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05-22-2017 Packet
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05-22-2017 Packet
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ARTICLE VIII. <br /> THE TRUSTEE AND PAYING AGENT <br /> Section 8.1. Acceptance of the Trusts. The Trustee, prior to the occurrence of an event <br /> of default and after the curing of all events of default which may have occurred, undertakes to <br /> perform such duties and only such duties as are specifically set forth in this Indenture, and no <br /> implied covenants or obligations should be read into this Indenture against the Trustee. <br /> The Trustee agrees to perform such trusts only upon and subject to the following <br /> expressed terms and conditions: <br /> (a) The Trustee may execute any of the trusts or powers hereof and perform any of its <br /> duties by or if appointed through attorneys, agents, receivers or employees but shall not be <br /> answerable for the conduct of the same in accordance with the standard specified above, and <br /> shall be entitled to advice of counsel concerning all matters of trusts hereof and the duties <br /> hereunder, and may in all cases pay such reasonable compensation to all such attorneys, agents, <br /> receivers and employees as may reasonably be employed in connection with the trusts hereof. <br /> The Trustee may act upon the opinion or advice of any attorney (who may be the attorney or <br /> attorneys for the Issuer or the Developer). The Trustee shall not be responsible for any loss or <br /> damage resulting from any action or non-action in good faith in reliance upon such opinion or <br /> advice. <br /> (b) The Trustee shall not be responsible for any recital herein, or in the Bonds(except <br /> in respect to the certificate of the Trustee endorsed on the Bonds), or for insuring the property <br /> herein conveyed or collecting any insurance moneys, or for the validity of the execution by the <br /> Issuer of this Indenture or of any supplements thereto or instruments of further assurance, or for <br /> the sufficiency of the security for the Bonds issued hereunder or intended to be secured hereby, <br /> or for the value or title of the property herein conveyed or otherwise as to the maintenance of the <br /> security hereof; and the Trustee shall not be bound to ascertain or inquire as to the performance <br /> or observance of any covenants, conditions or agreements on the part of the Issuer or on the part <br /> of the Developer under the Financing Agreement;but the Trustee may require of the Issuer or the <br /> Developer full information and advice as to the performance of the covenants, conditions and <br /> agreements aforesaid as to the condition of the property herein conveyed. The Trustee shall have <br /> no obligation to perform any of the duties of the Issuer under the Financing Agreement, and the <br /> Trustee shall not be responsible or liable for any loss suffered in connection with any investment <br /> of funds made by it in accordance with the provisions of this Indenture. <br /> (c) The Trustee shall not be accountable for the use of any Bonds authenticated by it <br /> or the Paying Agent or delivered hereunder. The Trustee may become the owner of Bonds <br /> secured hereby with the same rights which it would have if not Trustee. <br /> (d) The Trustee may conclusively rely upon, shall be fully protected in acting upon <br /> any notice, request, consent, certificate, order, affidavit, letter, telegram or other paper or <br /> document believed to be genuine and correct and to have been signed or sent by the proper <br /> person or persons. Any action taken by the Trustee pursuant to this Indenture upon the request <br /> or authority or consent of any person who at the time of making such request or giving such <br /> - 33 - <br /> 1\1 1860514.2 <br />
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