Laserfiche WebLink
. r <br /> o r <br /> which there is a default, and if indemnified as provided herein, the Trustee shall be obliged to <br /> exercise one or more of the rights and powers conferred by this Article as the Trustee, being <br /> advised by counsel, shall deem most expedient in the interest of the Bondholders. Subject to the <br /> provisions of Section 607, the holders of a majority of the Bond shall have the right at anytime, <br /> by an instrument in writing executed and delivered to the Trustee, to direct the time, method and <br /> place of conducting all proceedings to be taken in connection with the enforcement of the terms <br /> and conditions of this Indenture, or for the appointment of a receiver or any other proceedings <br /> hereunder, in accordance with the provisions of law and of this Indenture. <br /> Section 604. Waiver by Issuer. Upon the occurrence of an event of default, to the <br /> extent that such right may then lawfully be waived, neither the Issuer nor anyone claiming <br /> through or under it shall set up, claim or seek to take advantage of any appraisal, valuation, <br /> stay,extension or redemption laws now or hereinafter in force, in order to prevent or hinder the <br /> enforcement of the Indenture; and the Issuer, for itself and all who may claim through or under <br /> it, hereby waives, to the extent that it lawfully may do so, the benefit of all such laws and all <br /> right of appraisement and redemption to which it may be entitled under the laws of the State and <br /> the United States. <br /> Section 605. Application of Money. Any money received by the Trustee in the event <br /> of a default pursuant to this Article shall be applied in the following order, at the date or dates <br /> fixed by the Trustee and, in the case of the distribution of such money on account of principal <br /> or premium, if any, or interest, upon presentation of Bonds, and notation thereon of the payment <br /> if only partially paid and upon surrender thereof if fully paid: <br /> (a) to the payment of all amounts then due on the Bonds for principal; <br /> premium, if any, and interest, in respect of which or for the benefit of which money has <br /> been collected (other than Bonds which have matured or otherwise become payable prior <br /> to such event of default and money for the payment of which is held in the Bond Fund), <br /> ratably without preference or priority of any kind, according to the amounts due and <br /> payable on such Bonds, for principal, premium, if any, and interest respectively; and <br /> (b) to the payment of all amounts due the Trustee under Section 706. <br /> Section 606. Remedies Under Mortgage and FHA Mortgage Insurance. (a) If the <br /> Developer fails to make any payment required under the Note or Mortgage and such failure <br /> continues for a period of 30 days, or if the unpaid principal balance of the Note shall have been <br /> accelerated as a result of any nonmonetary default by the Developer under the terms of the <br /> Mortgage; or if FHA shall have requested and the Trustee shall have declared, such an <br /> acceleration upon a default by the Developer under the Regulatory Agreement, then the Trustee <br /> shall immediately give written notice of such default to the holders of all Bonds in the same <br /> manner prescribed in Article III hereof for notices of redemption. <br /> r <br /> 2975.1 37 <br />