765 - Laserfiche WebLink

Home Browse Search

against the basic rent obligations as the same become due and payable under Section 203, beginning with the first installment of basic rent thereafter, and Lessee shall not be required to pay any basic rent thereafter e=ept when and to the extent basic rent has become due and payable in excess of such credit. The total amount collected under any and all policies of insurance covering such damage or destruction shall be placed in a special fund and the same may be invested in any investments in which the Trustee may invest amounts in the Construction Fund under the Trust Indenture. Such investments shall be made by the Trustee as directed and designated by the Lessee. Section 1302. Lessee's obligation to make payment of the basic rent and all other covenants on the part of Lessee to be performed shall not be affected by any such destruction or damage, and Lessee hereby waives the pro- visions of any statute or law now or hereafter in effect contrary to such obliga- tion of Lessee as herein set forth, or which releases Lessee therefrom. Section 1303. Notwithstanding the provisions of the foregoing sections of this Article XIII, Lessee shall not be required to repair, restore, replace or rebuild the leased premises, or any part thereof, (a) if Lessee, pursuant to the provisions of Article XIX, shall elect to purchase the leased premises and shall proceed to pay the specified purchase price or (b) if the full amount necessary under the provisions of the Trust Indenture to pay or redeem all outstanding bonds shall have been paid and Lessee has not elected to purchase the leased premises. If Lessee shall so elect to purchase, the proceeds of all insurance may be used as part of the purchase price and upon the request of Lessee shall be so applied. If there be any excess insurance proceeds over and above the amount necessary to pay the purchase price, such excess shall be paid to and shall belong to the Lessee. If Lessee shall have paid the full amount necessary to pay or redeem all outstanding bonds, any insurance proceeds shall be paid to and shall belong to Lessee.