Laserfiche WebLink
(e) The Casualty shall have occurred more than twelve (12) months prior to <br /> the Maturity Date. <br /> (f) No tenant shall have the right to terminate any Lease as a result of the <br /> Casualty. <br /> If any of these conditions shall not be satisfied, then City shall have the right to use the <br /> insurance proceeds to prepay the Purchase Price Note. If any insurance proceeds shall remain <br /> after completion of the restoration,repair and rebuilding of the Mortgaged Property, they shall be <br /> disbursed to Developer, or at the City's discretion,used to prepay the Purchase Price Note. <br /> Section 3.3 Condemnation. If any portion of the Mortgaged Property shall be taken, <br /> condemned or acquired pursuant to exercise of the power of eminent domain or threat thereof(a <br /> "Condemnation"), Developer shall: <br /> (a) give immediate notice thereof to City, and send a copy of each document <br /> received by Developer in connection with the Condemnation to City promptly after receipt; and <br /> (b) diligently pursue any negotiation and prosecute any proceeding in <br /> connection with the Condemnation at Developer's expense. If an Event of Default shall be in <br /> existence, or if Developer, in City's reasonable opinion, shall not be diligently negotiating or <br /> prosecuting the claim, City is authorized, but not required, to negotiate and prosecute the claim <br /> and appear at any hearing for itself and on behalf of Developer and to compromise or settle all <br /> compensation for the Condemnation. City shall not be liable to Developer for any failure by <br /> City to collect or to exercise diligence in collecting any such compensation. Developer shall not <br /> compromise or settle any claim resulting from the Condemnation if such settlement shall result <br /> in payment of$10,000 or more less than City's reasonable estimate of the damages therefrom. <br /> All awards shall be paid to City. <br /> Section 3.4 Use of Condemnation Proceeds. City shall make the net proceeds of any <br /> Condemnation received by it (after reimbursement of City's out-of-pocket costs of collecting and <br /> disbursing the same) available to Developer for restoration, repair and rebuilding of the <br /> Mortgaged Property, subject to the following conditions: <br /> (a) There shall be no Event of Default in existence at the time of any <br /> disbursement of the condemnation proceeds. <br /> (b) City shall have determined, in its reasonable discretion, that the cost of <br /> restoration, repair and rebuilding is and will be equal to or less than the amount of condemnation <br /> proceeds and other funds deposited by Developer with City. <br /> (c) City shall have determined, in its reasonable discretion, that the <br /> restoration, repair and rebuilding can be completed in accordance with plans and specifications <br /> approved by City(such approval not to be unreasonably withheld), in accordance with codes and <br /> ordinances and in accordance with the terms, and within the time requirements in order to <br /> prevent termination of any Lease, and in any event not less than six (6) months prior to the <br /> Maturity Date. <br /> C-8 <br /> 455958v10 SJS EL185-31 <br />