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�Y <br />®a p <br />�•/��� ARTICLE III <br />Demising Clauses and Title Insurance <br />Section 3.1. Demise of the Project. The Lessor demises <br />and leases to the Lessee, and the Lessee leases from the <br />Lessor, the Project at the rental set forth in Section 5.3 <br />hereof and in accordance with the provisions of this Lease, <br />subiect to Permitted Encumbrances. <br />Section 3.2. Title Insurance. The Lessor will cause <br />the Lessee to obtain or it title insurance in the form of <br />an ALTA owner -mortgagee title policy in the face amount of <br />$1,8751000. Any Net Proceeds payable to the Lessor under <br />such policy shall, at Lessee's option, be either (a) used to <br />acquire and construct replacement or substitute property for <br />that to which title has been lost and such property shall be <br />subjected to the lien of the.Indenture, or (b) used to <br />redeem Bonds on or after the first allowable ordinary redemp- <br />tion date as set forth in Section 301 of the Indenture. <br />(End of Article III) <br />YJV 239 ;_-,213 <br />