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(iii) Worker's. compensation. insurance in compliance, extent of the taking. Upon receipt of any Condemnation Award,
<br /> with all statutory requirements; Redeveloper shall elect to either: (i) use the entire
<br /> Condemnation Award to reconstruct the Minimum Improvements (or,
<br /> (iv) Contractual'liability insurance relating to in the event only a part of Minimum Improvements have been
<br /> the indemnification set forth in Section 5.1,hereof'. taken, then to reconstruct such part) within the Project Area;
<br /> or (ii) pay to the Agency out of,the Condemnation Award;. .the
<br /> The policies. of insurance required under clauses (i), (ii) and amount necessary to pay the principal of, premium (if any) and
<br /> (iv) above,shall be in form and content satisfactory to the interest on the Bonds.
<br /> Agency and shall be placed with financially sound and reputable
<br /> insurers licensed to transact business in the State of
<br /> Minnesota.. The policies shall contain an agreement of the ARTICLE VI
<br /> insurer to give not less than 60 days' advance written notice Tax Increment
<br /> to the Agency in the event of cancellation of such policy or
<br /> change affecting the coverage. Section 6.1 Tax Increment Guarantee. If the Agency
<br /> determines that the tax increment generated by the Project Area
<br /> (b) Redeveloper shall notify the Agency immediately
<br /> in the case of any damage to the Minimum Improvements or any ficient to pay the principal, premium if any)
<br /> portion thereof resulting from fire or other casualty. In the and interest whir wi 11 be due on the next interest payment,
<br /> event of any such damage, Redeveloper will forthwith repair, date for any series of Bonds, then the Agency shall provide
<br /> reconstruct and restore the Minimum Improvements to notice to Redeveloper of• such fact specifying• the amount of
<br /> substantially the same or an improved condition as existed money which is equal, to the difference between (1) such sale
<br /> prioc.to the event causing the damage and, to the extent n*�,, r,"_p" the tax increment which has been generated the
<br /> necessary to accomplish such repair, reconstruction and Project Area and is available to pay the principal, premium (if
<br /> restoration, Redeveloper may apply the Net Proceeds of any any) or interest on such.series of Bonds and (2) the amount of
<br /> insurance relating-to such damage received by Redeveloper to principal, premium (if any) and interest which will be due on
<br /> the costs thereof. Net Proceeds of any insurance relating to the next interest payment date for such series of Bonds (the
<br /> such damage shall be paid to the Agency. amount of such difference.being hereinafter referred to as the
<br /> "Tax Increment, Shortfall"). Thirty days after receipt of such
<br /> (c) If Redeveloper is in compliance with this notice the Redeveloper shall pay-the amount of the Tax
<br /> Agreement; then'any Net Proceeds of insurance relating to such Increment. Shortfall to the Agency, provided, however, the
<br /> damage or•.destruction received by the Agency shall be released aggregate amount of Tax Increment Shortfall paid by Redeveloper
<br /> from time.to time:-by:Agency to Redeveloper upon the receipt of pursuant to this Section 6.1 arid.not reimbursed b enc
<br /> a certificate of an.-authorized representative of Redeveloper under the n ereo shall not excee a
<br /> specifying the expenditures made or to be made or the an -point in time. 25t of, the principa an interest on the
<br /> indebtedness incurred in connection with repair, reconstruction Bonds which has been paid and.which, is due and payable on the
<br /> or restoration and stating that the Net Proceeds', together with next interest payment date for any series of Bonds. To the
<br /> any other,moneys available for such purposes, will be extent that the amount to be paid by the Redeveloper to the
<br /> sufficient-to complete the repair, reconstruction and Agency pursuant to this Section 6.1 is ever reduced .by the
<br /> restoration, and the written approval of such certificate by limitation contained in the preceding sentence the
<br /> the City's Building Inspector. Redeveloper shall complete the Redeveloper's obligation to pay the full amount of the Tax
<br /> repair, reconstruction and restoration of the Minimum Increment Shortfall shall not be extinguished, and the
<br /> Improvements at its expense, whether or not the Net Proceeds of Redeveloper shall remain fully obligated to pay the Agency the
<br /> insurance are sufficient to pay the cost thereof. amount by which the Tax Increment Shortfall to be paid by the
<br /> Redeveloper has been reduced and shall from time to time pay
<br /> Section 5.3 Condemnation. If the Minimum• the amount of such reduction, or a portion thereof, at such
<br /> Improvements or any material part thereof are taken in times when the payment of.such amount, or portion thereof,
<br /> condemnation or by the exercise of the power of eminent domain together with all other amounts, of Tax Increment Shortfall.•paid
<br /> by any, governmental body (except the Agency) prior to the by the Redeveloper pursuant to this Section 6.1 and
<br /> Maturity Date, Redeveloper shall, with reasonable promptness reimbursed by the A4ency under the rov' ns o Section 6.
<br /> after such taking,. notify the Agency as to the nature and i�e� re&F not t ca se aggregate amount Ot fax increment
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