1990-12-17 Resolution 26 - Laserfiche WebLink

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the Trustee not held in trust for any specific purpose in priority i to the rights and claims of the holders of said Bonds. (d) The Trustee shall not be responsible in any manner for: (1) the validity, execution, acknowledgment, filing or recording of this Agreement or any agreement supplemental hereto, or the refiling or rerecording thereof; (2) for any recitals, covenants or agreements of the Authority in the Bonds or herein contained, except to pay from the Operation and Reserve Fund expenses incurred by the Authority to enable it to comply with its covenants contained herein; (3) for the default or misconduct of any agent or employee appointed by it, if such agent or employee shall have been selected with reasonable care, or for anything done by it in connection with this trust, except for its willful misconduct or gross negligence; (4) for the consequence of any act done in good faith; or (5) for any actions taken by the Trustee in accordance with the opinion of counsel employed by the Trustee. • (e) The Trustee shall be under no obligation to keep advised or informed as to whether the Authority is in default under any of the terms or covenants of this Agreement; and unless and until the Trustee shall have received written notice to the contrary from the holders of at least five percent (50) in principal amount of the Bonds then outstanding hereunder, the Trustee may, for all purposes of this. Agreement, assume that the Authority is not in default hereunder and that none of the events hereinbefore defined as "events of default" has happened.. (f) The Trustee shall not be required to appear in or defend any suit which may be brought against it respecting the Project, or by reason of being Trustee hereunder, or to institute any suit or proceeding to enforce any covenant or remedy herein provided, or to take any action toward the execution or enforcement of the trusts hereby created, which, in the opinion of the Trustee, will be likely to involve the Trustee in expense or liability, unless the holders of said Bonds or some part thereof shall furnish the Trustee with reasonable security and indemnity against such expense or liability. (g) The Trustee shall be fully protected in acting upon or in accordance with any notice or request, consent, certificate, demand, resolution or other instrument or document believed by the -35-