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Cont. (part 2)
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Vol. 1- City of Santa Ana Financing Authority (Police Admin. and Holding Facility)
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Cont. (part 2)
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ARTICLE VII <br /> DAMAGE, DESTRUCTION, TITLE DEFECT AND CONDEMNATION <br /> SECTION 7.01. Damage, Destruction, Title Defect and Condemnation; Use <br /> of Net Proceeds. If prior to the termination of the term hereof (a) the Ieased Property or any <br /> portion thereof is destroyed (in whole or in part) or is damaged by fire or other casualty; or <br /> (b) title to, or the temporary use of, the Leased Property or any portion thereof or the estate of <br /> the City or the Authority in the Leased Property or any portion thereof is defective or shall be <br /> taken under the exercise of the power of eminent domain by any governmental body or by any <br /> person or firm or corporation acting under governmental authority; then the City and the <br /> Authority will cause the Net Proceeds to be applied to the prompt repair, restoration, <br /> modification, improvement or replacement of the damaged, destroyed, defective or condemned <br /> portion of the Leased Property, and any balance of the Net Proceeds remaining after such work <br /> has been completed shall be paid to the City; provided, that the City, at its option and provided <br /> the Net Proceeds together with any other moneys then available for the purpose are at least <br /> sufficient to prepay the aggregate annual amounts of principal of and interest on the Bonds <br /> attributable to the portion of the Leased Property so destroyed, damaged, defective or <br /> condemned (determined by reference to the proportion which the fair rental value of the <br /> destroyed, damaged, defective or condemned portion thereof bears to the fair rental value of the <br /> entire Leased Property), may elect not to repair, reconstruct or replace the damaged, destroyed, <br /> defective or condemned portion of the Leased Property and thereupon shall cause said Net <br /> Proceeds to be used for the redemption of Outstanding Bonds pursuant to the provisions of <br /> Section 2.03(c) of the Indenture. <br /> In the event that the Net Proceeds, if any, are insufficient either to (i) repair, <br /> rebuild or replace the Leased Property so that the fair rental value of the Leased Property would <br /> be at least equal to the Base Rental payments or (ii) to prepay the Outstanding Bonds, both as <br /> provided in the preceding paragraph, then the City shall, to the extent permitted by law, budget <br /> and appropriate an amount necessary to effect such repair, rebuilding or replacement or <br /> prepayment; provided that the failure of the City to so budget and/or appropriate shall not be <br /> a breach of or default under this Lease. <br /> • <br /> LAI-63219.5 19 <br />
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