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~ <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />l0 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />~ <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />~ <br />Pursuant to the submission of the Courthouse Note : Given the MBIA requir ment in <br />Square Project to condominium ownership, (i) (A) above, z~m uncertain whether <br />MBIA will allow the casualt <br />the casualty insurance required pursuant to insurance to be carried tnr ugn the <br />this Section 306 may be carried by the Condo Association. we shou d discuss <br />association of unit owners on the County's and clarify with MBIA. <br />behalf, and the proceeds of such insurance <br />may be paid to the association of unit owners <br />for the purpose of repairing or reconstructing the Courthouse Square Project. If no so used by the <br />association, such proceeds shall be paid to the Trustee to the extent needed to prepay y Certificates <br />in accordance with the terms of the Agreement. <br />(C) REQUIREMENTS FOR INSURANCE COVERAGE. Each insurance policy <br />S~ction 306(A)Yand (B):.aboue~eret~er shall: <br />required under <br />ty israted: <br />(a) "A" or hi'gher by A.M. Best; or <br />~ <br />(2).,. name the Trustee as an insured and'as the ~loss payee <br />of the County's interest under such insurance policy); and <br />(3) shall provide that such inruance shall not be cancelled except <br />written notice to the Trustee; the Insurer and the County. <br />(to the extent <br />30 days' prior <br />On or before December 1 of each year, commencing with the December 1 next fo lowing the date <br />upon which the construction of the Courthouse Square Project is completed, the C unty shall cause <br />to be provided to the Trustee and the!Insurer. evidence that the insurance required u der this Section <br />306 has been obtained and is in full force and effect. i <br />8 <br />FINANCING AND TRUST AGREEMENT <br />PAGE 29 <br />