Borrowers to Repair, Replace, Rebuild or Restore Sample Clauses

Borrowers to Repair, Replace, Rebuild or Restore. If there are any Outstanding Bonds when all or any part of the Project is taken by eminent domain, or destroyed or damaged, and unless the Borrowers or the Bondowners exercise their independent options to direct the redemption of any or all Outstanding Bonds pursuant to Section 2.05, the following subsections shall apply: (a) The Borrowers shall proceed promptly, subject to the provisions of subsection (b) of this Section 6.06, to replace, repair, rebuild and restore the Project to substantially the same condition as existed before the taking or event causing the damage or destruction, with such changes, alterations and modifications (including substitution or addition of other property) as may be desired by the Borrowers and will be suitable for continued operation of the Project for the business purposes of the Borrower, and the Borrowers will pay all costs thereof. (b) If the condemnation award or insurance claim is less than $5,000, the Trustee shall pay the Net Proceeds to the Borrower. If the condemnation award or insurance claim exceeds $5,000, all Net Proceeds of the condemnation award or insurance claim shall be retained by the Trustee and deposited in the Insurance and Condemnation Proceeds Fund. The Trustee shall apply the Net Proceeds in compliance with Section 3.05. If the Net Proceeds are not sufficient to pay such costs in full, the Borrowers shall pay that portion of the cost in excess of the amount of the Net Proceeds and shall complete such repair, replacement, rebuilding or restoration. (c) The Borrowers shall not, by reason of the payment of any costs of repair, rebuilding, replacement or restoration, be entitled to any reimbursement from the Issuer or any abatement or diminution of the amounts payable hereunder. Any balance of Net Proceeds remaining in the Insurance and Condemnation Proceeds Fund after payment of all costs of any repair, rebuilding, replacement or restoration and after completion of the same shall be paid into the Bond Fund and used to redeem Bonds pursuant to Section 2.05 or, if there are no Outstanding Bonds, to the Borrower. (d) All buildings, improvements and equipment acquired in the repair, rebuilding, replacement or restoration of the Project, together with any interests in land acquired by the Borrowers necessary for such restoration, shall be deemed a part of the Project and available for use and occupancy by the Borrowers without the payment of any additional amounts other than those provided herein, and shal...