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L 006685 4. which is equal to tile total tax ineJ'elllent indebted.ne.. t... cent... widell is tile unit's valuation in relation to the the residential and CORIIH1'Cial Yancey condominium units. The owners acree to cause The Yancey Coa~ ~~. ...,.~~ keep Tile Yancey b1a1Iding insured &pinat lOUOl'~by~. sucb other riska. casualties and hazards .. are cu.t~ly.~ Builders' Risk and "all rtllk" coverap poHclea in an, IIRIOUDtaot(~ the as.ued valuation of the condominium units in the .."~.. the event of uy d..... Ol' destruction, wllich would reduce the........ . lion of The Yancey. the unit owner ag'rMS to cau. The Yancey C..... mln1um As8OclaUon Inc. to restore the buUding so that 1ts vahlatJoa and that of aU ';he Yancey units' improvements are not less than the totaliof the values set forth in Exhibit "R": provided, however, that The Y..-,. rondominium Asaoclation, Inc., may at its option pay to the City fl'Olll the proceeds of such Insurance an lIIIIount (leu the amount of any reaervcs in any funds or accounts securlnc- the tax increment indebted- ness remaining} which would retire the tax increment indebtedn41eS remaining in full, and upon such payment. would be under no obHptioa to restore, repair, or replace the building or improvements. In the event that all or a substantial portion of The Yancey buiJdfnC is condemned and the condemning party would not be obligated to pay ad valorem taxes upon that portion condemned. the City of Grand Island shall be entitled to claim against the condemnor an interest in auch _~.dMm.M_~y:.-~LlcLtbp_- unpaid principal amount ,of thftluu. increment Indebtedness retRaining. less the amount of an~' resel'VH in any fund or account securing such fex increment indebtedneu remain- Inc. t. 6. The City of Grand Island and the Declarant will be relying upon the above coverumhl in order to complete the tax increment financing. and the owner.' or their successorB' 01' Ilssigns' failure to comply with the covenants above could cive rise to liability including. without limitation. specific performance and money damages to the City of Grand Ialand, bond and note holders of the tax increment financing and the Declarant. 1. These (,"Ovenantlll are Hverable and the inval1daUOil of one or more ehall not invalidate an~' other covenant, term or condition herein contained. "Owner" or "owner." as used herein shall mean and refer to the recoI'd owner. whether one or more persons or entiU... or a fee simple title holder to any unit which ia part of the propertkui dtta.cribed in Exhibit "A", including contract buy_a. but excluding thou haring such Inter- e.t merely U lMCurity for the perfortmlncu of an obUption. m WITNIS! Wt1ERIOF. the undersigned oo1ng the Declarant herein, h.. executed this D9clarahon of Covenants on the date fint written above, III. J L --.J L .-J