Laserfiche WebLink
<br />• replacement of the Parking Facility which shall have been so <br />destroyed or damaged, and such negligence, failure or refusal shall <br />continue for one hundred twenty (120) days, the Trustee, upon <br />receipt of the insurance moneys, shall (unless the Trustee proceeds <br />to make the repairs or replacements of the destroyed or damaged <br />property as above provided) transfer such proceeds to the Sinking <br />Fund. <br />Sec. 6.08. If, at any time, the Parking Facility is totally <br />or substantially destroyed and the amount of insurance money <br />received on account thereof by the Trustee is sufficient to redeem <br />all of the then outstanding Bonds hereunder and such Bonds are then <br />subject to redemption, the Authority, with the written approval of <br />the Commission, may direct the Trustee to use said moneys for the <br />purpose of calling for redemption all of the Bonds issued and then <br />outstanding under this Agreement at the then current redemption <br />price. <br />Sec. 6.09. In the event of any reconstruction of the Parking <br />Facility after substantially total destruction thereof, a new <br />building or buildings may be constructed on the site by the <br />Authority in accordance with plans and specifications which must <br />be satisfactory to the Trustee and the Lessee of such Parking <br />Facility, and such new building or buildings may be wholly <br />different in design or construction or designed for a different <br />purpose. <br />. Sec.. 6.10. The Trustee may accept the statements, affidavits <br />and certificates hereinabove in this Article VI provided to be <br />filed with the Trustee, as conclusive evidence of the facts therein <br />stated, but the Trustee (although under no obligation so to do) <br />may, at the expense of the Authority, require further or other <br />evidence of such matters and may rely on the report or opinion of <br />such architect, engineer, other person, or counsel, as it may <br />select for the purpose of making an investigation thereof. <br />ARTICLE VII. <br />Remedies in Case of Default <br />Sec. 7.01. If any of the following events occurs, it is <br />hereby defined as and is declared to be and to constitute an "event <br />of default": <br />(a) default in the due and punctual payment of the <br />interest on any Bonds hereby secured and outstanding; <br />(b) default in the due and punctual payment of the <br />principal and premium, if any, of any Bond hereby secured, <br />whether at the stated maturity thereof, or upon proceedings <br />-22- <br />