Agenda - Council - 08/13/2013 - Laserfiche WebLink

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as shall be selected by the Company and as selected by the Trustee, within a maturity, at their principal amount plus accrued interest. The Series 2013B Bonds are not subject to optional redemption. Extraordinary Redemption. The Series 2013 Bonds are subject to redemption at the option of the Company in whole, and not in part, except pursuant to (a) below, at their principal amount plus accrued interest, if any of the events set forth below shall occur: (a) If, at any time, a portion of the Project, which is not essential to the use of the Project and without which net revenues of the Project and the Company arc not materially adversely affected, is damaged or destroyed or taken in a condemnation proceeding and the Company elects to apply Net Proceeds of insurance to redemption of a portion of the Series 2013 Bonds. (b) The Project shall have been damaged or destroyed to such extent (i) that it cannot be reasonably restored within a period of six (6) months to substantially the condition thereof immediately preceding such damage or destruction, (ii) that the Company or the School is thereby prevented, in the Company's judgment, from carrying on their normal operations at the Project for a period of six (6) months or more, or (iii) that the cost of restoration thereof would exceed the Net Proceeds of insurance required to be carried thereon pursuant to the requirements the Loan Agreement. (c) If, at any time, title to, or the temporary use for a period of six (6) months or more of all or substantially all the Project, or such part thereof as shall materially interfere in the Company'.s judgment, with the operation of the Project for the purpose for which the Project was designed, shall have been taken under the exercise of the power of eminent domain or be effectively taken through the exercise of police or other similar power by any governmental body or by any person, firm or corporation acting under governmental authority (including such a taking or takings as results in the Company or the School being thereby prevented from carrying on their normal operations at the Project for a period of six (6) months or more). (d) If, at any time, changes which the Company cannot reasonably control or overcome in the economic availability of materials, supplies, labor, equipment and other properties and things necessary for the efficient operation of the Project for the purpose contemplated by the Loan Agreement shall have occurred, or technological or other changes shall have occurred which in the judgment of the Company render the continued operation of the Project uneconomic for such purposes. (c) If, at any time, as a result of any changes in the Constitution of the State or the Constitution of the United States of America or of legislative or administrative action (whether state or federal) or by final decree, judgment or order of any court or administrative body (whether state or federal) entered after the contest thereof by the Company in good faith, the Agreement shall have become void or unenforceable or impossible of performance in accordance with the intent and purposes of the parties as expressed in the Loan Agreement, or unreasonable burdens or excessive liabilities shall have been imposed on the Company in respect to the Project, including, without limitation, federal, state or other ad valorem, property, income or other taxes not being imposed on the date of the Loan Agreement which in the judgment of the Company render the continued operation of the Project uneconomic. 34