Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 859]

EXTRACTED TEXT FROM PAGE:

856

BOARD OF TRUSTEES

[June 29

EIGHTEENTH: In the event that the demised premises shall be damaged by fire, lightning, explosion, cyclone, tornado, windstorm or other casualty and the proceeds of the insurance policies thereon: (a ) Shall be insufficient (together with available moneys in the Special Fund) to repair or replace said property damaged or destroyed, but the proceeds of such insurance policies (together with other available moneys held by the Trustee under the Trust Indenture) shall be sufficient to pay the principal of and accrued interest on all outstanding bonds to maturity, or to redeem said Bonds, all such insurance moneys shall be paid to the Lessor which will in turn pay same to the Trustee for the purpose of paying the principal and interest on the Bonds to maturity or of redeeming the Bonds; in such event this lease shall cease and determine and neither of the parties hereto shall be under any obligation to the other for the period after such damage or destruction; ( b ) Shall be insufficient (together with the available moneys in the Special Fund) to repair or replace said property damaged or destroyed, and the proceeds of such insurance policies (together with other available moneys held by the Trustee under the Trust Indenture) also shall be insufficient to pay the principal and interest on the Bonds to maturity, or to redeem said Bonds, all such insurance moneys, together with necessary available moneys in the Special Fund, shall be applied to the repair or reconstruction of the damaged or destroyed property to the extent that the available insurance moneys will permit; ( c ) Shall be sufficient (together with available moneys in the Special Fund) to repair or replace said property damaged or destroyed, all such insurance moneys, together with necessary available moneys in the Special Fund, shall be applied to the repair or reconstruction of the damaged or destroyed property; provided, however, that upon the occurrence of the events set forth in subdivisions (b) or (c) of this Article, or either of them, the Rent, additional Rent and all obligations of the Lessee hereunder shall in no event be abated on account of such damage or destruction or any untenantability caused thereby, and all obligations of the Lessee hereunder, including the obligation to pay the rentals herein reserved, shall continue without abatement or set-off, and, notwithstanding any law now in force or hereafter enacted, upon the occurrence of the events set forth in said subdivision (b) or (c) of this Article, or either of them, this lease shall not terminate or be affected in any manner by reason of the damage to, or the total or substantial destruction of, the buildings, structures, improvements or fixtures now erected, or any that may hereafter be erected upon the demised premises, or by reason of the untenantability of the demised premises or any part thereof. NINETEENTH: In the event of the occurrence of the events set forth in subdivision (b) or (c) of the preceding Article hereof, or either of them, the Lessee shall commence, within thirty days from the date of the aforesaid damage or destruction, and shall diligently prosecute the repair or reconstruction of the damaged or destroyed property, and shall pay or cause to be paid, out of the proceeds of such insurance and out of any available moneys in the Special Fund, all costs or expenses in connection therewith so that the same shall be completed and the demised premises be free and clear of all mechanic's and other liens and plans except the Trust Indenture and the Bonds secured thereby. The plans and specifications for any repair, replacement or rebuilding shall be submitted in advance to, and be subject to the prior written approval of, the Lessor and Trustee; it being agreed, however, that if, in the course of the said work, any mechanic's or other lien, or order for the payment of money, shall be filed against the demised premises, or any part thereof or the improvements or fixtures thereon or against the Lessor or the Lessee or any contractor of the Lessee, or if the Lessee shall be in default in the performance of any of the terms or covenants of the lease, the Lessor and Trustee shall not be obliged to make any payment of said insurance moneys until and unless the said mechanic's