CCP 08-18-1997 - Laserfiche WebLink

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. apply the Net Proceeds of any insurance relating to such damage received by the Redeveloper to the payment or reimbursement of the costs thereof. The Redeveloper shall complete the repair, reconstruction and restoration of the Minimum Improvements, whether or not the Net Proceeds of insurance received by the Redeveloper for such purposes are sufficient to pay for the same. Any Net Proceeds remaining after completion of such repairs, construction and restoration shall be remitted to the Redeveloper. (e) In the event that the Minimum Improvements. or any Phase thereof. are totally destroyed, the Redeveloper in lieu of rebuilding the Minimum Improvements, sallY lia-ve tRe elltieR ef r~ayiag te 1fle .'\atheD!)' llle assistaase previEieei te the Reae'/eleller hcreoma61'. The ameaat erthe assistance '.flal shall 'Be rej311ya1Jle al a partie:llnr lime or the Phase shall have the option of payin~ to thc AllthoriQ' the outstanding amount of the Assessments levied ae:a;nst the subiect Parcel together with any shellae et!..al te tne 31llellRt that, iR the eJ3illiOR of the City's fiscal celR.wlant eElasidermg exiSL1ag ana pcejeatea mlerssl rates, wow.a be l'leee5SilIj' tEl gellefllte a S1!realR efpll)meBts eljllal tEl the Redeveleper's Tax lRerem8ll! gu,mmtee e'eligatieas set fm1h in Section 6.1 srthis !.greemcBt accrued interest on such Assessments. Section 5.2. Condemnation. In the event that title to and possession of the Minimum Improvements or any material part thereof shall be taken in condemnation or by the exercise of . the power of eminent domain by any govenunental body or other person (except the Authority or the City) prior to the Termination Date, the Redcveloper shall, with reasonable promptness aftcr such taking, notify the Authority as to thc nature and extent of such taking. Upon receipt of any Condemnation Award, the Redeveloper shall elect to either: (a) use the entire Condemnation Award to reconstruct the Minimum Improvements (or, in the event only a part of Minimwn ~ Improvements have been taken, then to rcconstruct sllch part) within the Tax Increment District; or (b) pa)" ts tlte .'\-\lthefit:,' 6Ut eftlle CeRaemnalien .'\'lIani tl:s amellnl BaSeSall!)' te rellay the - assietass~ previded 'By the !.'.l111enty kereullaer, wIlleR amount shell be ealelilalea as pro'.<iasel m - SealieR 5.1(e) of ws repay the olltslandinQ aUlO11nt of an)' Asscssments levied against the property taken tOliether with all accnJerl interest. - ~^..gree:m0nt. I I I I .. 20 I H/60'd 61"0.'. LC6 <;19 '~'d '3~I3a ~ ^3la~~a <;2:91 .'.661-H-m~