1990-12-17 Resolution 27 - Laserfiche WebLink

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. ARTICLE V. Covenants of the Authority Sec. 5.01. The Authority covenants and agrees that it will faithfully do and perform, and at all times faithfully observe, any and all. covenants, undertakings, stipulations and provisions contained in each and every Bond issued hereunder, and will duly and punctually pay or cause to be paid the principal of said Bonds and the premium, if any, and interest thereon, at the times and places, and in the manner mentioned in said Bonds, according to the true intent and meaning thereof. Except as in this Agreement otherwise provided, the principal, interest and premiums are payable soley from Pledged Funds including the rental derived from the Project, which Pledged Funds are hereby pledged to the payment thereof in the manner and to the extent provided in this Agreement and in said Bonds. Sec. 5.02. The Authority covenants that it will promptly make, execute and ,deliver all agreements supplemental hereto, or otherwise, and take all such action as may be reasonably be deemed, by the Trustee or by its counsel, necessary or advisable for the better securing of any Bonds issued hereunder, or as may be required to carry out the purposes of this Agreement. Sec. 5.03. The Authority covenants that, except as to that part of the Project which may hereafter be acquired by it, the Authority has heretofore acquired the Project, subject only to Permitted Encumbrances, defined in the Lease, and such other encumbrances as shall be permitted by the Trustee, and has good right, full power and lawful authority to make this Agreement and to pledge the lease rentals of the Project as herein provided, and that it has and will preserve all of its interest in all such property, subject to Permitted Encumbrances, as such term is defined in the Lease, and such other encumbrances as shall be permitted by the Trustee, and will warrant and defend the same to the Trustee against the claims of all persons whatsoever. Sec. 5.04. The Authority covenants that it will promptly, and before they shall become delinquent, pay or cause to be paid all lawful taxes, charges and assessments at any time levied or assessed upon or against the Project, or any part thereof, or upon the use of the same, or upon the income or profits thereof, and all license fees, franchise taxes and other like statutory charges; provided, however, that no such tax, charge or assessment shall be required to be paid so long as the validity of the same shall be in good faith contested by the Authority; further, that it will not suffer any lien or charge to be enforced or to exist against the Project or any part thereof, or upon the Lease or the Pledged Funds, except the lien and charge of the Bonds secured hereby upon -19-