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1988-06-17 Resolution 8
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1988-06-17 Resolution 8
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7/17/2008 11:50:07 AM
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shall constitute an additional indebtedness of the Authority <br />secured by the lien of this Agreement, prior. and paramount to the <br />• lien hereunder of said Bonds and interest. thereon. The Trustee, <br />however, shall not be obligated to effect such insurance unless <br />fully indemnified against the expense thereof and furnished with <br />means therefor. <br />Sec. 6.04. The insurance policy required by <br />Section 6.01(a) shall be for the benefit, as their interests <br />shall appear, of the Trustee, the Authority, and other persons <br />having an insurable interest in the insured property. Such <br />policy shall clearly indicate that any proceeds under the policy <br />shall be payable to the Trustee, and the Trustee is hereby <br />authorized to demand, collect and receipt for and recover any and <br />all insurance moneys which may become due and payable under said <br />policy of insurance and to prosecute all necessary actions in the <br />courts to recover any such insurance moneys. The Trustee may, <br />however, accept any. settlement or adjustment which the officers <br />of the Authority may deem it advisable to make with the insurance <br />companies. Any proceeds of rent or rental value insurance <br />received by the Trustee representing the annual rentals payable <br />under the Lease shall be deposited by it forthwith to the credit <br />of the Sinking Fund. <br />Sec. 6.05. The proceeds of such insurance received by <br />the Trustee shall be applied to the repair, replacement or <br />reconstruction of the damaged or destroyed property, if in the <br />opinion of an independent registered architect, registered <br />• engineer, construction manager or contractor, which architect, <br />engineer, construction manager or contractor shall`be acceptable <br />to the Trustee (i) the cost of such repair, replacement or <br />reconstruction shall not exceed the amount of insurance proceeds <br />to be received by reason of such damage or destruction and other <br />amounts available therefor, and (ii) such repair, replacement or <br />reconstruction can be completed within the period covered by the <br />rental value insurance. If either or both conditions shall not <br />exist, the proceeds of such insurance received by the Trustee <br />shall be used to redeem Bonds. <br />Sec. 6.06. In the event the Authority shall not <br />commence to repair or replace the Facility so damaged or <br />destroyed within ninety (90) days after any such loss or damage, <br />or the Authority, having commenced such work of repair or <br />replacement, shall abandon or fail diligently to prosecute the <br />same, the Trustee may, in its discretion, make or complete such <br />repairs. or replacements, and if it shall elect so to do, may. <br />enter upon said premises to any extent necessary for the <br />accomplishment of such purposes, but nothing herein contained <br />shall obligate the Trustee to make or complete any such repairs <br />or replacements unless it shall have been requested to do so by <br />the holders of not less than twenty-five percent (25~) in <br />aggregate principal amount of all Bonds outstanding hereunder, <br />and shall have been indemnified to its satisfaction against all <br />loss, damage and expense which it might thereby incur. <br />• <br />-20- <br />
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