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765
CITY-OF-BATESVILLE
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765
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4/30/2019 2:23:32 PM
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replacements, or rebuilding or to prevent inten.erence with the business operated <br />thereon (sometimes referred to as the "restoration"). In the case of damage in- <br />volving a loss of $ 25 , 000 or less, the insurance proceeds shall be paid by the <br />Trustee to the Lessee upon receipt by Lessor and the Trastce of a certificate <br />signed by ar officer of Lessee that the restoration has been made, or is in the <br />process of being made in accordance with the provisions of sub -section A. hereof <br />pertaining to Lessee's obligation to restore. In the case of damage involving a <br />loss of more than $25,000 the insurance proceeds shall be paid by the Trustee <br />to the Lessee upon receipt by Lessor and the Trustee of: <br />A certificate signed by an officer of the Lessee <br />(i) requesting payment of a specified amount of <br />such insurance proceeds; <br />(ii) detailing the progress of the restoration and <br />re pair work; <br />(iii) stating that such specified amount does not <br />exceed the estimated cost of the work and <br />materials in connection with the restoration, in- <br />cluding as part thereof the estimated fees of any <br />architect or engineer, if any; and <br />(iv) stating that no part of such cost has previously <br />been made the basis of any request for the with- <br />drawal of insurance proceeds under this Article. <br />The Trustee shall have no responsibility as to the application by the Lessee of <br />the insurance proceeds. <br />If the insurance money shall be insufficient to pay all costs of the <br />restoration, the Lessee shall pay the deficiency and shall nevertheless proceed <br />to complete the restoration and pay the cost thereof. Any balance of the insurance <br />proceeds remaining over and above the cost of the restoration shall be paid by the <br />Trustee into the Bond Fund upon receipt by the Lessor and the Trustee of certificates <br />as required by this Article to the effect that the restoration has been completed, and <br />the Lessee shall be credited with said amount against Lessee's basic rent obliga- <br />tions set forth in Section 203 of this Lease and Agreement, with such credit to be <br />
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