CC PACKET 07121988 - Laserfiche WebLink

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• and shall be placed with financially sound and reputable insurers licensed to transact business in the State of Minnesota . The policies shall contain an agreement of the insurer to give not less than 30 days ' advance written notice to the HRA in the event .of cancellation of such policy or change affecting the coverage. (b) Redeveloper shall notify the HRA within 5 days after any damage to the Minimum Improvements or any portion thereof resulting from fire or other casualty. In the event of any such damage, Redeveloper will forthwith repair, reconstruct and restore the Minimum Improvements to substantially the same or an improved condition as existed prior to the event causing the damage and, to the extent necessary to accomplish such repair, reconstruction and restoration, Redeveloper may apply the Net Proceeds of any insurance relating to such damage received by Redeveloper to the costs thereof . Net Proceeds of any insurance relating to such damage shall not be paid to Redeveloper or any other party without the prior written consent of the HRA; provided, however, that Net Proceeds may be paid to Redeveloper ' s Mortgagee so long as they are used for restoration of the Minimum Improvements . (c) If Redeveloper is in compliance with this Agreement, then any Net Proceeds of insurance relating to such damage or destruction shall be released from time -to time by • HRA to Redeveloper upon the receipt of a certificate of an authorized representative of Redeveloper specifying the - expenditures made or to be made or the indebtedness incurred in connection with repair, reconstruction or restoration and stating that the Net .Proceeds , together with any other moneys available for such purposes , will be sufficient to complete the repair, reconstruction and restoration, and the written approval of such certificate by the City' s Building Inspector . Redeveloper shall complete the repair, reconstruction and restoration of the Minimum Improvements at its expense, whether or not the Net Proceeds of insurance are sufficient to pay the cost thereof . - Section 5 . 3 Condemnation. If the Minimum Improvements or any material part thereof are taken in condemnation or by the exercise of the power of eminent domain by any governmental body (except the HRA) prior to the Maturity Date, Redeveloper shall, with reasonable promptness after such taking , notify the HRA as to the nature and extent of the taking . Upon receipt of any Condemnation .Award, Redeveloper shall elect to either : (i) 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) within the Project Area; or ( ii) pay to -14-