Laserfiche WebLink
(viii) the value of or title to the Project, or <br /> (ix) the maintenance of the security hereof, except that, in the event that the <br /> Trustee enters into possession of a part or all of the Project pursuant to any provision of <br /> the Regulatory Agreement or any other instrument or document collateral thereto, the <br /> Trustee shall use due diligence in preserving that property. The Trustee shall not be <br /> bound to ascertain or inquire as to the observance or performance of any covenants, <br /> agreements or obligations on the part of the Issuer or the Borrower under the Agreement <br /> except as set forth hereinafter; but the Trustee may require of the Issuer or the Borrower <br /> full information and advice as to the observance or performance of those covenants, <br /> agreements and obligations. Except as otherwise provided in Section 7.04 hereof, the <br /> Trustee shall have no obligation to observe or perform any of the duties of the Issuer <br /> under the Agreement. <br /> (c) The Trustee shall not be accountable for the application by the Borrower or any <br /> other Person of the proceeds of any Bonds authenticated or delivered hereunder. <br /> (d) The Trustee shall be protected, in the absence of bad faith on its part, in acting <br /> upon any notice, request, consent, certificate, order, affidavit, letter, telegram or other paper or <br /> document reasonably believed by it, after exercising its duty to examine, to be genuine and <br /> correct and to have been signed or sent by the proper Person or Persons. Any action taken by the <br /> Trustee pursuant to this Indenture upon the request, authority or consent of any Person who is the <br /> Holder of any Bonds at the time of making the request or giving the authority or consent, shall be <br /> conclusive and binding upon all future Holders of the same Bond and of Bonds issued in <br /> exchange therefor or in place thereof. <br /> (e) As to the existence or nonexistence of any fact for which the Issuer or the <br /> Borrower may be responsible or as to the sufficiency or validity of any instrument, document, <br /> report,paper or proceeding, the Trustee, in the absence of bad faith on its part, shall be entitled to <br /> rely upon a certificate signed on behalf of the Issuer or Borrower, as appropriate, by an <br /> authorized officer or representative thereof as sufficient evidence of the facts recited therein. <br /> Prior to the occurrence of a default or Event of Default hereunder of which the Trustee has been <br /> notified, as provided in paragraph (f) of this Section, or of which by that paragraph the Trustee is <br /> deemed to have notice, the Trustee may accept a similar certificate to the effect that any <br /> particular dealing, transaction or action is necessary or expedient; provided, that the Trustee in its <br /> discretion may require and obtain any further evidence which it deems to be necessary or <br /> advisable; and, provided further, that the Trustee shall not be bound to secure any further <br /> evidence. The Trustee may accept a certificate of the officer, or an assistant thereto, having <br /> charge of the appropriate records, to the effect that a resolution has been adopted by the Issuer in <br /> the form recited in that certificate, as conclusive evidence that the resolution has been duly <br /> adopted and is in full force and effect. <br /> (f) The Trustee shall not be required to take notice, and shall not be deemed to have <br /> notice, of any default or Event of Default hereunder, except Events of Default described in <br /> paragraphs (a) and (b) of Section 7.01 hereof, unless the Trustee shall be notified specifically of <br /> the default or Event of Default in a written instrument or document delivered to it by the Issuer <br /> or by the Holders of at least 10% of the aggregate principal amount of Bonds then outstanding. <br /> - 38 - <br />