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(c) The Corporation shall in no event be in default <br />in the performance of any of its obligations hereunder or <br />imposed by any statute or rule of law unless and until the <br />Corporation shall have failed to perform such obligations <br />within thirty (30) days or such additional time as is <br />reasonably required to correct any such default after notice <br />by the City to the Corporation properly specifying wherein the <br />Corporation has failed to perform any such obligation. In the <br />event of default by the Corporation, the City shall be <br />entitled to pursue any remedy provided by law. <br /> <br /> Section 12. Eminent Domain. <br /> <br /> If the whole of the Demised Premises and Capital <br />Projects I and II or so much thereof as to render the <br />remainder unusable for the purposes for which it was used by <br />the City shall be taken under the power of eminent domain, the <br />term of this Lease shall cease as of the day that possession <br />shall be so taken. If less than the whole of the Demised <br />Premises and Capital Projects I and II shall be taken under <br />the power of eminent domain and the remainder is usable for <br />the purposes for which it was used by the City at the time of <br />such taking, then this Lease shall continue in full force and <br />effect as to such remainder, and the parties waive the <br />benefits of any law to the contrary, and in such event there <br />shall be a partial abatement of the Base Rental due hereunder <br />in an amount equivalent to the amount by which the annual <br />payments of principal and interest represented by Certificates <br />then outstanding (as such term is defined in the Trust <br />Agreement) will be reduced by the application of the award in <br />eminent domain to the prepayment of outstanding Certificates. <br />So long as any of the Certificates shall be outstanding any <br />award made in eminent domain proceedings for taking the <br />Demised Premises and Capital Projects I and II or any portion <br />thereof shall be applied to the prepayment of Base Rental <br />payments as provided in Section 13 hereof, subject, however, <br />to any rights of bondholders under the Water Revenue Bond <br />ResolUtion. Any such award made after all of the Certificates <br />have been fully paid and retired shall be paid to the City. <br /> <br /> Section 13. Prepayment. <br /> <br /> The City shall prepay on any date from insurance and <br />eminent domain proceeds, to the extent provided in Sections 7, <br />9 and 12 hereof (provided, however, that in the event of <br />partial damage to or destruction of Capital Projects I and II <br />caused by perils covered by insurance, if in the judgment of <br />the Corporation the insurance proceeds are sufficient to <br />repair, reconstruct or replace the damaged or destroyed <br />portion of Capital Projects I and II, such proceeds shall be <br />held by the Trustee and used to repair, reconstruct or replace <br /> <br /> F-24 <br />1456S <br /> <br /> <br />