repair, reconstruct and restore the Leased Property. If the County elects this Option A, then the County shall proceed forthwith to repair, reconstruct and restore the Leased Property to substantially the same condition as had existed prior to the event causing such damage or destruction, with such alterations and additions as the County may determine to be necessary or desirable and as will not impair the capacity or character of the Leased Property, for the purposes for which it had been used prior to such damage or destruction or is intended to be used. Upon any election of this Option A, the Bondholder shall deposit all Net Proceeds held by it to such damage or destruction in a special account that shall be created by the Bondholder in a specified fund or account (the "Project Fund") for the portion of the Leased Property as to which such Net Proceeds had been paid to the Bondholder. So long as the County is not in default under this Lease Agreement, the Bondholder, upon receipt of request of the County may apply so much as may be necessary of such Net Proceeds to payment of the cost of such repair, reconstruction and restoration, either on completion thereof or as the work progresses. If such Net Proceeds are not sufficient to pay in full the cost of such repair or reconstruction, the County shall pay, subject to Section 4.5, within 45 days of receipt of such Net Proceeds, so much of the cost thereof as may be in excess of such Net Proceeds to the Bondholder for deposit in the Project Fund. The County shall not by reason of the payment of such excess cost be entitled to any (A) interest in the Leased Property which it did not possess prior to such payment, (B) reimbursement from the Authority or the Bondholder, or (C) abatement or diminution of Basic Rent or additional rent.
Option A - Repair and Restoration. The Borrower may elect to repair, reconstruct and restore the damaged Project. In such event, the Borrower shall proceed forthwith to repair, reconstruct and restore the damaged or destroyed Project to substantially the same condition or value as existed prior to the event causing such damage or destruction and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Borrower will apply the Net Proceeds of any insurance relating to such damage or destruction received by the Borrower from the Trustee to the payment or reimbursement of the costs thereof. So long as no Event of Default exists, any Net Proceeds of insurance relating to such damage or destruction received by the Trustee shall be released from time to time by the Trustee to the Borrower upon the receipt of:
Option A - Repair and Restoration. The Borrower may elect to repair, reconstruct and restore the damaged Project Facilities. In such event, the Borrower shall proceed forthwith to repair, reconstruct and restore the damaged or destroyed Project Facilities to substantially the same condition or value as existed prior to the event causing such damage or destruction and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Borrower will apply the Net Proceeds of any insurance relating to such damage or destruction received by the Borrower from the Issuer to the payment or reimbursement of the costs thereof. So long as no Default exists, any Net Proceeds of insurance relating to such damage or destruction received by the Issuer shall be released from time to time by the Issuer to the Borrower upon the receipt of:
Option A - Repair and Restoration. The Hospital Corporation may elect to use all or part of such Net Proceeds to replace, repair, reconstruct and restore the damaged facilities or, in the event the Hospital Corporation elects to have part of such Net Proceeds applied to the redemption of Bonds pursuant to Option B below, to use part of such Net Proceeds to replace, repair, reconstruct and restore the damaged or destroyed facilities not covered by the certificate of the Hospital Corporation Representative required by Option B below. In such event the Hospital Corporation shall proceed forthwith to replace, repair, reconstruct and restore the damaged facilities, other than any damaged or destroyed facilities covered by such certificate of the Hospital Corporation Representative, to substantially the same condition or utility value as existed prior to the event causing such damage or destruction and will apply the Net Proceeds of any insurance relating to such damage or destruction received by the Hospital Corporation from the Bond Trustee to the payment or reimbursement of the costs of such replacement, repair, reconstruction and restoration. So long as the Hospital Corporation is not in default hereunder, any Net Proceeds of insurance relating to such damage or destruction received by the Bond Trustee shall be deposited in a separate account to be established in the Project Fund and released from time to time by the Bond Trustee to the Hospital Corporation upon the receipt of:
Option A - Repair and Restoration. The Company may elect to repair, reconstruct and restore the damaged Project Facilities. In such event, the Company shall proceed forthwith to repair, reconstruct and restore the damaged or destroyed Project Facilities to substantially the same condition or value as existed prior to the event causing such damage or destruction and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Company will apply the net proceeds of any insurance relating to such damage or destruction received by the Company from the Town to the payment or reimbursement of the costs thereof. So long as no Default exists, any net proceeds of insurance relating to such damage or destruction received by the Town shall be released from time to time by the Town to the Company upon the receipt of:
Option A - Repair and Restoration. The Sublessee may elect to repair, reconstruct and restore the damaged Facilities. In the event the Sublessee shall elect this Option A, all Net Proceeds of insurance shall be paid directly to the Trustee for deposit in the Repair and Replacement Fund and applied to pay the costs of the repair, reconstruction and restoration of the Facilities, as determined by the Sublessee to be necessary or desirable. If the Net Proceeds of insurance received by the Trustee for such purposes are not sufficient to pay for the same, the Sublessee will deposit with the Trustee that portion of the costs in excess of the amount of Net Proceeds. Any balance of Net Proceeds remaining after paying the costs of repair, reconstruction or restoration shall be transferred to the Bond Fund. Such damage or destruction shall not serve to abrogate or abridge any of the Sublessee's obligations hereunder, including its obligation to make payments of Basic Rent and Additional Rent.
Option A - Repair and Restoration. The Town may elect to repair, reconstruct and restore that portion of the Mortgaged Property so lost, damaged or destroyed. If the Town elects this Option A, then the Town shall proceed forthwith to repair, reconstruct and restore the applicable portion of the Mortgaged Property to substantially the same condition as had existed prior to the event causing such damage or destruction, with such alterations and additions as the Town may determine to be necessary or desirable and as will not impair the capacity or character of the applicable portion of the Mortgaged Property for the purposes for which it had been used prior to such damage or destruction or is intended to be used. So long as no Event of Default has occurred and is continuing under this Contract, the Bank, upon receipt of a request made by the Town, shall apply so much as may be necessary of such Net Proceeds to payment of the cost of such repair, reconstruction and restoration, either on completion thereof or as the work progresses. Any such request may provide for Net Proceeds to be paid directly to third-party vendors or to be paid to the Town for reimbursement of costs incurred in such repair, replacement or restoration. If such Net Proceeds are not sufficient to pay in full the cost of such repair, replacement and restoration, the Town shall, subject to Section 5.11, pay so much of the cost thereof as may be in excess of such Net Proceeds. The Town shall not by reason of the payment of such excess cost be entitled to any (A) reimbursement from the Bank, or (B) abatement or diminution of the Installment Payments.
Option A - Repair and Restoration. The Borrower may elect to repair, reconstruct and restore the damaged Project. In such event, the Borrower shall proceed forthwith to repair, reconstruct and restore the damaged or destroyed Project to substantially the same condition or value as existed prior to the event causing such damage or destruction and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Borrower will apply the Net Proceeds of any insurance relating to such damage or destruction received by the Borrower from the Trustee to the payment or reimbursement of the costs thereof. In the event the Borrower shall elect this Option A, the Borrower shall complete the repair, reconstruction and restoration of the Project, whether or not the Net Proceeds of insurance received by the Borrower for such purposes are sufficient to pay for the same. Net Proceeds not required for the repair, reconstruction and restoration of the Project shall be applied to the prepayment of the Bonds or used for such other purpose as the Borrower, based upon an opinion of Bond Counsel, determines will not cause interest on the Bonds to be included in gross income for purposes of federal income taxation.
