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200906255
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200906255
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Last modified
3/4/2012 12:54:09 PM
Creation date
7/29/2009 4:34:09 PM
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DEEDS
Inst Number
200906255
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200906255 <br />Section 13.2. No damage to or destruction of the Project or any part thereof from any cause <br />whatsoever shall reduce or affect Lessee's obligation to pay basic and additional rental as provided in this <br />Lease - Purchase Agreement. <br />ARTICLE XIV <br />CONDEMNATION <br />Section 14.1. If during the term hereof, the title to, or the right to temporary use, of any part <br />of the Project shall be taken by the exercise of the right of eminent domain and if in the opinion of Lessee, the <br />utilization of the Project by Lessee is not impaired by such taking, neither the terms nor any of the obligations <br />of either party under this Lease - Purchase Agreement shall be reduced or affected in any way and the net <br />award or payment for such taking shall be paid to Lessee and Lessor shall not have any claim to such award <br />or payment. <br />Section 14.2. If during the term of this Lease - Purchase Agreement, the title to, or the right <br />to temporary use of, sufficient of the Project shall be taken by eminent domain that in the opinion of Lessee <br />the use of the Project for Lessee's purposes shall be impaired, the net award or payment from such eminent <br />domain taking may be applied in either of the following ways, at Lessee's option: <br />(a) The net award or payment may be paid to the Trustee and held by it in the Bond <br />Fund and in such case the amount so held in the Bond Fund shall be considered as <br />an advance payment by Lessee on the basic rent payable under this Lease - Purchase <br />Agreement, or <br />(b) the net award or payment may be applied as directed by Lessee toward the <br />acquisition of additional or replacement facilities to replace or supplement the <br />portions of the Project so taken. <br />In any event, the taking of all or any portion of the Project by the right of eminent domain by any <br />governmental body shall not affect or reduce Lessee's obligation to make payments of basic and additional <br />rent as provided in this Lease - Purchase Agreement. <br />ARTICLE XV <br />DEFAULT PROVISIONS <br />This Lease- Purchase Agreement is made on condition that if: <br />(a) Lessee defaults in the due and punctual payment of basic rent or additional rent and <br />such default continues for a period of five (5) days after Lessee's receipt of notice of <br />such nonpayment from Lessor or the Trustee, or <br />(b) Lessee defaults in the keeping or performance of any other covenant or obligation <br />herein contained on Lessee's part to be kept or performed, and Lessee fails to <br />remedy the same within sixty (60) days after Lessor or the Trustee has given Lessee <br />written notice specifying such default (or within such additional period, if any, as <br />may be reasonably required to cure such default if it is of such nature that it cannot <br />12 <br />
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