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destruction of damage, all outstanding Series 2001 Bonds (and all other outstanding <br /> Bonds redeemable because of such any event) shall be redeemed in whole on the next <br /> Interest Payment Date for the Series 2001 Bonds occurring at least 45 days after the <br /> date of the notice given as to exercise of this Option (b), and the Net Proceeds shall be <br /> deposited in the Optional Redemption Fund and shall be applied for that purpose. In <br /> such event, the applicable outstanding Bonds shall be redeemed at par plus accrued <br /> interest,and redemption shall be effected pursuant to the provisions of,in the manner, <br /> and with the effect provided in the Indenture. If the Net Proceeds of insurance, <br /> together with all amounts then held by the Trustee under the Indenture available to <br /> redeem or retire the applicable Bonds,shall be insufficient to so redeem the applicable <br /> outstanding Bonds (including and expenses of redemption), the Borrower shall pay <br /> such deficiency to the Trustee as a Loan Repayment; and the Net Proceeds of <br /> insurance,together with such Loan Repayment and amounts held by the Trustee under <br /> the Indenture, shall be applied to such redemption of the Bonds. <br /> Condemnation <br /> If any portion of the Project Facilities or any material portion thereof becomes <br /> subject to any eminent domain or condemnation proceeding, the Borrower shall give <br /> prompt notice thereof to the Trustee. In the event that the Net Proceeds for such event <br /> shall not exceed $250,000 and no Default has occurred and is continuing, the Net <br /> Proceeds shall be paid to the Borrower, who shall forthwith repair, reconstruct and <br /> restore the Project Facilities to substantially the same condition and value as existed <br /> prior to the event causing such damage and,to the extent necessary to accomplish such <br /> repair,reconstruction and restoration,the Borrower will apply the Net Proceeds to the <br /> payment or reimbursement of the costs thereof. <br /> If a Default has occurred and is continuing, all Net Proceeds shall be deposited <br /> with the Trustee for application in accordance with the Indenture. If Net Proceeds <br /> from the condemnation exceed $250,000, all Net Proceeds shall be deposited with the <br /> Trustee for credit to the Insurance and Award Account, unless the Borrower shall <br /> notify the Trustee of the Borrower's election to redeem all then redeemable outstanding <br /> Bonds as provided in the Loan Agreement, in which case all Net Proceeds shall be <br /> deposited in the Optional Redemption Fund for redemption of Bonds available to be <br /> redeemed because of such event. <br /> If Net Proceeds will exceed $250,000, then the Borrower shall within 60 days <br /> after such condemnation elect one of the following two options by written notice of such <br /> election to the Trustee: (a)the Borrower may elect to use the Net Proceeds of the award <br /> made in connection with such condemnation or taking for additions, repairs and <br /> improvements to the Project Facilities to restore or replace the Project Facilities to <br /> substantially the same condition and value as existed prior to the event; provided that <br /> the Borrower certifies in writing to the Trustee that such additions, repairs and <br /> improvements are reasonably expected to be completed within twelve(12)months after <br /> the condemnation or taking, or (b) in the event that the Borrower shall deliver to the <br /> Trustee a written estimate by an Independent person qualified to express such opinion <br />