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I <br /> I <br /> I <br /> I <br /> <br /> I <br /> I <br /> I <br />'1 <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />DRAFT 3/18/98 <br /> <br /> (c) The Developer agrees to notify the City immediately in the case of damage exceeding $100,000 in <br />amount to, or destruction of, the Minimum Improvements or any portion thereof resulting from ftre or other <br />casualty occurring prior to the Maturity Date. In such event, the Developer either will forthwith repair, reconstruct <br />and restore the Minimum Improvements to substantially the same or an improved condition or value as it existed <br />prior to the event causing such damage and, to the extent necessary to accomplish such repair, reconstruction and <br />restoration, the Developer will apply the net proceeds of any insurance relating to such damage received by the <br />Developer to the payment or reimbursement of the costs thereof, or pay the City the unpaid balance of the financial <br />assistance as set forth in Section 2.2. <br /> <br /> The Developer shall complete the repair, reconstruction and restoration of the Minimum Improvements, <br />whether or not the net proceeds of insurance received by the Developer for such purposes are sufficient to pay for <br />the same. Any net proceeds remaining after completion of such repairs, construction and restoration shall be the <br />property of the Developer. <br /> <br /> (d) The Developer and the City agree that all of the insurance provisions set forth in this Article V <br />shall terminate upon the Maturity Date. <br /> <br />Page 11 <br /> <br /> <br />