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, . 200604217 in the names ofthe Company, the Issuer, and the Purchaser as their respective interests may appear and shall ( a) provide that coverage shall not be revi sed, canceled, terminated or reduced unti I at least thirty (30) days' written notice of such revision, cancellation, termination or reduction shall have been given to Purchaser; and (b) contain standard mortgage clauses providing that all proceeds of insurance resulting from loss or damage covered thereby be paid to the Paying Agent and that all claims may be adjusted by the Company with the approval of the Purchaser. At least fifteen (15) days before the expiration of each such po licy, the Company shall deliver to the Purchaser a new and sufficient policy to take the place ofthe one so expired, and shall, upon request, provide a copy of said policy to the Issuer. SECTION 5. Application of Proceeds of Insurance. The proceeds of insurance carrier pursuant to the first paragraph of Section 4 shall be applied as provided in Section 6 hereof. SECTION 6. Damage or Destruction. Unless the provisions of Section 5.03(a) of the Agreement are applicable and the Company has exercised its option to prepay the Notes in whole pursuant to such provisions, and as long as any Bonds remain outstanding under the terms of the Agreement, if the Project is destroyed, in whole or in part, or is damaged by fire or other casualty, the Company shall promptly give written notice thereof to the Paying Agent. All proceeds of insurance resulting from claims for such losses shall be paid to and held by the Paying Agent, under the terms of the Agreement, whereupon (i) the Company will proceed promptly to repair, rebuild, or restore the property damaged or destroyed to substantially the same condition as it existed prior to the event causing such damage or destruction, with such changes, alterations, and modifications (including the substitution and addition of other property) as may be desired by the Company and as will not impair the operating unity or capacity or the value of the Building as a facility for commercial or business enterprise and as will not impair the qualification of the Project as a "project" under the Act (as defined in the Agreement); and (ii) the Paying Agent shall apply so much as may be necessary of the proceeds of such insurance to the payment of the cost of such repair, rebuilding, or restorations, either on completion thereof or as the work progresses, upon certification by the Company of such costs for work in place and which certification shall contain a statement that no default has occurred under the Agreement, the Note, or this Mortgage which has not been remedied. In the event said proceeds are not sufficient to pay in full the costs of such repair, rebuilding, orrestoration, the Company will nonetheless complete the work therefor and will pay that portion of the costs thereofin excess ofthe amount of said proceeds. Any balance of such proceeds remaining after payment of all the costs of such repair, rebuilding, or restoration shall be paid into the Bond Fund and used by the Paying Agent to make partial repayment of the Note and to redeem 7