1994-05-17 Resolution 91 - Laserfiche WebLink

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• and before they shall become delinquent, pay or cause to be paid all lawful taxes, charges and assessments at any time levied or assessed upon or against the Project, or any part thereof, or upon the use of the same, or upon the income or profits thereof, and all license fees, franchise taxes and other like statutory charges; provided, however, that no such tax, charge or assessment shall be required to be paid so long as the validity of the same shall be in good faith contested by the Authority; further, that it will not suffer any lien or charge to be enforced or to exist against the Project or any part thereof, or upon the Lease or the Pledged Funds, except the lien and charge of the Bonds secured hereby upon such Lease and Pledged Funds, and except for Permitted Encumbrances, as such term is defined in the Lease, and such other encumbrances as shall be permitted by the Trustee; that it will not commit or suffer any waste of said property; and that it will at all times, directly or through other appropriate governmental entities, operate the property and keep and maintain said property and all buildings, structures, apparatus and appurtenances thereon or thereof in good repair, working order and condition, and will from time to time make, or cause to be made, all needful and proper repairs, renewals and replacements. Sec. 5.05. The Authority covenants that until all indebtedness secured by this Agreement is fully paid, it will faithfully observe and comply with the terms of all applicable laws and ordinances of the State of Indiana and any political or • municipal subdivision thereof. Sec. 5.06. If the Authority should at any time fail to pay in apt season any tax, assessment or other charge upon the Project, or any part thereof, or fail to pay promptly when payable any license fee, franchise or corporation tax, or like statutory charge, the Trustee may, without obligation to inquire into the validity thereof, pay such tax, assessment, fee or other charge, but without prejudice to the rights of the Trustee arising hereunder in consequence of such default, and the amount of every payment so made at any time by the Trustee, with interest thereon at the highest rate of interest on any one of the Bonds when sold, whether or not then outstanding, from the date of payment, shall constitute an additional indebtedness of the Authority secured by the lien of this Agreement, prior or paramount to the` lien hereunder of any of said Bonds and the premium and interest thereon. Sec. 5.07. The Authority covenants that proper books of record and account will be kept in which full, true and correct entries will be made of all dealings or transactions of or in relation to the properties, business affairs of the Authority, and that it will: 40 -21-