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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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Insurance Required After Completion of Improvements. After the completion of the improvements, the <br />• Authority is required to carry or cause to be carried, and the Lessee in the Lease has agreed to carry, (i) insurance <br />on the mortgaged property against physical loss or damage; and (ii) rent or rental value insurance. See <br />"SUMMARY OF CERTAIN LEGAL DOCUMENTS — LEASE — Insurance. <br />Use of Proceeds from Insurance. Subject to the terms of the Lease, the proceeds of such insurance (other <br />than rental value insurance which represents lease rental payments) received by the Trustee will be applied to the <br />restoration and reconstruction of the damaged or destroyed property. In the event the Authority does not commence <br />to repair, replace or reconstruct the damaged or destroyed property within 90 days after damage or destruction, or <br />the Authority abandons or fails diligently to pursue the same, the Trustee may make or complete such repairs, <br />replacements or reconstructions. If the Authority does not proceed in good faith with repair, replacement or <br />reconstruction for 120 days (which may occur if, for example, the cost of such repair, replacement or reconstruction <br />exceeds the amount of insurance proceeds and other amounts available for such purpose, or the repair, replacement <br />or reconstruction cannot be completed within the period covered by rental value insurance), the Trustee, upon <br />receipt of the insurance money, must, unless the Trustee proceeds to make such repairs, replacements or <br />reconstructions , transfer the insurance proceeds to the Sinking Fund. If such transfer occurs as the result of either <br />of the events described parenthetically in the previous sentence, the insurance proceeds will be applied to the option <br />to purchase price under the Lease, and the Bonds will be subject to extraordinary optional redemption in whole at <br />any time at a price equal to 100% of the principal amount thereof plus accrued interest to the date of redemption. <br />Furthermore, if at any time the property is totally or substantially destroyed, and the amount of insurance money <br />is sufficient to redeem all then outstanding Bonds and such Bonds are then subject to redemption, the Authority, <br />with the written approval of the Lessee, may direct the Trustee to use said money for the purpose of redeeming all <br />Bonds outstanding at the then current redemption price. See "SUMMARY OF CERTAIN LEGAL DOCUMENTS— <br />LEASE-- Damage and Destruction of Leased Premises." <br />is Events of Default and Remedies <br />Events of Default. The following are each an "event of default" under the Trust Agreement: <br />(i) Default in the payment on the due date of the interest on any Bonds; <br />(ii) Default in the payment on the due date of the principal of or premium on any Bond, <br />whether at the stated maturity thereof, or upon proceedings for the redemption thereof, or upon the <br />maturity thereof by declaration; <br />(iii) Default in the performance or observance of any other of the covenants or agreements <br />of the Authority in the Trust Agreement, any supplemental agreement, or the Bonds, and the continuance <br />thereof for a period of 60 days after written notice thereof to the Authority by the Trustee; <br />(iv) The Authority: (a) admits in writing its inability to pay its debts generally as they become <br />due, (b) files a petition in bankruptcy, (c) makes an assignment for the benefit of its creditors or (d) <br />consents to or fails to contest the appointment of a receiver or trustee for itself or of the whole or any <br />substantial part of the financed property or any income therefrom; <br />(v) (a) The Authority is adjudged insolvent by a court of competent jurisdiction; (b) the <br />Authority, on a petition in bankruptcy filed against the Authority, is adjudged a bankrupt; or (c) an order, <br />judgment or decree is entered by any court of competent jurisdiction appointing, without the consent of the <br />Authority, a receiver or trustee of the Authority or of the whole or any substantial part of the financed <br />property, and any of the aforesaid adjudications, orders, judgments or decrees is not vacated, set aside or <br />stayed within 60 days from the date of entry thereof; <br />C-6 <br />
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