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• Section 3.01 hereof, except that the Trustee may release such <br />proceeds, or a part thereof, upon a showing satisfactory to the <br />Trustee that repairs have. been made and paid for. If either or <br />both conditions shall not exist, the proceeds of such insurance <br />received by the Trustee shall be used to redeem Bonds. <br />Sec. 6.06. In the event the Authority shall not commence <br />to repair or replace the portion of the Project 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 enter <br />upon said premises to any extent necessary for the accomplishment <br />of such purposes, but nothing herein contained shall obligate the <br />Trustee to make or complete any such repairs or replacements unless <br />it shall have been requested to do so by the holders of not less <br />than twenty-five percent (25%) in aggregate principal amount of all <br />Bonds outstanding hereunder, and shall have been indemnified to its <br />satisfaction against all loss, damage and expense which it might <br />thereby incur. <br />Sec. 6.07. In case the Authority shall neglect, fail or <br />refuse to proceed forthwith in good faith with the repair or <br />replacement of the Project which shall have been so destroyed or <br />damaged, and such negligence, failure or refusal shall continue for <br />one hundred twenty (120) days, the Trustee, upon receipt of the <br />insurance moneys, shall (unless the Trustee proceeds to make the <br />repairs or replacements of the destroyed or damage property as <br />above provided) transfer such proceeds to the Sinking Fund. <br />Sec. 6.08. If, at any time, the Project is totally or <br />substantially destroyed and the amount of insurance money received <br />on account thereof by the Trustee is sufficient to redeem all of <br />the then outstanding Bonds hereunder and such Bonds are then <br />subject to redemption, the Authority, with the written approval of <br />the Commission, may direct the Trustee to use said moneys for the <br />purpose of calling for redemption all of the Bonds issued and then <br />outstanding under this Agreement at the then current redemption <br />price. <br />Sec. 6.09. In the event of any reconstruction of all or <br />a portion of the Project .after substantially total destruction of <br />all or a portion thereof, a new building, buildings or improvements <br />or portions thereof may be constructed on the site by the Authority <br />in accordance with plans and specifications which must be <br />satisfactory to the Trustee and the Lessee of such Project, and <br />such new building or buildings or improvements or portions thereof <br />may be wholly different in design or construction. <br />...~ -26- <br />