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7~--~i1~ <br />ARTICLE XZI <br />CASUALTY DAMAGE <br />Section 12.1 If at any time during the life of this Lease <br />Agr,nement, and while any Bonds are outstanding under the P.esolution, <br />any of the buildings or structures constituting the Project is <br />damaged or destroyed by fire or other casualty, Lessee, as Construc- <br />tion Agent for the Authority, shall proceed promptly to repair, <br />restore, rebuild or replace such building as required in order to <br />carry out the obligations of the P.uthori±y under the Resolution. <br />All contracts awarded for such work shall be made in the name of <br />the Authority as Lessor, but giving to Lessee, as Construction <br />Agent, the right to control the conduct of such work the same as <br />if it were the owner. All construction contracts in excess of <br />$10,000 shall require the furnishing of performance bonds and <br />labor and materials payment bonds in the amount of the contract. <br />The bonds shall name the Authority and Lessee as joint obligees <br />and all amounts received by the Authority ox Lessee under said <br />bonds before the Bonds and interest thereon have been paid in <br />full or payment thereof provided far shall be paid over to the <br />Trustee and become a part of the insurance moneys. <br />Section 12.2 Proceeds of casualty insurance collected <br />by the Trustee shall be applied by it in accordance with the pro- <br />visions of the Resolution. If the insurance proceeds are insuf- <br />ficient in amount to pay in full the cost of all repairs, restora- <br />tions, rebuilding and replacement of said damaged or destroyed <br />building as required under Section 12.1 above, Lessee agrees to <br />provide (or cause to be provided) the funds necessary to make <br />up the deficiency or shall agree to accept and continue leasing <br />the Project hereunder after it has been repaired, rebuilt and <br />rearranged to the extent permitted from funds available for such <br />purpose in the hands of the Trustee. <br />Section 12,3 If such damage to or destruction of the <br />Project occurs after the Bonds and interest thereon have been <br />gold in full or payment thereof provided for in accordance with the <br />-27- <br />