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• <br /> <br />I• <br />persons having an insurable interest in the insured property. <br />Such policies shall clearly indicate that any proceeds under the <br />policies shall be payable to the Trustee, and the Trustee is <br />hereby authorized to demand, collect and receipt for and recover <br />any and all insurance moneys which may become due and payable <br />under any of .said policies of insurance and to prosecute all <br />necessary actions in the courts to recover any such insurance <br />moneys. The Trustee may, however, accept any settlement or <br />adjustment which the officers of the Authority may deem it <br />advisable to make with the insurance companies. .Any proceeds of <br />rent or rental value insurance received by the Trustee <br />representing the annual rentals payable under the Lease shall be <br />deposited by it forthwith to the credit of the Sinking Fund. <br />Sec. 6.06. The proceeds of such insurance received by <br />the Trustee shall be applied to the repair, replacement or <br />reconstruction of the damaged or destroyed property, if in the <br />opinion of an independent registered architect, registered <br />engineer, construction manager or contractor, which architect, <br />engineer, construction manager or contractor shall be acceptable <br />to the Trustee (i) the cost of such repair, replacement or <br />reconstruction shall not exceed the amount of insurance proceeds <br />to be received by reason of such damage or destruction and other <br />amounts available therefor, and (ii) such repair, replacement or <br />reconstruction can be completed within the period covered by the <br />rental value insurance. Such proceeds shall be held and <br />disbursed by the Trustee in the manner and upon the showings. <br />provided for in Sec. 3.01 hereof, except that the Trustee may <br />release such proceeds, or a part thereof, upon a showing <br />satisfactory to the Trustee that repairs have been made and paid <br />for. If either or both conditions shall not exist, the proceeds <br />of such insurance received by the Trustee shall be used to redeem <br />Bonds. <br />Sec. 6.07. In the event the Authority. shall not <br />commence to repair or replace the Facility so damaged or <br />destroyed within ninety (90) days after any such loss or damage, <br />or the Authority, having commenced such work of repair or <br />replacement, shall abandon or fail diligently to prosecute the <br />same, the Trustee may, in its discretion, make or complete such <br />repairs or replacements, and if it shall elect so to do, may <br />enter upon said premises to any extent necessary for the <br />accomplishment of such purposes, but nothing herein contained <br />shall obligate the Trustee to make or complete any such repairs <br />or replacements unless it shall have been requested to do so by <br />the holders of not less than twenty-five percent (25~) in <br />aggregate principal amount of all Bonds outstanding hereunder, <br />and shall have been indemnified to its satisfaction against all <br />loss, damage and expense which it might thereby incur. <br />Sec. 6.08. In case the Authority shall neglect, fail or <br />refuse to proceed forthwith in good faith with the repair or <br />replacement of the Facility which shall have been so destroyed or <br />damaged, and such negligence, failure or refusal shall continue <br />for one hundred twenty (120). days, the Trustee, upon receipt of <br />the insurance moneys, shall (unless the Trustee proceeds to make <br />-28- <br />