1997-05-02 Resolution 114 - Laserfiche WebLink

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the period that any Additional Bond is outstanding hereunder which would cause any Additional Bond to bean "arbitrage bond" within the meaning of Section 148 of the Code and the regulations thereunder as in effect on the date of delivery of the Additional Bonds. All officers, members, employees and agents of the Lessee are authorized and directed to provide certifications of facts and estimates that are material to the reasonable expectations of the Lessee as of the date the Additional Bonds are issued and to enter into covenants on behalf of the Lessee evidencing the Lessee's commitments made herein. Section 5. Abatement of Rent. (a) In the event that all or a portion of the Original Project shall be damaged or destroyed so as to render the damaged or destroyed portion of the Original Project unfit for its intended use, it shall then be the obligation of the Authority to restore and reconstruct the damaged or destroyed portion of the Original Project as promptly as may be done, unavoidable strikes and other causes beyond the control of the Authority excepted, if, in the opinion of an independent registered architect, registered engineer, construction manager or contractor selected by the Lessee and acceptable to the Trustee, (i) the cost of such restoration or reconstruction does not exceed the amount of the proceeds received by the Authority from the insurance provided for in Section 9 hereof allocable to the Original Project plus other moneys available therefor and (ii) such restoration or reconstruction can be completed within the period of time covered by the rental value insurance provided for in Section 9 hereof. If either or both conditions shall not exist, the proceeds received from the insurance provided for in Section 9 hereof shall be applied to the option to purchase price provided for in Section 14 hereof. The rental. attributable to the Original Project as reflected in Exhibit D(11 shall be abated pro rata for the period during which the damaged or destroyed portion of the Original Project is unfit for its intended use. _ (b) In the event that all or a portion,of the Additional Project shall be damaged or destroyed so as to render the damaged or destroyed portion of the Additional Project unfit for its intended use, it shall then be the obligation of the Authority to restore and reconstruct the damaged or destroyed portion of the Additional Project as promptly as may be done, unavoidable strikes and other causes beyond the control of the Authority excepted, if, in the opinion of an independent registered architect, registered engineer, construction manager or contractor selected by the Lessee and acceptable to. the Trustee, (i) the cost of such restoration or reconstruction does not exceed the amount of the proceeds received by the Authority from the insurance provided for in Section 9 hereof allocable to the Additional Project plus other moneys available therefor and (ii) such restoration or reconstruction can be completed within the period of time covered by the rental value insurance provided for in Section 9 hereof. If either or both conditions shall not exist, the proceeds received from the insurance provided for in Section 9 hereof shall be applied to the option to purchase price provided for in Section 14 hereof. The rental allocable to the Additional Project as reflected in Exhibit D(21 shall be abated pro rata for the period during which the damaged or destroyed portion of the Additional Project is unfit for its intended use. (c} In the event that all or a portion of the Combined Project shall be damaged or destroyed so as to render the damaged or destroyed portion of the Combined Project unfit for its intended use, it shall then be the obligation of the Authority to restore and reconstruct the damaged or destroyed portion of the Combined Project as promptly as may be done, unavoidable -6-