Damage; Destruction and Eminent Domain. If, during the term of this Agreement, the Project Facilities or any portion thereof is destroyed or damaged in whole or in part by fire or other casualty, or title to, or the temporary use of, the Project Facilities or any portion thereof shall have been taken by the exercise of the power of eminent domain, the Company (unless it shall have exercised its option to prepay the Loan Payments pursuant to Section 6.2 hereof) shall promptly repair, rebuild or restore the portion of the Project Facilities so damaged, destroyed or taken with such changes, alterations and modifications (including the substitution and addition of other property) as may be necessary or desirable for the administration and operation of the Project Facilities as Air Quality Facilities and as shall not impair the character or significance of the Project Facilities as furthering the purposes of the Act.
Damage; Destruction and Eminent Domain. If, prior to payment in full of the Project Loan, the Project or any portion thereof is destroyed or damaged in whole or in part by fire or other casualty, or title to, or the temporary use of, the Project or any portion thereof shall have been taken by the exercise of the power of eminent domain, and the Governmental Lender, the Borrower, the Fiscal Agent or the Servicer receives Net Proceeds from insurance or any condemnation award in connection therewith, such Net Proceeds shall be utilized as provided in the Project Loan Documents and the Funding Loan Agreement.
Damage; Destruction and Eminent Domain. If, during the term of this Agreement, the Project Facilities or any portion thereof is destroyed or damaged in whole or in part by fire or other casualty, or title to, or the temporary use of, the Project Facilities or any portion thereof shall have been taken by the exercise of the power of eminent domain, and the Company or the Company Mortgage Trustee receives net proceeds from insurance or any condemnation award in connection therewith, the Company (unless it shall have exercised its option to prepay the Loan Payments pursuant to Section 6.2 hereof), to the extent required to comply with applicable laws and regulations with respect to the operations of facilities of the Company served by the Projects, shall promptly cause such net proceeds or an amount equal thereto to be used to repair, rebuild or restore the portion of the Project Facilities so damaged, destroyed or taken with such changes, alterations and modifications (including the substitution and addition of other property) as may be necessary or desirable for the administration and operation of the Project Facilities as Air Quality Facilities and as shall not impair the character or significance of the Project Facilities as furthering the purposes of the Act. It is hereby acknowledged and agreed that any net proceeds from insurance or any condemnation award relating to the Project Facilities are subject to the lien of the Company Mortgage and shall be disposed of in accordance with the terms and provisions of the Company Mortgage and that any obligations of the Company under this Section 5.7 not satisfied by application of such net proceeds shall be limited to the general credit of the Company and does not require disposition of such net proceeds contrary to the requirements of the Company Mortgage.
Damage; Destruction and Eminent Domain. Section 5.8 Company to Maintain its Corporate Existence; Conditions Under Which Exceptions Permitted Section 5.9 Indemnification Section 5.10 Company Not to Adversely Affect Exclusion of Interest on Bonds From Gross Income For Federal Income Tax Purposes Section 5.11 Use of Project Facilities Section 5.12 Assignment by Company
Damage; Destruction and Eminent Domain. (a) If, prior to the Date of Closing, the Parcel or any part thereof is damaged or destroyed by fire, the elements or any other destructive force or cause to the extent that repairing such damage or destruction is reasonably estimated to cost Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) or more, then, within a reasonable time of any such damage or destruction, Seller shall give a written notice to Buyer specifying the insurance carrier's estimate of the amount of insurance payable as the result of such damage or destruction. Within ten (10) business days after Buyer has received the written notice described in the preceding sentence, Buyer may elect to terminate this Agreement by delivery of written notice to Seller. If Buyer elects to consummate the purchase despite the damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase Price, and the parties shall treat such casualty damage as having occurred during the term of the Lease.
Damage; Destruction and Eminent Domain a. If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the purchase price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, and are so payable to Seller under the Caribou Coffee Lease.
Damage; Destruction and Eminent Domain. If at any time during the Loan Term, the Facilities, or any portion thereof, shall be damaged or destroyed by fire, flood, windstorm or other casualty or title to, or the temporary use of, the Facilities, or any portion thereof, shall have been taken by the exercise of the power of eminent domain, the Company (unless it shall have exercised its option to prepay the loan pursuant to Section 4.3(c) Or 4.3(d)) shall cause the Net Proceeds from insurance or condemnation or an amount equal thereto (i) to be used for the repair, reconstruction, restoration or improvement of such Facilities, or such portion thereof, as industrial facilities, or (ii) to be used for the acquisition, construction or improvement of additional industrial facilities within the County for use in connection with operational facilities of the company, provided that the Company shall first have obtained an opinion of Independent Tax Counsel or a ruling of the Internal Revenue Service that the proposed use pursuant to this clause (ii) will not cause the interest on the Bonds to become included in the gross income of the holders of the Bonds for the purposes of Federal income taxation, or (iii) to be deposited into the Bond Fund (but only for application, as instructed by the Authorized Company Representative, to the purchase of Bonds in the open market for the purpose of cancellation at prices not exceeding the then open market price of the Bonds or to the redemption of the Bonds at the next available optional redemption date in the manner provided in the Indenture), or (iv) to be used for any combination of the purposes permitted by (and subject to the conditions described in) clauses (i), (ii) and (iii) above. Notwithstanding anything to the contrary contained in this Loan Agreement, until the first to occur of (a) the expiration of the Letter of Credit or (b) a material default by the Bank in connection therewith, the provisions of the Reimbursement Agreement shall control with respect to the payment and application of insurance and condemnation proceeds.
Damage; Destruction and Eminent Domain. If, prior to full payment of all Bonds outstanding (or provision for payment thereof having been made in accordance with the provisions of the Indenture), the Project or any portion thereof is destroyed or damaged in whole or in part by fire or other casualty, or title to, or the temporary use of, the Project or any portion thereof shall have been taken by the exercise of the power of eminent domain, all Net Proceeds from any insurance policy or any kind of condemnation awards in connection therewith shall be applied pursuant to the provisions of the Reimbursement Agreement and the Mortgage. ARTICLE VI
Damage; Destruction and Eminent Domain. USE OF PROCEEDS;
Damage; Destruction and Eminent Domain. If, prior to the Date of Closing, any Parcel or any part thereof is damaged or destroyed by fire, the elements or any other destructive force or cause to the extent that repairing such damage or destruction is reasonably estimated to cost Two Hundred Thousand and 00/100 Dollars ($200,000.00) or more, then, within a reasonable time of any such damage or destruction, ONB (and American, in the case of the American Property) shall give a written notice to the related Buyer specifying the insurance carrier's estimate of the amount of insurance payable as the result of such damage or destruction. Within ten (10) business days after the related Buyer has received the written notice described in the preceding sentence, the related Buyer may elect to terminate this Agreement by delivery of written notice to ONB. If the related Buyer elects to consummate the purchase despite the damage or destruction, or if any lesser damage or destruction has occurred, there shall be no reduction in or abatement of the Purchase Price for the related Parcel, and the parties shall treat such casualty damage as having occurred during the term of the applicable Lease. If, prior to the Date of Closing any judicial, administrative, or other condemnation proceedings are instituted or threatened in which a taking of any Parcel is proposed that exceeds Two Hundred and 00/100 Dollars ($200,000.00) in value, including any consequential damages to the Parcel, then within a reasonable time of receipt by it of notice of the institution of any judicial, administrative, or other condemnation proceedings involving the Parcel, ONB (and American, in the case of the American Property) shall give a written notice to the related Buyer. Within ten (10) business days after a Buyer has received the written notice described in the preceding sentence, the related Buyer may elect to terminate this Agreement by delivery of written notice to ONB. If the related Buyer elects to consummate the purchase despite the institution of condemnation proceedings, or if it appears that the value of the proposed taking, including any consequential damages to the Parcel, shall total less than Two Hundred Thousand and 00/100 Dollars ($200,000.00), there shall be no reduction in or abatement of the Purchase Price, and the parties shall treat such condemnation as having occurred during the term of the applicable Lease.
