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1992-04-30 Resolution 52
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1992-04-30 Resolution 52
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<br />places, and in the manner mentioned in said Bonds, according to the <br />true intent and meaning thereof. Except as in this Agreement <br />otherwise provided, the principal, interest and premiums are <br />payable solely from Pledged Funds including the rental derived from <br />the Parking Facility, which Pledged Funds are hereby pledged to the <br />payment thereof in the manner and to the extent provided in this <br />Agreement and in said Bonds. <br />Sec. 5.02. The Authority covenants that it will promptly <br />make, execute and deliver all agreements supplemental hereto, or <br />otherwise, and take all such action as may reasonably be deemed, <br />by the Trustee or by its counsel, necessary or advisable for the <br />better securing of any Bonds issued hereunder, or as may be <br />required to carry out the .purposes of this Agreement. <br />Sec. 5.03. The Authority covenants that, except as to that <br />part of the Parking Facility which may hereafter be acquired by it, <br />the Authority is now well seised of the Parking Facility, subject <br />only to Permitted Encumbrances, as such term is defined in the <br />Lease, and such other encumbrances as shall be permitted by the <br />Trustee, and has good right, full power and lawful authority to <br />make this Agreement and to pledge the lease rentals of the Parking <br />Facility as herein provided, and that it has and will preserve good <br />and indefeasible title to all such property, subject to Permitted <br />Encumbrances, as such term is defined in the Lease, and such other <br />encumbrances as shall be permitted by the Trustee, and will warrant <br />and defend the same to the Trustee against the claims of all <br />. persons whatsoever.. <br />Sec. 5.04. The Authority covenants that it will promptly, and <br />before they shall become delinquent, pay or cause to be paid all <br />lawful taxes, charges and assessments at any time levied or <br />assessed upon or against the Parking Facility, or any part thereof, <br />or upon the use of the same, or upon the income or profits thereof, <br />and all license fees, franchise taxes and other like statutory <br />charges; provided, however, that no such tax, charge or assessment <br />shall be required to be paid so long as the validity of the same <br />shall be in good faith contested by the Authority; further, that <br />it will not suffer any lien or charge to be enforced or to exist <br />against the Parking Facility or any part thereof, or upon the Lease <br />or the Pledged Funds, except the lien and charge of the Bonds <br />secured hereby upon such Lease and Pledged Funds, and except for <br />Permitted Encumbrances, as such term is defined in the Lease and <br />such other encumbrances as shall be permitted by the Trustee; that <br />it will not commit or suffer any waste of said property; and that <br />it will at all times operate the property and keep and maintain <br />said property and all buildings, structures, apparatus and <br />appurtenances thereon or thereof in good repair, working order and <br />condition, and will from time to time make all needful and proper <br />repairs, renewals and replacements. <br />-17- <br />
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