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1992-04-30 Resolution 52
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1992-04-30 Resolution 52
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9/9/2008 2:30:34 PM
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7/18/2008 4:56:30 PM
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<br /> <br /> <br />expense thereof and furnished with means therefor. <br />Sec. 6.04. The insurance policy required by Section 6.01(a) <br />shall be for the benefit, as their interests shall appear, of the <br />Trustee, the Authority, and other persons having an insurable <br />interest in the insured property. Such policy shall clearly <br />indicate that any proceeds under the policy shall be payable to the <br />Trustee, and the Trustee is hereby authorized to demand, collect <br />and receipt for and recover any and all insurance moneys which may <br />become due and payable under said policy of insurance and to <br />prosecute all necessary actions in the courts to recover any such <br />insurance moneys. The Trustee may, however,-accept any settlement <br />or adjustment which the officers of the Authority may deem it <br />advisable to make with the insurance companies. Any proceeds of <br />rent or rental value insurance received by the Trustee representing <br />the annual. rentals payable under the Lease shall be deposited by <br />it forthwith to the credit of the Sinking Fund. <br />Sec. 6.05. The proceeds <br />Trustee shall be applied <br />reconstruction of the damaged <br />opinion of an independent <br />engineer, construction manage <br />engineer, construction manager <br />to the Trustee (i) the cost <br />reconstruction shall not excee <br />to be received by reason of si <br />amounts available therefor, ar <br />reconstruction can be complete <br />rental value insurance. If e <br />exist, the proceeds of such ins <br />be used to redeem Bonds. <br />of such insurance received by the <br />to the repair, replacement or <br />or destroyed property, if in the <br />registered architect, registered <br />or contractor, which architect, <br />or contractor shall be acceptable <br />of such repair, replacement or <br />d the amount of insurance proceeds <br />ch damage or destruction and other <br />d (ii) such repair, replacement or <br />d within the period covered by the <br />_ther or both conditions shall not <br />trance received by the Trustee shall <br />Sec. 6.06. In the event the Authority shall not commence to <br />repair or replace the Parking Facility so damaged or destroyed <br />within ninety (90) days after any such loss or damage, or the <br />Authority, having commenced such work of repair or replacement, <br />shall abandon or fail diligently to prosecute the same, the Trustee <br />may, in its discretion, make or complete such repairs or <br />replacements, and if it shall elect so to do, may enter upon said <br />premises to any extent necessary for the accomplishment of such <br />purposes, but nothing herein contained shall obligate the Trustee <br />to make or complete any such repairs or replacements unless it <br />shall have been requested to do so by the holders of not less than <br />twenty-five percent (25%) in aggregate principal amount of all <br />Bonds outstanding hereunder, and shall have been indemnified to its <br />satisfaction against all loss, damage and expense which it might <br />thereby incur. <br />Sec. 6.07. In case the Authority shall neglect, fail or <br />refuse to proceed forthwith in good faith with the repair or <br />-21- <br />
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