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I i L l ARTICLE III REDEMPTION OF BONDS Section 3.01. Redemption of Bonds. (a) Special Mandatory Redemption. The Bonds are subject to mandatory redemption by the Authority as follows: (1) in whole or in part (but not in an amount of less than $5,000 or any multiple of $5,000) on any Payment Date in the event the Project or any portion thereof is damaged or destroyed or taken in a condemnation proceeding to which Section 5.D2(b) of the Agreement is applied; (2) in whole or in part (but not in an amount of less than $5,000 or any multiple of $5,000) on any Payment Date, in the event the Company elects to apply the Net Proceeds of title insurance to the redemption of the Bonds in accordance with Section 4.09 of the Agreement; (3) in whole on the Payment Date next following a Determination of Taxability; (4) in part, from Base Loan Payments paid by the Company, on January 1 in the years and in the amounts set forth below: Year Principal Amount 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 (Maturity) $145,000 155,000 175,000 190,000 210,000 230,000 255,000 280,000 305,000 335,000 If called for redemption at any time pursuant to this Section 3.01(a), the Bonds shall be redeemed by the Authority at a redemption price of one hundred percent (100%) of the principal amount to be redeemed plus accrued interest to the Payment Date of redemption, without premium. (b) Optional Redemption. The Bonds are subject to optional redemption by the Authority from amounts prepaid by the Company under Section 9.02 of the Agreement, in whole or in part (but not in an amount of less than $5,000 or any multiple of $5,000) on any Payment Date on or after January 1, 1989, at redemption prices (expressed as percentages of principal amount of Bonds or portions thereof to be redeemed) as set forth below plus accrued interest to the Payment Date of redempt ion: 8