05-13-2020 Council Packet - Laserfiche WebLink

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12316323v3 24 governments and the appropriate departments, commissions, boards and officers thereof, and shall not violate the provisions of any policy of insurance covering the Project Facilities; and the work shall be prosecuted with reasonable dispatch, unavoidable delays excepted. If any such alterations to the Project Facilities modify the footprint of the Project Facilities, then the Borrower shall deliver to the Trustee a new ALTA survey with respect to the Land, certified to the Title Insurer, the Trustee, the Issuer, the Original Purchaser and the Borrower. Notwithstanding the foregoing provisions of this Section 5.05, the Borrower shall be permitted to demolish or remove any Project Building no longer necessary in the determination of the Borrower to the overall operating unity of the Project Facilities, if determined by the Borrower to be appropriate or desirable in connection with the Project. Section 5.06 Installation of Equipment. The Borrower may, from time to time in its discretion and at its own cost and expense, install or place other equipment and tangible personal property in the Project Buildings and on the Land, subject to the lien of the Mortgage. In the event that a lessor, vendor or purchase money lender is entitled to and does remove any equipment or other property, any damage resulting to the Project Facilities therefrom shall be repaired and the Project Facilities restored to their previous condition at the sole expense of the party effecting such removal or at the sole expense of the Borrower. Nothing in this Section 5.06 shall prevent the Borrower from entering into installment sale contracts or leases subsequent to the date hereof for the purchase or installation of personal property to be added to the Project Facilities. Section 5.07 Removal of Project Equipment. If no Default exists, the Borrower shall have the right to have Project Equipment removed from the Project Facilities released from the lien of the Mortgage, as follows: (a)The Borrower shall have the privilege from time to time of substituting equipment and related property for any Project Equipment, provided that the effect of such substitution shall not be to impair the character or revenue producing significance of the Project Facilities. Any such substituted property shall become Project Equipment subject to the lien of the Mortgage in place of the replaced equipment. (b)The Borrower shall also have the privilege of removing any Project Equipment without substitution therefor provided that the Borrower pay a sum equal to the then value of said Project Equipment as determined by an Independent Engineer or Independent appraiser selected by the Borrower if and so long as any of the Bonds remain outstanding. The Borrower shall pay such amounts to the Trustee for deposit in the Optional Redemption Fund (in addition to any other amounts required therein) or the Reserve Fund, as directed by the Authorized Borrower Representative, and shall deliver to the Trustee a Certificate signed by said Independent Engineer or Independent appraiser setting forth the value of said Project Equipment and a Certificate signed by the Authorized Borrower Representative stating that the removal of such equipment will not impair the character or revenue producing significance of the Project Facilities, provided that if the then current value of any item of equipment so removed is less than $250,000, such removal may be effected without such deposit and without such determination of value and Certificate by an Independent Engineer or Independent appraiser,