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1998-10-19 Resolution 130
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1998-10-19 Resolution 130
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7/16/2008 2:35:48 PM
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. , <br />• the risk insured against, the expiration date of each policy, the premium paid thereon, and any other <br />pertinent data. <br />Section 6.03. In case the Authority shall at any time refuse, neglect or fail to obtain <br />and furnish such certificate or to effect insurance as aforesaid, the Trustee may, in .its discretion, <br />procure such certificate and/or such insurance, and all moneys paid by the Trustee for such certificate <br />and/or insurance, together with interest thereon at the highest rate of interest on any of the Bonds <br />when sold, whether or not then outstanding, shall be repaid by the Authority upon demand, and shall <br />constitute an additional indebtedness of the Authority secured by the lien of this Agreement, prior <br />and pazamount to the lien hereunder of said Bonds and interest thereon. The Trustee, however, shall <br />not be obligated to effect such insurance unless fully indemnified against the expense thereof and <br />furnished with means therefor. <br />Section 6.04. The insurance policy required by Section 6.01(a) shall be for the <br />benefit, as their interests shall appear, of the Trustee, the Authority, and other persons having an <br />insurable interest in the insured properly. Such policy shall clearly indicate that any proceeds under <br />the policy shall be payable to the Trustee, and the Trustee is hereby authorized to demand, collect <br />and receipt for and recover any and all insurance moneys which may become due and payable under <br />said policy of insurance and to prosecute all necessary actions in the courts to recover any such <br />insurance moneys. The Trustee may, however, accept any settlement or adjustment which the <br />officers of the Authority may deem it advisable to make with the insurance companies. Any <br />• proceeds of rent or rental value insurance received by the Trustee representing the annual rentals <br />payable under the Lease shall be deposited by it forthwith to the credit of the Sinking Fund. <br />Section 6.05. The proceeds of such insurance received by the Trustee shall be <br />applied to the repair, replacement or reconstruction of the damaged or destroyed property, if in the <br />opinion of an independent registered architect, registered engineer, construction manager or <br />contractor, which azchitect, engineer, construction manager or contractor shall be acceptable to the <br />Trustee (i) the cost of such repair, replacement or reconstruction shall not exceed the amount of <br />insurance proceeds to be received by reason of such damage or destruction and other amounts <br />available therefor, and (ii) such repair, replacement or reconstruction can be completed within the <br />period covered by the rental value insurance. If either or both conditions shall not exist, the proceeds <br />of such insurance received by the Trustee shall be used to redeem Bonds. <br />Section 6.06. In the event the Authority shall not commence to repair or replace the <br />Project so damaged or destroyed within ninety (90) days after any such loss or damage, or the <br />Authority, having commenced such work of repair or replacement, shall abandon or fail diligently <br />to prosecute the same, the Trustee may, in its discretion, make or complete such repairs or <br />replacements, and if it shall elect so to do, may enter upon said premises to any extent necessary for <br />the accomplishment of such purposes, but nothing herein contained shall obligate the Trustee to <br />make or complete any such repairs or replacements unless it shall have been requested to do so by <br />the holders of not less than twenty-five percent (25%) in aggregate principal amount of all Bonds <br />outstanding hereunder, and shall have been indemnified to its satisfaction against all loss, damage <br />. and expense which it might thereby incur. <br />:ODMA\PCDOCS\SBDOCS 1\24203\2 -2Ll" <br />
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