1. MIDA Bond-Oak Grove School - Laserfiche WebLink

ARTICLE 6 DAMAGE, DESTRUCTION AND CONDEMNATION SECTION 6.01. DAMAGE OR DESTRUCTION. In the event the Facilities or any portion thereof are damaged or destroyed by fire or other casualty and the damage or destruction is estimated to equal or exceed $100,000, then the Corporation shall within ninety (90) days after such damage or destruction elect one of the following two options by written notice of such election to the Lender: (a) Option A - Repair and Restoration. The Corporation may elect to repair, reconstruct and restore the damaged Facilities. In the event the Corporation shall elect this Option A, all Net Proceeds of insurance, if in excess of $100,000, shall be paid directly to the Lender and applied to pay the costs of the repair, reconstruction and restoration of the Facilities, as determined by the Corporation to be necessary or desirable. Ifthe Net Proceeds of insurance received by the Lender for such purposes are not sufficient to pay for the same, the Corporation will deposit with the Lender that portion of the costs in excess of the amount of Net Proceeds. Any balance of Net Proceeds remaining after paying the costs of repair, reconstruction or restoration shall be transferred to the Bond Account. Such damage or destruction shall not serve to abrogate or abridge any of the Corporation's obligations hereunder, including its obligation to make Basic Payments and Additional Payments. (b) Option B - Redemption of the Bonds. The Corporation may elect to cause the Bonds to be redeemed, in which event the Bonds shall be redeemed in whole on the next Payment Date occurring at least forty-five (45) days after the date of the notice given as to exercise of this Option B. In such event, the Net Proceeds shall be deposited in the Bond Account and the Bonds shall be redeemed at a redemption price equal to the After Payment Termination Value, plus accrued interest, and the redemption ofthe Bonds shall be effected pursuant to the provisions of, in the manner, and with the effect provided in the Resolution. SECTION 6.02. CONDEMNA TION. Ifanymaterial part ofthe Facilities or any portion thereof are condemned or taken or conveyed under the threat of eminent domain for any public or quasi- public use and title thereto vests in the party condemning or taking the same, or such use or control thereof is taken by eminent domain to such extent as to render the same unsatisfactory to the Corporation for continued operation, as determined by the Lender, the Corporation shall, within ninety (90) days after the date on which the Net Proceeds are finally determined, elect one of the two following options by written notice of such election to the Lender: (a) Option A - Repairs and Improvements. The Corporation may elect to make any necessary or desirable additions, repairs or improvements to the Facilities, as determined by the Corporation. In such event, all Net Proceeds of such condemnation award, ifin excess of $100,000, shall be paid directly to the Lender and applied to pay the costs of such additions, repairs and improvements as determined by the Corporation to be necessary or desirable. If the Net Proceeds are insufficient to pay the costs of such additions, repairs and 6-1