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85004553
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85004553
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Last modified
10/18/2011 1:01:12 AM
Creation date
4/1/2008 5:00:30 PM
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DEEDS
Inst Number
85004553
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85-.. 0045'53 <br />(c) if received after the Bonds and interest have <br />been fully paid, shall be paid to the Borrower. <br />section S. Condemnation. Unless the provisions of <br />Article VII of the Agreement are applicable and the Borrower <br />has exercised its option to prepay the Notes in whole pur- <br />suant to such provisions, and as long as any Bonds remain <br />outstanding under the terms of the Indenture, all moneys and <br />awards payable as damages and /or compensation for the taking <br />of title to or possession of, or for damage to any portion <br />of the Project by reason of any condemnation, eminent <br />domain, change of grade or other proceeding shall be paid to <br />the Trustee and such moneys and awards are hereby assigned <br />to the Trustee. If no default is continuing under the <br />Agreement, the Notes, or this Mortgage, the Trustee will <br />cause said proceeds received by it and the Trustees, to whom <br />the Borrower has assigned its interest in any award shade in <br />such eminent domain proceedings, to be applied in one or <br />more of the following ways as shall be directed in writing <br />by the Borrower: <br />(a) The restoration of the improvements located <br />on the Land to substantially the same condition as they <br />existed prior to the exercise of the said power of <br />eminent domain; <br />(b) The acquisition by construction or otherwise, <br />by the Borrower of other improvements suitable for the <br />Borrower's operations at the Project (which improve- <br />ments shall be deemed a part of the Project) provided <br />that such improvements shall be acquired by the Bor- <br />rower subject to no liens or encumbrances prior to the <br />lien of this Mortgage; or <br />(c) The partial prepayment of the Notes pursuant <br />to Article VII of the Agreement and prepayment of the <br />principal of any of the Bonds together with accrued <br />interest thereon to the Date of Prepayment and the <br />applicable premium pursuant to the terms of the Inden- <br />ture; provided that no part of any such condemnation <br />award may be applied for such Prepayment unless (i) all <br />of the Bonds are to be prepaid in accordance with the <br />Indenture; or (ii) in the event that less than all of <br />the Bonds are to be prepaid, the Borrower shall furnish <br />to the Issuer and the Trustee a certificate of a regis- <br />tered and qualified engineer acceptable to the Trustee <br />stating (1) that the property forming a part of the <br />Project that was taken by such condemnation proceedings <br />is not essential to the Borrower's use or occupancy of <br />the Project, or (2) that the Project has been restored <br />to a condition substantially equivalent to its condi- <br />tion prior to the taking by such condemnation proceed- <br />ings, or (3) that improvements have been acquired which <br />-9- <br />
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