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(03) Developer agrees to notify the EDA immediately in the <br /> case of damage exceeding $25, 000.00 in amount to, or <br /> destruction of, the Minimum Improvements or any portion <br /> thereof resulting from fire or other casualty. In the event <br /> that any such damage does not exceed $25, 000 . 00, Developer <br /> will forthwith repair, reconstruct and restore the Minimum <br /> Improvements to substantially the same or an improved <br /> condition or value as it existed prior to the event causing <br /> such damage and, to the extent necessary to accomplish such <br /> repair, reconstruction and restoration, the Developer will <br /> apply the Net Proceeds of any insurance relating to such <br /> damage received by the Developer to the payment or <br /> reimbursement of the costs thereof. Net Proceeds of any <br /> insurance relating to such damage up to $25, 000 .00 shall be <br /> paid directly to the Developer. <br /> In the event the Minimum Improvements or any portion thereof <br /> is destroyed by fire or other casualty and the damage or <br /> destruction is estimated to equal or exceed $25, 000.00, then <br /> the Developer shall within one hundred and twenty (120) days <br /> after such damage or destruction, proceed forthwith to <br /> repair, reconstruct and restore the damaged Minimum <br /> Improvements to substantially the same condition or utility <br /> value as it existed prior to the event causing such damage or <br /> destruction and, to the extent necessary to accomplish such <br /> repair, reconstruction and restoration, Developer will apply <br /> the Net Proceeds of any insurance relating to such damage or <br /> • destruction received by the Developer from the EDA to the <br /> payment or reimbursement of the costs thereof . Any Net <br /> Proceeds remaining after completion of construction shall be <br /> disbursed to the Developer. <br /> (04) If the Developer is in compliance with the terms and <br /> conditions of this Agreement, then any Net Proceeds of <br /> insurance relating to such damage or destruction received by <br /> the Authority shall be released from time to time by the <br /> Authority to the Developer upon the receipt of: <br /> (a) A certificate of an authorized representative of <br /> the Developer specifying the expenditures made or <br /> to be made or the indebtedness incurred in <br /> connection with such repair, reconstruction and <br /> restoration and stating that such Net Proceeds, <br /> together with any other moneys legally available <br /> for such purposes, will be sufficient to complete <br /> such repair, construction and restoration; and <br /> (b) If Net Proceeds equal or exceed $100, 000 in <br /> amount, the written approval of such certificate <br /> by an independent engineer. <br /> (05) The rights of the EDA with respect to the receipt and <br /> • distribution of Net Proceeds of insurance shall be <br /> subordinate to the rights of the Holder of any Mortgage and <br /> 10. <br />