Resolution No 16-2024 - Related to Property Conveyance to McCormick Company Lathrop St.

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. 2°9 modifications (including the substitution and addition of other property) as may be desired by the Lessee and as will not impair productive capacity or the character of the �Project as a manufacturing and distribution plant, and (ii) ® 0 the Trustee will apply so much as may be necessary of the Net Proceeds of such insurance to payment of the costs of such repair, rebuilding or restoration, either on completion thereof or as the work progresses as directed by the Lessee. 11 In the event said Net Proceeds are not sufficient to pay.in full the costs of such repair, rebuilding or restora- tion1the Lessee will, nonetheless, complete the work thereof and"wi1•1 pay that portion of the costs thereofin excess of the amount of said Net Proceeds, or will advance to the Lessor,or',the Trustee the moneys necessary to complete said work, in which case the Lessor will proceed sa to complete said wor)e�J Any moneys held by the Trustee in the separate trust account under the provisions of the preceding paragraph shall, at the written request of the Authorized Lessee Representative, be invested or reinvested by the Trustee in investments enumerated in Section 4.9 hereof. The Lessee shall forthwith pay to the Trustee the amount of any net losses with respect to principal on such investments. Any balance of such Net Proceeds remaining after payment of all the costs of such repair, rebuilding or restoration shall be paid into the Bond Fund. If the Lessee shall so direct the Lessor in writing within ninety (90) days following the payment of any such Net Proceeds into the Bond Fond, the Lessor shall cause such Diet Proceeds, or such part thereof as the Lessee shall direct, to be applied by the Trustee to the redemption, at the earliest possible date„ of the Bonds at the principal amount thereof plus accrued interest to the redemption date. If the Bonds have been fully.paid (or provision for the payment thereof has been made in accordance with the Indenture), all Net Proceeds will be paid to the Lessee. The Lessee shall not, by reason of the payment of such excess coats (whether by direct payment thereof or advances to the Lessor or Trustee therefor), be entitled to any reimbursement from the Lessor, the Trustee, or the holders or owners of the Bonds, or any abatement or diminution of the rents payable under Section 5.3 hereof. Section 7.2. Condemnation. Unless the Lessee shall have exercised its option to purchase pursuant:to the provi- sions of Section 11.2(b) hereof, in the event that title to, :234 VII-2