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Approving Revenue Bonds Ridgedale Nursing Home
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Approving Revenue Bonds Ridgedale Nursing Home
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Last modified
11/22/2013 3:23:45 PM
Creation date
11/20/2013 9:25:57 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/17/1973
Ord-Res Number
5623-73
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SECTION 2. DAMAGE BY UNINSURED RISK. If the Leased Premises should be parti- <br />ally or totally destroyed by anything other than a casualty insurable under <br />standard fire and extended coverage insurance, Lessee may terminate by giving <br />Lessor notice at any time within ninety (90) days after the occurrence, provided- <br />it then discharges any outstanding balance due and payable under the Bonds or <br />other encumbrance which is a lien against the Leased Premises and which Lessee <br />has agreed to pay under this Lease, the Bonds, or the Indenture of Trust. If <br />the sum is insufficient to pay off said Bonds, the Lessee shall provide the nec- <br />essary sum to pay off said Bonds and the accrued interest thereon. <br />ARTICLE VII <br />EMINENT DOMAIN <br />The term "eminent domain" shall include the exercise of any similar <br />governmental power, whether by a public agency or a private corporation, and <br />any compensation or purchase price in lieu of condemnation shall require the <br />consent of Lessor and Lessee. The phrase "date of taking" means the date the <br />order adjudicating public use becomes final. <br />If the whole of the Real Property and the Leased Premises is taken <br />under the power of eminent domain, the Lease Term shall cease as of the date <br />of taking. If such portion of the Leased Premises be taken that the balance <br />is thereby, in the bonafide and reasonable judgment of Lessee, rendered unsuit- <br />able for Lessee's purposes, Lessee may at its option upon thirty (30) days' <br />notice to Lessor terminate this lease if Lessee's notice is given within one <br />hundred fifty (150) days before the date of taking. <br />Damages awarded either for a taking of the whole of the Real Prop- <br />erty and the Leased Premises, or for a taking of a part of the Real Property <br />and the Leased Premises, if Lessee elects to exercise its option to terminate, <br />shall be paid as follows: (a) Interest and accrued principal on the Bonds and <br />any mortgage or other valid encumbrance which is a lien against the Real Prop- <br />erty and the Leased Premises shall be paid; (b) Lessor shall receive any part <br />of the award then remaining attributable to the Real Property and the Leased <br />- 9 - <br />, <br />
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