08-13-2003 Council Agenda - Laserfiche WebLink

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City), so long as the Assessment Agreement shall remain in effect, the Developer shall, with reasonable promptness after such taking, notify the City as to the nature and extent of such taking. Upon receipt of any Condemnation Award, the Developer shall use the 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) upon the Development Property or elsewhere within the Tax Increment District Section 5.3 Payment in Lieu of Reconstruction. Notwithstanding the provisions of Sections 5.2 and 5.3 the Developer may, instead of reconstructing the Minimum Improvements, elect to pay to the City out of the Condemnation Award or property insurance proceeds, if and to the extent any such Condemnation Award or property insurance proceeds are sufficient for such purpose a sum equal to the unpaid balance of the Interfund Loan plus accrued interest. Section 5.4 Relationship to Mortgagee. The provisions of Section 5.1 shall be subject to the subordination, modification and waiver provisions of Section 8.6 but shall otherwise remain in full force and effect with respect to the Developer's obligations to maintain insurance, notify the City of any casualty and reconstruct the Minimum Improvements upon such casualty unless provision is made to the satisfaction of the City for the reimbursement of the unpaid balance of the Interfund Loan plus accrued interest. 1549292v2 1z -17-