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RES-2007-037 Resolution Providing Final Approval for County Installment Financing
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RES-2007-037 Resolution Providing Final Approval for County Installment Financing
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Last modified
8/3/2012 9:37:52 AM
Creation date
5/20/2010 8:46:10 AM
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BOCC
Date
5/3/2007
Meeting Type
Regular Meeting
Document Type
Resolution
Agenda Item
5a
Document Relationships
Agenda - 05-03-2007-5a
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\Board of County Commissioners\BOCC Agendas\2000's\2007\Agenda - 05-03-2007
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18 <br />DAMAGE, DESTRUCTION AND CONDEMNATION; <br />USE OF NET PROCEEDS <br />6.1. Damage, Destruction or Condemnation. The County will promptly <br />notify SunTrust if (a) the Mortgaged Property or any portion thereof is destroyed <br />or damaged by fire or other casualty, (b) any governmental authority takes, or <br />notifies the County of any intent to take, title to, or the temporary or permanent use <br />of the Mortgaged Property or any portion thereof, or the estate of the County or <br />SunTrust in the Mortgaged Property or any portion thereof, under the power of <br />eminent domain, (c) a material defect in the construction of the Pledged Facilities <br />becomes apparent, or (d) title to or the use of all or any portion of the Mortgaged <br />Property is lost by reason of a defect in title. <br />Each such notice must describe generally the nature and extent of such <br />damage, destruction or taking. The County must provide any additional <br />information concerning such matter as SunTrust may reasonably request. <br />'The County will file its claims under insurance coverages and claims for <br />awards or payments in the nature of condemnation awards resulting from any such <br />damage, destruction or taking. The County will prosecute all such claims for such <br />awards or payments in good faith and with due diligence. Any Net Proceeds <br />received by the County as a result of such claims will be used as provided in <br />Sections 6.2 and 6.3. <br />6.2. Security Interest in Net Proceeds; Deposit and Disbursement. <br />(a) The County grants a security interest in the Net Proceeds to SunTrust <br />to secure the County's obligations under this Contract, subject to the further <br />provisions of this Section. This Contract is intended as and constitutes a security <br />agreement with respect to such security interest. All Net Proceeds will remain <br />subject to the security interest provided for in this Section 6.2(a) until expended in <br />compliance with the requirements of this Contract. <br />(b) If the amount of Net Proceeds received by the County from any single <br />event or any single series of related events is less than $1,000,000, then the County <br />will have no obligation to account to SunTrust or any other person or entity with <br />respect to the use of such Net Proceeds. The County, however, acknowledges that <br />its use of such funds may be constrained by the requirements of the Code and the <br />County's covenant in Section 7.1(k). <br />97562v1 18 <br />
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