Resolution 6664 - Laserfiche WebLink

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B. The remaining portion, after the distribution specified in Section 3.10..A. shall be distributed to pay rn full any outstanding publre or pnvate debt rncurred to acquire the Public Entity's. interest in or for the betterment of the Real Property and, if applicable, the Facility in the order of priority of such debt. C. The remaining portion, after the distributions specifed in Sections 3.10.A ~ B, shall be divided and distributed in proportion to the shares contributed to the acquisition of the Public Entity's interest in or for the betterment of the Real Property and, if applicable, the Facilities by public and private entities, including the State Entity but not including any private entity that has been paid in full, that supplied funds in either real monies or like kind contributions for such acquisition and betterment, and the State Entitys distribution shall be made to the Commissioner of Finance. Such public and private entities may agree amongst themselves as to any redistribution of such distributed funds. The Public Entity shall not be required to pay or reimburse the State Entity for any funds above the full net proceeds of such sale, even if such net proceeds are less than the amount of the Grant actually disbursed. Section 3.11 Effect of Sale. Upon the occurrence of a sale that is made in conformance with the provisions contained in Sections 3.09 and 3.10, this Agreement shall terminate and the Real Property and, if applicable, the Facility shall be released from the Declaration. Section 3.12 Insurance. The Public Entity shall maintain or cause to be maintained fire and extended coverage insurance on the Facility, if such exists, in an amount equal to the full insurable value thereof, and shall name the State Entity as loss payee thereunder. If damages which are covered by such required insurance occurs to the Facility, if such exists, then the Public Entity shall, at its sole option and discretion, either; (i} use or cause the insurance proceeds to be used to fully or partially repair such damage and to provide or cause to be provided whatever additional funds that may be needed to fully or partially repair such damage, or (ii) sell its interest in the Real Property and the damaged Facility, if such exists, in accordance with the provisions contained in Section 3.09. If the Public Entity elects to only partially repair such damage, then the portion of the insurance proceeds which are not used for such repair shall be applied in accordance with the provisions contained in Section 3.10 as if the Public Entity's interest in the Rea] Property and Facility, if such exists, had been sold, and such amounts shall be credited against the amounts due and owing under Section 3.10 upon the ultimate sale of the Public Entity's interest in the Real Property and Facility, if such exists,. If the Public Entity elects to sell its interest in the Real Property and the damaged Facility, if such exists, then such sale must occur within a reasonable time period from the date the damage occurred and the cumulative sum of the insurance proceeds plus the proceeds of such sale must be applied in accordance with the provisions contained in Section 3.10, with the insurance proceeds 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 the State Entity 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 3.12 imposes upon the Public Entity as to the use of such insurance proceeds. Generic GO Grant Agreement 12 Ver - 7/30/03 for Pre-Design or Design Grants (Gnrc GO GA-PrDsgn Grnt)