1990-12-17 Resolution 26 - Laserfiche WebLink

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Except for changes made in the plans and specifications pursuant to this Section,. the Authority covenants that it will not agree to any modification of the terms of said Lease which would substantially impair or reduce the security of the holders of the Bonds described herein or agree to a termination thereof, or agree to a reduction of the lease rental provided for therein which would inhibit payment of debt service on the Bonds until all indebtedness secured by this Agreement is fully paid, except upon compliance with the provisions of Sec. 10.02. The Authority further covenants that any modification permitted by this paragraph will be made only after a copy thereof has been filed with the Trustee. Sec. 5.13. The Authority covenants that whenever there are sufficient funds held by the Trustee in the Sinking Fund and/or Operation and Reserve Fund to pay the principal, redemption premiums and interest to the next interest payment date on all outstanding Bonds, it will call all outstanding Bonds for redemption and hereby consents and directs the Trustee to call all outstanding Bonds for redemption. Sec. 5.14. (a) The Authority, at its cost and expense, shall obtain on the date of original issuance of the Bonds a commitment for an owner's policy. of title insurance insuring the marketable indefeasible fee simple title or right-of-way easement of the Authority in the Project in an amount equal to the costs of acquisition and construction of the Project; provided however, that in the case of those portions of the Project for which the final costs of acquisition and construction cannot be precisely defined as of the date of original issuance of the Bonds, the Authority shall apply for and use its best efforts to obtain an increase in the amount of the commitment for title insurance pertaining to those portions of the Project in an amount equal to the final costs of acquisition and construction upon completion of such acquisition and construction. As the real property interests constituting part of the Project are obtained by the Authority, all such policies of title insurance obtained pursuant to such commitments shall be in substantial conformity to the title insurance commitments attached hereto as Exhibit B and incorporated herein by reference, free of all standard (preprinted) exceptions and all special exceptions, other than Permitted Encumbrances (as such term is defined in the Lease). (b) The Authority hereby assigns to the Trustee all proceeds payable under the owner's policies referred to in this Section 5.16 and all of the insured's rights thereunder, the full amount of which proceeds shall be paid directly to the Trustee by the title insurers referred to above. The Trustee is hereby authorized to demand, .collect and receipt for and recover any and all insurance moneys which may become due and payable under the owner's policies and to prosecute. all necessary actions in the courts to recover any -24-