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prior to the event causing the damage and, to the extent <br /> necessary to accomplish such repair, reconstruction and <br /> restora.ti:on.,. Redeveloper may- apply :the Net Proceeds :of any <br /> insurance. relating to..such damage received by Redeveloper to <br /> the costs thereof . Net Proceeds of any insurance relating to <br /> such damage shall .be paid, to the -HRA. <br /> -(c) - If Redeveloper is in compliance with this <br /> Agreement, then any Net Proceeds of insurance relating to such <br /> damage .-or destruction received by the HRA shall be released <br /> from time to time by HRA to Redeveloper upon the receipt of a <br /> certificate- of an authorized representative of Redeveloper. <br /> specifying the expenditures made .or to be made or the <br /> indebtedness, incurred in connection with repair, reconstruction <br /> or restoration and stating that the Net Proceeds, together with <br /> any othex- moneys available for. such .purposes, will be <br /> sufficient to complete the repair, reconstruction and <br /> restoration, and the written approval of such certificate by <br /> the City' s Building Inspector. Redeveloper shall complete the <br /> repair, reconstruction and-. restoration of the Minimum <br /> Improvements' at its expense, whether or not the Net Proceeds of <br /> insurance are sufficient to pay the cost thereof . <br /> .Section 5 . 3 Condemnation. If the Minimum <br /> Improvements- or any material part thereof are taken in <br /> condemnation -or 'by the exercise of the power of eminent domain • <br /> by any governmental body (except the HRA) prior to the Maturity <br /> Date, Redeveloper shall , with reasonable promptness after such <br /> taking, notify the HRA as to the -nature and extent of the <br /> taking . . Upon receipt of any Condemnation Award, . Redeveloper <br /> shall elect to either : ( i) use the entire Condemnation Award <br /> to reconstruct the Minimum Improvements (or, in the event only ' <br /> a part of Minimum Improvements have been taken, then to <br /> reconstruct such part). within the Project Area; or (ii) pay to <br /> the HRA out of the Condemnation Award, the amount necessary to <br /> pay the principal of , premium (if any) and interest on ' the <br /> Bonds . <br /> ARTICLE VI <br /> Tax Increment <br /> Section 6 . 1 Tax Increment Guarantee. If the HRA <br /> determines that the tax increment- generated by the <br /> Redevelopment Property and the proceeds from sale of <br /> Redevelopment Property by the HRA are insufficient to pay the <br /> principal, premium ( if any) and interest which will be due on <br /> the next interest payment date for the Bonds., then the HRA <br /> shall -provide notice to Redeveloper of such fact specifying the <br /> amount of money which is- equal to the difference between <br /> -14- <br />