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THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A (3).
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THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A (3).
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7/8/2014 4:59:15 PM
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7/8/2014 4:51:26 PM
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Company Name
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
Contract #
A-2014-133-B
Agency
FINANCE & MANAGEMENT SERVICES
Council Approval Date
6/3/2014
Destruction Year
0
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ARTICLE VI <br />EMINENT DOMAIN; USE OF NET PROCEEDS <br />Section 6.1. Eminent Domain. If all of the Property shall be taken permanently under <br />the power of eminent domain or sold to a governmental entity threatening to exercise the <br />power of eminent domain, the Term of this Lease Agreement shall cease as of the day <br />possession shall be so taken. If less than all of the Property shall be taken permanently, or if all <br />of the Property or any part thereof shall be taken temporarily under the power of eminent <br />domain, (1) this 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 <br />contrary, and (2) there shall be a partial abatement of Lease Payments in an amount equal to <br />the application of the Net Proceeds of any eminent domain award to the prepayment of the <br />Lease Payments hereunder, in an amount to be agreed upon by the City and the Assignees <br />such that the resulting Lease Payments represent fair consideration for the use and occupancy <br />of the remaining usable portion of the Property. <br />Section 6.2. Application of Net Proceeds <br />(a) From Insurance Award. <br />(i) Any Net Proceeds of insurance against damage to or destruction of any part <br />of the Property collected by the City in the event of any such damage or destruction <br />shall be deposited by the City promptly upon receipt thereof in a special fund with the <br />Assignees designated as the "Insurance and Condemnation Fund." <br />(ii) Within ninety (90) days following the date of such deposit, the City shall <br />determine and notify the Authority and the Assignees in writing of its determination <br />either (A) that the replacement, repair, restoration, modification or improvement of the <br />Property is not economically feasible or in the best interest of the City and the Net <br />Proceeds, together with other moneys available therefor, are sufficient to cause the <br />prepayment of the principal components of all unpaid Lease Payments pursuant to <br />Section 9.3 hereof, or (B) that all or a portion of such Net Proceeds are to be applied to <br />the prompt replacement, repair, restoration, modification or improvement of the <br />damaged or destroyed portions of the Property and the fair rental value of the Property <br />following such repair, restoration, replacement, modification or improvement will at <br />least equal the unpaid principal component of the Lease Payments. <br />(iii) In the event the City's determination is as set forth in clause (A) of <br />subparagraph (ii) above, such Net Proceeds shall be promptly applied to the <br />prepayment of Lease Payments and other amounts pursuant to Section 9.3 of this <br />Lease Agreement; provided, however, that in the event of damage or destruction of the <br />Property in full, such Net Proceeds may be so applied only if sufficient, together with <br />other moneys available therefor, to cause the prepayment of the principal components <br />of all unpaid Lease Payments, all accrued and unpaid interest, Prepayment Premiums <br />described in Section 9.2, and all other costs related to such prepayments pursuant to <br />Section 9.3 of this Lease Agreement and otherwise such Net Proceeds shall be applied <br />to the prompt replacement, repair, restoration, modification or improvement of the <br />Property; provided further, however, that in the event of damage or destruction of the <br />Property in part, such Net Proceeds may be applied to the prepayment of Lease <br />Payments only if the resulting Lease Payments following such prepayment from Net <br />Proceeds represent fair consideration for the remaining portions of the Property and <br />otherwise such Net Proceeds shall be applied to the prompt replacement, repair, <br />-21- <br />
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