84005448 - Laserfiche WebLink

Browse

84- 005448 the Bondholder to the payment or prepayment of the Bond, any balance remainina after navment in full of the Bond and all other amounts secured by this Mdrtgage shall be paid by the Bondholder to the Company. The Bondholder is authorized at its option to compromise and settle all claims on such policies. Any SUch application to the prepayment of the Bond shall not reduce or postpone the monthly payments otherwise required pursuant to the Bond. No interest shall be payable on the insurance prOceeds while held by the Bondholder. Section 4.02 Application of Conderonation~W~:rii. Should any of the Mortgaged Property be taken by exercise of the power of eminent domain, any award or consideration for the property so taken shall be paid over the Bondholder and shall be applied first to the payment of all costs and expenses incurred by the Bondholder in obtaining such award or consideration and then, if no "Event of Defaultn has occurred and is continuing under the Lease or this Mortgage, at the option of the Company, to the restoration, repair, modification or improvement of the Project, without affecting the lien of this Mortgage or the obligations of the Issuer hereunder. If such an Event of Default has occurred and is continuing under the Lease or this Mortgage, or if the Company so elects, or if by virtue of the nature or extent of the t.aki~',:" 'he Proj-:-ct cannot reasonably be restored or repaired. the Ne" roceeds shall be applied by the Bondholder to the payment or prepayment of the Bond, any balance remaining after payment in full of the Bond and all other anrounts secured by the Mortgage shall be paid by the Bondholder to the Company. The Bondholder is authorized at its option to compromise and settle all awards or consideration for the property so taken. Any such awards, if applied to the prepayment of the Bond, shall not reduce or postpone the monthly payments ot,herwise required pursuant to the Bond. No interest shall be payable on any award while held by the Bondholder. Section 4.03 Release of Proceeds. In the event the Bondholder makes t.he insurance proceeds or condemnation awards available to the Issuer or the Company pursuant to Section 4.01 or 4.02, such proceeds shall be made available, from time to time, upon the Bondholder being furnished with satisfactory evidence of the estimated cost of completion of the repair or-restoration of the Mortgaged Property and with such architect; s certi ficates, waivers of lien, contractors' sworn statements and other evidence of cost and of payments, including, at the option of the Bondholder, insurance against construction or mechanics I liens and/or a performance bond or bonds in form satisfactory to the Bondholder, with premium fully prepaid, under the terms of \'lhich the Bondholder shall be either the sole or dual obligee, and \'lhich shall be written with such surety company or companies as may be satisfactory to the Bondholder, and, with all plans and specifications for such rebuilding or restoration to be submitted -16- u L ~ I I L....