Laserfiche WebLink
exercise the power of eminent domain, the Net Proceeds resulting therefrom shall be deposited in the <br /> Insurance and Condemnation Fund and applied as set forth in the Indenture. <br /> From Title Insurance Award.The Net Proceeds of any title insurance award shall be paid to the <br /> Trustee,deposited in the Insurance and Condemnation Fund and applied as set forth in the Indenture. <br /> Abatement of Lease Payments. <br /> Abatement Due to Damage or Destruction. Its Lease Payments shall be abated during any <br /> period in which by reason of damage to or destruction of its Leased Premises (other than by eminent <br /> domain which is hereinafter provided for) which causes substantial interference with the use and <br /> occupancy by such Member of its Leased Premises or any portion thereof. The amount of such <br /> abatement shall be an amount agreed upon by such Member and the Authority such that the resulting <br /> Lease Payments represent fair consideration for the use and occupancy of the portions of its Leased <br /> Premises not damaged or destroyed. Such abatement shall continue for the period commencing with <br /> such damage or destruction and ending with the substantial completion of the work of repair or <br /> reconstruction. In the event of any such damage or destruction, its Lease Agreement shall continue in <br /> full force and effect and such Member waives any right to terminate its Lease Agreement by virtue of <br /> any such damage and destruction. There shall be no abatement of its Lease Payments to the extent that <br /> moneys derived from any person as a result of such damage or destruction are available to pay the <br /> amount which would otherwise be abated or if there is any money available in the Bond Fund or the <br /> Reserve Account to pay the amount which would otherwise be abated. <br /> Abatement Due to Eminent Domain. If all of its Leased Premises shall be taken permanently <br /> under the power of eminent domain or sold to a government threatening to exercise the power of <br /> eminent domain, the term of its Lease Agreement shall cease with respect to its Leased Premises as of <br /> the day possession shall be so taken. If less than all of its Leased Premises shall be taken permanently, <br /> or if all of its Leased Premises or any part thereof shall be taken temporarily under the power of <br /> eminent domain, (a) its Lease Agreement shall continue in full force and effect and shall not be <br /> terminated by virtue of such taking and the parties waive the benefit of any law to the contrary,and (b) <br /> there shall be a partial abatement of Lease Payments in an amount to be agreed upon by such Member <br /> and the Authority such that the resulting Lease Payments for its Leased Premises represent fair <br /> consideration for the use and occupancy of the remaining usable portion of its Leased Premises. <br /> Assignment,Leasing and Amendment <br /> Assignment by the Authority. Certain rights of the Authority under each Lease Agreement, <br /> including the right to receive and enforce payment of Lease Payments to be made by a Member under <br /> its Lease Agreement, have been pledged and assigned to the Trustee for the benefit of the Owners of <br /> the Bonds pursuant to the Indenture, to which pledge and assignment such Member consents. The <br /> assignment of this Agreement to the Trustee is solely in its capacity as Trustee under the Indenture and <br /> the duties,powers and liabilities of the Trustee in acting under its Lease Agreement shall be subject to <br /> the provisions of the Indenture. <br /> Assignment and Subleasing by such Member. No Lease Agreement may be assigned by a <br /> Member. Each Member may sublease its Leased Premises or any portion thereof, but only upon <br /> satisfaction of certain conditions set forth in its Lease Agreement. <br /> Amendment of Lease. The Leased Premises may be substituted for other property,and portions of <br /> the Leased Premises may be released, but only upon satisfaction of certain conditions set forth in its <br /> Lease Agreement. <br /> Events of Default. <br /> The following shall be "Events of Default"under its Lease Agreement: <br /> (a) Failure by such Member to pay any Lease Payment required to be paid under its Lease <br /> Agreement at the time specified in its Lease Agreement. <br /> Appendix A <br /> Page 23 <br />