Agenda - 06-24-1986 - Laserfiche WebLink

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circumstances or there exists an Event of Default under the Loan Agreement or an event which, but for the giving of notice or lapse of time or both, would result in such a:+ Event of Default . The Company agrees that if it shall elect to have any Net Proceeds applied to the restoration or replacement of the Project, it will restore or replace the Project , or cause the same to be done, to a condition substantially equivalent to its condition prior to the occurrence of the event to which the Net Proceeds were attributable. Any balance remaining after any such application of such Net Proceeds shall be applied to prepayment of installments of principal on the Note in inverse order of maturities as provided in Article X hereof . The Company shall be entitled to the Net Proceeds of any insurance or resulting from Eminent Domain relating to property of the Company not included in the Project and not providing security for the Note and this Agreement. (f) In case of any material damage to or destruction of all or any part of the Project, the Company shall give prompt written notice thereof to the Authority and the Holder . In case of a taking or proposed taking of all or any part of the Project or any right therein by Eminent Domain, the party upon which notice of such taking is served shall give prompt written notice to the other and to the Holder . Each such notice shall describe generally the nature and extent of such damage, destruction, taking, loss, proceedings or negotiations. Section 7.8. Administrative Expenses. The Company agrees to pay to or for the account of the Authority within 30 days after notice thereof all reasonable costs and expenses incurred by the Authority in connection with the financing and adminis- tration of the Project, except such as may be paid out of the Bond proceeds, including, without limitation, the costs of administering the Bond Documents and the fees and expenses of attorneys, consultants and others. Section 7 .9 . Indemnity Against Claims. The Company will pay and discharge and will indemnify and hold harmless the Authority, the Holder and the Depositary from (a) any lien or charge upon payments payable hereunder by the Company to the Authority, and (b) any taxes, assessments, impositions and other charges in respect of the Project. If any claim of any thereof is asserted, or any such lien or charge upon payments, or any such taxes, assessments, impositions or other charges, are sought to be imposed, the Authority will give prompt written notice to the Company, the Holder and the Depositary, and the Company shall have the sole right and duty to assume, and shall assume, the 24 .