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ARTICLE THREE <br />REDEMPTION OF TAX EXEMPT NOTE BEFORE MATURITY <br />3-1. Redemption. <br />(1) In the event of (a) damage to or destruction of the <br />Project or Condemnation of the Project or any part thereof and <br />(b) restoration is not required or the Company does not elect <br />to restore the Project pursuant to Section 4.01 of the Mort- <br />gage, the Tax Exempt Note shall be subject to prepayment by <br />the City from funds furnished by the Company at the time, to <br />the extent and in the manner set forth in Section 5.01 of the <br />Loan Agreement. <br />(2) The Tax Exempt Note may be prepaid at any time, sub- <br />ject, however, to the provisions of the Tax Exempt Note. <br />3-2. Termination of Interest. <br />Upon deposit of the redemption price with the Mor�- <br />gagee and the giving of any notice required by law, the princi- <br />pal amounts prepaid shall, after such date, cease to bear <br />interest. <br />17 <br />