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<br />� � _ 76. OQ59 '7 � . �
<br /> . � (b ) at the election of the Company exercised within ninety ( 90 ) days of '
<br /> `� the casualty giving rise to such insurance proceeds , or , if the Compaay shall then be
<br /> `i� default under this Lease , at the election exercised within sucn time by the Trustee , .
<br /> euch. insurance proceeds and such sums deposited by the Company , or any part thereof ,
<br /> t ' may be used to make repairs , replacements or improvements to the Uemised Premises ;
<br /> rprovided , however , that prior to such application by the Company or the Trustee , as
<br /> ',r the case ma y be , of such insurance proceeds and such sums , uritten notice shall be
<br /> ' '� given to the Lessor and the TrusCee if the Conpany i.s using the money therefor , and to
<br /> �� the Lessor if the Trustee is so using it , describing such repairs , replacements or
<br /> A? improvements , accompanied by such other pertinent information as may be required by
<br /> � the Lessor or the Trustee .
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<br /> , :
<br /> � Section 4 . 04 . Uninsured Propertv • Obliqation of Lessor and Contractors .
<br /> .i
<br /> In the event the Demised Premises , or any part thereof , shall be damaged , lost or
<br /> � destroyed as a result of a casualty as to which insurance is not required under the
<br /> ;; terms of this Lease , the Company shall , at its option , promptly after such damage ,
<br /> i; loss or destruction , either expend for repairs , restoration or replacement of the property
<br /> " damaged , lost or destroyed such sum as may be required therefor or pay such sum to ,
<br /> �
<br /> the Trustee for deposit co the credit of the Bond Fund .
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<br /> �: Nothing in this Lease shall be construed ( 1) as obligating the Lessor in
<br /> �- =� any way or to any extent to repair , restore or replace the Demised Premises , or any
<br /> �� part thereof , except from funds made available as provided in this Article , or ( ii)
<br /> 4 as relieving any contractor or other third party from any obligation or duty it may
<br /> have respecting the repair , restoration or replacement of any part of th=_ Demised Premises .
<br /> c;
<br /> T Section 4 . 05 . Failure to Carry Insurance . In the event the Company shall
<br /> :� at any time neglect or refuse to procure or maintain insurance as herein required , either
<br /> the Trustee or the Lessor may at its option procure and maintain such insurance and the
<br /> Company shall be obligated to reimburse promptly the Lessor or the Trustee , as the case
<br /> �� may be , for all amounts expended in connection therewith .
<br /> ;
<br /> � Section 4 . 06 . The Company ' s Liability . No acceptance or approval of any
<br /> `= insurance policy hy the Lessor or the Trustee shall relieve or release the Company
<br /> ' ` from any liability , duty or obligation under the provisions of this Lease .
<br /> � Section 4 . 07 . Title Insurance . The Company shall furnish to the Lessor
<br /> ` `` an A, L . T . A. iitle Guarantee policy in the form and by title insurer acceptable to
<br /> �
<br /> , ' [he Trustee , with loss payable to the Trustee in an amount equal to the aggregate
<br /> . principal amount of Series A Bonds . The Lessor and the Company agree that any proceeds •
<br /> � from such policy :
<br /> (a) if received before completion of the Project shall be paid into and
<br /> become a part of the Construction Fund ;
<br /> : � �
<br /> (b ) if received thereafter but hefore the Bonds and interest have been
<br /> fully paid , shall be paid into and become a part of the Bond Fund ; and
<br /> (c ) if received after the Bonds and interest have been fully paid ,
<br /> F.
<br /> shall be paid to the Company .
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