Agenda Packets - 1987/12/14 - Laserfiche WebLink

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(d) The Redeveloper agrees to notify the City immediately In t,ie case of damage excee4ing $50,000.00 In amount to, or destruction of, the Minimum improvements or any portion thereof resulting from fire or other casualty. In the event that any such damage does not exceed $250,000.00, the Redeveloper will forthwith repair, reconstruct and restore the Minimum Improvements to substan- tially the same or an improved condition or value as It existed prior to the event causing surh damage and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Redeveloper will apply the Net Proceeds of any insurance relating to such damage received by the Redeveloper to the payment or reimbursement of the costs thereof. Net Proceeds of any Insurance relating to such damage up to $250,000.00 shall be paid directly to the Redeveloper. In the event the Minimum Improvements or any portion thereof is destroyed by fire or other casualty and the damage or destruction is estimated to equal or exceed $250,000.00, then the Redeveloper shall within one hurdred and twenty (120) days after such damage or destruction, proceed forthwith to repair, reconstruct and restore the damaged Minimum improvements to substantially the same condition or utility value as It existed prior to the event causing such damage or destruction and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Redeveloper, its Mortgagee and the City will apply the Net Proceeds of any insurance relating to such damage or destruction received by its Mortgagee and the City to the payment or reimbursement of the costs thereof. Any Net Proceeds remaining after completion of construction shall be disbursed to the Redeveloper. (e) If the Redeveloper is in compliance with the terms and conditions of; _ the Program, the Developer's Agreement, this Agreement and the Redevelopment Property Deed, then any Net Proceeds of insurance relating to such damage or destruction received by the City shall be released from time to time by the City to the Redeveloper upon the receipt of: (1) A certificate of an authorized representative of the Rede- veloper specifying the expenditures made or to be made or the indebtedness incurred in connection with such repair, reconstruction and restoration and stating that such Net Proceeds, together with any other moneys legally available for such purposes, will be sufficient to complete such repair, construction and restoration; and (2) If Net Proceeds equal or exceed $$0,000.00 In amount, the written approval of such certificate by an independent engineer. The Redeveloper shall complete the repe.ir, reconstruction and restoration of the Minimum Improvements, whether or not the Net Proceeds of Insurance received by the Redeveloper for such purposes are sufficient to pay for the same. Any Net Proceeds remaining after completion of such repairs, construction and restoration shall be remitted to the Redeveloper. (f) In lieu of its obligation to reconstruct the Minimum Improvements as set forth in Section 5.1(d), the Redeveloper shall have the option of paying to the City an amount of money which, in the opinion of the City and Its fiscal consultant, Is sufficient to redeem the Bonds at their next earliest redemption date. 24