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8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)
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8447-93 Authorizing Economic Development Revenue (P.A.I. Properties $450,000)
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3/21/2013 4:21:19 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1993
Ord-Res Number
8447-93
Bill Number
107-93
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ARTICLE IV <br /> Damage, Condemnation, and Loss of Title <br /> Section 4. 1. Damage. The Borrower agrees to notify the <br /> Trustee immediately (a) in the case of damage estimated to exceed <br /> $50,000 in amount to the Mortgaged Property resulting from fire or <br /> other casualty, or (b) upon obtaining knowledge of the institution <br /> of any proceedings for the condemnation or taking of the Mortgaged <br /> Property or any portion thereof for public or quasi-public use. In <br /> the event any such damage or condemnation is estimated to not exceed <br /> $50, 000, the Borrower will forthwith repair or replace such <br /> Mortgaged Property to substantially the same condition as it existed <br /> prior to the event causing such damage or condemnation or to a <br /> condition of at least equal utility and value and will apply the Net <br /> Proceeds of any insurance or condemnation award relating to such <br /> damage or condemnation received by the Borrower to the payment or <br /> reimbursement of the costs of such repair or replacement. So long as <br /> the Borrower is not in default hereunder, the Net Proceeds of any <br /> insurance or condemnation award relating to such damage or <br /> condemnation shall be paid over to the Borrower upon its Written <br /> Request therefor. <br /> In the event any such damage or condemnation shall be estimated <br /> to exceed $50, 000 in amount, the Borrower shall within 90 days after <br /> the receipt of the Net Proceeds of any insurance or condemnation <br /> award relating to such damage or condemnation elect one of the <br /> following two options by written notice of such election to the <br /> Trustee: <br /> (a) Option A - Repair or Replacement. The Borrower may elect <br /> to repair such Mortgaged Property or it may elect to replace the <br /> same with property substantially equal in value to the property <br /> destroyed, damaged or condemned. In such event the Borrower shall <br /> proceed forthwith to repair such Mortgaged Property to substantially <br /> the same condition as it existed prior to the event causing such <br /> damage, destruction or condemnation or to a condition of at least <br /> equal utility and value, or to replace the same, and will apply the <br /> Net Proceeds of any insurance or condemnation award relating to such <br /> damage, destruction or condemnation received by the Borrower to the <br /> payment or reimbursement of the costs of such repair or replacement. <br /> So long as the Borrower is not in default hereunder, any Net <br /> Proceeds of insurance relating to such damage received by the <br /> Trustee shall be released from time to time by the Trustee to the <br /> Borrower upon the receipt of the Written Request of the Borrower <br /> specifying the expenditures made or to be made or the indebtedness <br /> incurred in connection with such repair or replacement and stating <br /> that such Net Proceeds, together with any other moneys legally <br /> available for such purposes, will be sufficient to complete such <br /> repair or replacement; and <br /> -28- <br />
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