CCP 09-22-1997 - Laserfiche WebLink

Home Browse Search

. repair, reconstruction and restoration, the Redeveloper will 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, reconstmction 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, eonstruction and restoration shall be remitted to the Redeveloper. ':. (e) In the event that the Minimum lInprovements, or any Phase thereof, are substantially damaged destroyed, the Redeveloper in lieu of rebuilding the Minimum Improvements, or the phase, shall have the option of entering into an agreement with the Authority and City pursuant to which the Redeveloper agrees that the outstanding amount of the Bonds will be reassessed against Ihe Parcel on which the Phase was destroyed and agrees that the timely payment of the amounts so reassessed shall again be the personal obligation of the Redeveloper, subject to release as herein set forth. The amount of the Assessments to be reassessed shall be the amount of the Assessments that were terminated and discharged pursuant to Section 3,5, less any amounl that had been paid subsequent to the temrination of the . Assessments under Section 3.5. The Redeveloper shall also secure the agreements of any holders of any interest in the subject Parcel subjecting their interests in the Parcel to the lien of the Assessments, For pUJposed thereof, the term "substantially damaged or destroyed" shall mean any damage or destruction which renders fifty percent (50%) or more of the rentable square footage of any Phase untenentable. Section 5.2. Use of Insllr',"ce Proceeds, Notwithstanding anything to the contrary contained herein, the rights of the AUlhority hereunder in and to any insurance proceeds paid or payable upon damage to or destruction of any part of the Minimum Improvements shall be subordinate and junior to the claim or rights therein of the holder of any mortgage encumbering the part of the Minimum Improvements with respect to which such proceeds are payable. Section 5,3. 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 governmental body or other person (except the Authority or the City) prior to the Tennination Date, the Redeveloper shall, with reasonable promptness after such taking, notifY the Authority as to the nature and extent of such taking. Upon receipt of any Condemnation Award, the Redeveloper shall elect to either: (a) use Ihe entire Condemnation Award to reconstruct the Minimum Improvements (or, in the event only a part of Minimum Improvements have been taken, then to reconstruct such part) within the Tax Increment District; or (b) have the Assessments reassessed against the affecled Parcel and assume the obligation to pay such Assessments as described in"Section 5.1(e). . 20 SG'd 6to01. a6 c:t9 'tj'd '3>H31l 'il A3lill:lOla 6t:St l.66t-6t-d3S