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05-22-2017 Packet
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05-22-2017 Packet
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authority or consent is the owner of any Bond, shall be conclusive and binding upon all future <br /> owners of the same Bond and upon Bonds issued in exchange therefor or in place thereof. <br /> (e) As to the existence or non-existence of any fact or as to the sufficiency or validity <br /> of any instrument, paper or proceeding, the Trustee shall be entitled to conclusively rely upon a <br /> certificate signed on behalf of the Issuer or the Developer by its duly authorized officers as <br /> sufficient evidence of the facts therein contained and prior to the occurrence of a default of <br /> which the Trustee has been notified as provided in subsection (g) of this Section, or of which <br /> said subsection it is deemed to have notice, shall also be at liberty to accept a similar certificate <br /> to the effect that any particular dealing, transaction or action is necessary or expedient, but may <br /> at its discretion secure such further evidence deemed necessary or advisable, but shall in no case <br /> be bound to secure the same. The Trustee may accept a certificate of the Issuer or the Developer <br /> under its seal to the effect that an ordinance or resolution in the form therein set forth has been <br /> adopted by the Issuer or the Developer as conclusive evidence that such ordinance or resolution <br /> has been duly adopted,and is in full force and effect. <br /> (f) The permissive right of the Trustee to do things enumerated in this Indenture shall <br /> not be construed as a duty, and the Trustee shall not be answerable for other than its gross <br /> negligence or willful misconduct; provided, however, that the provisions of this subsection shall <br /> not affect the duties of the Trustee hereunder, including the provisions of Article VII hereof. <br /> (g) The Trustee shall not be required to take notice or be deemed to have notice of <br /> any event of default hereunder (other than payment of the principal on the Bonds) unless the <br /> Trustee shall be specifically notified in writing of such default by the Issuer or by the holders of <br /> at least twenty-five percent (25%) in aggregate principal amount of all Bonds then outstanding <br /> and all notices or other instruments required by this Indenture to be delivered to the Trustee <br /> must, in order to be effective, be delivered at the principal corporate trust office of the Trustee, <br /> and in the absence of such notice so delivered, the Trustee may conclusively assume there is no <br /> default except as aforesaid. <br /> (h) The Trustee shall not be personally liable for any debts contracted or for damages <br /> to persons or to personal property injured or damaged, or for salaries or nonfulfillment of <br /> contracts during any period in which it may be in possession of or managing the Trust Estate. <br /> (i) At any and all reasonable times and upon reasonable prior written notice, the <br /> Trustee, and its duly authorized agents, attorneys, experts, engineers, accountants and <br /> representatives, shall have the right fully to inspect the Trust Estate, and to take such memoranda <br /> from and in regard thereto as may be desired. <br /> 0) The Trustee shall not be required to give any bond or surety in respect of the <br /> execution of the said trusts and powers or otherwise in respect of the premises. <br /> (k) Notwithstanding anything elsewhere in this Indenture contained, the Trustee shall <br /> have the right, but shall not be required, to demand, in respect of the authentication of any <br /> Bonds, the withdrawal of any cash, the release of any property, or any action whatsoever within <br /> the purview of this Indenture, any showings, certificates, opinions, appraisals or other <br /> information, or corporate action or evidence thereof, in addition to that by the terms hereof <br /> - 34 - <br /> 1\1 1860514.2 <br />
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