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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
Creation date
10/1/2012 1:26:24 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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In the event the Borrower shall elect this Option A, the <br /> Borrower shall complete the repair or replacement of such Mortgaged <br /> Property, whether or not the Net Proceeds of insurance or <br /> condemnation award received by the Borrower for such purposes are <br /> sufficient to pay for the same. <br /> (b) Option B - Prepayment of Notes. The Borrower may elect to <br /> have the Net Proceeds payable as a result of such damage or <br /> condemnation applied to the prepayment of the Notes; provided, <br /> however, that the Borrower may elect to prepay less than all the <br /> Notes only if (i) the property damaged or condemned is not essential <br /> to the Borrower's use or occupancy of the Mortgaged Property; or <br /> (ii) the Mortgaged Property has been restored to a condition <br /> substantially equivalent to its condition prior to such damage; or <br /> (iii) suitable improvements or equipment of substantially equal <br /> utility value have been acquired for the Borrower' s operations at <br /> the Mortgaged Property. Whenever the Borrower elects to prepay <br /> Notes under this option, the Borrower shall, in its notice of <br /> election to the Trustee, direct the Trustee to apply such Net <br /> Proceeds, when an as received, to the prepayment of Notes in the <br /> manner specified in Section 5. 2 hereof. <br /> Section 4 .2 . Other Provisions with Respect to Net Proceeds. <br /> The Net Proceeds of any insurance or condemnation award in excess of <br /> $50, 000 received by the Trustee or the Borrower shall be deposited <br /> in a special trust account and invested or reinvested in Qualified <br /> Investments subject to the Borrower's right to receive the same <br /> pursuant to Section 4. 1(a) hereof. Any such Net Proceeds not so paid <br /> to the Borrower shall be applied to the prepayment of the Notes in <br /> the manner specified in Section 5. 2 hereof. <br /> Section 4.3 . Insufficiency of Net Proceeds. If the Net <br /> Proceeds are insufficient to pay in full the cost of any repair or <br /> replacement referred to in Section 4. 1 hereof, Borrower will <br /> nonetheless complete the work and will pay any cost in excess of the <br /> amount of the Net Proceeds held by the Trustee. <br /> (End of Article IV) <br /> -29- <br />
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