RES 94045A - Laserfiche WebLink

Section 509. Eminent Domain. If all or part of the Project is taken under the power of eminent. domain, the Net Proceeds from any awazd resulting therefrom shall be deposited with the Trustee pursuant to Section 510(6) hereof and the City Representative shall file a certificate with the Trustee as provided in Section 305 of the Trust Agreement If the Project is taken in whole pursuant to such eminent domain proceedings or is taken in part In such extent that the remaining portion of the Project is no longer useful for the purposes originally intended, [he remaining Lease Payment obligations of the City will be abated in full and this Lease Agreement shall thereupon be terminated. Otherwise, (1) the Lease Agreement shall continue in full force and effect and shall not be terminated by virtue of such taking and the parties waive the benefit of any law to the contrary, and (2) there shall be a proportionate abatement of Lease Payments such that the resulting Lease Payments will be sufficient to pay all of that portion of the principal and interest on the remaining Outstanding Bonds. Section 510. Application of Net Proceeds. (a) From Insurance Award. The Ne[ Proceeds of any insurance award resulting from any damage to or destruction of [he Project by fire or other casually shall be deposited in the Insurance and Condemnation Fund to be held and applied by the Trustee pursuant to Section 305 of the Trust Agreement. Upon such deposit the CiTy Representative shall file a certificate with the Trustee as provided in such Section and such Nek Proceeds shall be applied by the Trustee as provided in such Section. (b) From Eminent Domain Award. The Net Proceeds of any eminent domain award resulting from any event described in Section 509 hereof shall be deposited in the Insurance and Condemnation Fund to be held and applied by the Trustee pursuant to Section 305 of [he Trust Agreement. Section 511. Title Insurance. Except as disclosed in the Official Statement, [he City shall, on the Closing Date deliver to the Trustee a title insurance policy insuring the Authority's leasehold estate in the Project in an amount equal to maximum annual Lease Payment due hereunder. Section 512. Agreement to Pay Trustee's Fees. The City agrees to pay to the Trustee the City's fees and expenses, including, without limitation, the fees and disbursements of attorneys, accountants and other experts, charged to the Authority by the Trustee for the performance by the Trustee of its duties under the Trust Agreement. The obligations of the City pursuant to this Section 512 shall survive the ternination of this Agreement and [he payment in full of the Bonds. 9407301 U.LAI 14