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1992-06-18 Resolution 56
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1992-06-18 Resolution 56
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7/18/2008 5:17:12 PM
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covenants that any modification permitted by this paragraph will <br />be made only after a copy thereof has been filed with the Trustee. <br />Sec. 5.13. The Authority covenants that whenever there are <br />sufficient funds held by the Trustee in the Sinking Fund and/or <br />Operation and Reserve Fund to pay the principal, redemption <br />premiums and interest to the next interest payment date on all <br />outstanding Bonds, it will call all outstanding Bonds for <br />redemption and hereby consents and directs the Trustee to call all <br />outstanding Bonds for redemption. <br />Sec. 5.14. (a) The Authority, at its cost and expense, <br />shall obtain on the date of original issuance of the Bonds a <br />commitment for an owner's policy of title insurance insuring the <br />marketable indefeasible fee simple title or of the Authority in <br />the Project in an amount equal to the costs of acquisition of the <br />Project; <br />(b) The Authority hereby assigns to the Trustee all <br />proceeds payable under the owner's policy referred to in this <br />Section 5.14 and all of the insured's rights thereunder, the full <br />amount of which proceeds shall be paid directly to the Trustee by <br />the title insurers referred to above. The Trustee is hereby <br />authorized to demand, collect and receipt for and recover any and <br />all insurance moneys which may become due and payable under the <br />owner's policies and to prosecute all necessary actions in the <br />• courts to recover any such insurance moneys. The Trustee may, <br />however, accept any settlement or adjustment which the Trustee may <br />deem it advisable to make with such title insurers. The Trustee <br />may reimburse itself from any such insurance money for the costs <br />and expenses incurred by the Trustee in connection with (i) <br />demanding, collecting and recovering the insurance moneys and (ii) <br />any related court action, settlement or adjustment, including <br />without limitation, attorney fees (the "Collection Costs"). All <br />insurance moneys collected or recovered under the owner's policies <br />referred to above, less Collection Costs, shall be used, at the <br />Trustee's option, either (i) to cure title defects and/or obtain <br />marketable, indefeasible fee simple title to the Project or (ii) <br />redeem the Bonds or portions thereof on the earliest possible <br />redemption date. <br />• -23- <br />
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