2007-05-23 CC Set Agenda & Handouts

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pro~eeds being so applied within a reasonable time period from the date they are received by the Public Entity. . As loss payee under the insurance required herein the State Entity agrees to and will. assign or pay over to the Public Entity all insurance proceeds it receives so that the Public Entity can comply with the requirements that this Section 6.01 imposes upon the Public Entity as to the use of such insurance proceeds. If the Public Entity elects to maintain general comprehensive liability insurance regarding the Real Property and Facility, if such exists, then the Public Entity shall have the State Entity named as an additional named insured therein. At the written request of either the State Entity or the Commissioner of Finance, the Public Entity shall promptly furnish to the requesting entity all written notices and all paid premium receipts received by the Public Entity regarding the required insurance, or certificates of insurance evidencing the existence of such required insurance. Section 6.02 Condemnation. If all or any portion of the Real Property and, if applicable, the Facility is condemned to an extent that the Public Entity can no longer comply with the provisions contained in Section 2.03, then the Public Entity shall, at its sole option and discretion, either; (i) use or cause the condemnation proceeds to be used to acquire an int~est in additional real property needed for the Public Entity to continue to comply with the provisions contained in Section 2.03 and, if applicable, to fully. or partially restore the Facility and to provide or cause to be provided whatever additional funds that may be needed for such purposes, or (ll) sell the remaining portion of its interest in th~ Real Property and, ifapplicable, the Facility in accordance with the provisions contained in Section 3.03. Any condemnation proceeds which are not used to acquire an interest in additional real property or to restore, if applicable; the Facility shall be applied in accordance with the provisions contained in Section 3.04 as if the Public Entity's interest in the Real Property and, if applicable, the Facility had been sold, and . such amounts shall be credited against the amounts due and owing under Section 3.04 upon the ultimate sale of the Public Entity's interest in the Real Property and, if applicable, the Facility. If the Public Entity elects to sell its interest in the portion of the Real Property and, if applicable, the Facility that remains after the condemnation, then such sale must occur within a reasonable time period from the date the condemnation occurred and the cumulative sum of the condemnation proceeds plus the proceeds of such sale must be applied in accordance with the provisions contained in Section 3.04, with the condemnation proceeds being so applied within a reasonable time period from the date they are received by the Public Entity. As recipient of any of condemnation awards or proceeds referred to herein, the State Entity agrees to and will disclaim, assign or pay over to the Public Entity all of such condemnation awards or proceeds it receiv~ so that the Public Entity can comply with the requirements which this Section 6.02 imposes upon the. Public Entity as to the use of such cond~ation awards or proceeds. .. Section 6.03. Use, Maintenance, Repair and Alterations. The Public Entity shall not, without the written consent of both the State Entity and the Commissioner of Finance, permit.or suffer the use of any of the Real Property and, if applicable, the Facility, for any purpose other Generic GO Bond Proceeds Grant Agreement for Construction Grants 18 RDGP-07-0004-0-FY07 Ver- 1212006 (Gore GO GA-Cnstrctn Gmt)