1994-05-17 Resolution 91 - Laserfiche WebLink

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Bonds outstanding hereunder, and shall have been indemnified to its • satisfaction against all loss, damage and expense which it might thereby incur. Sec. 6.08. In case the Authority shall neglect, fail or refuse to proceed forthwith in good faith with the repair or replacement of the Project which shall have been so destroyed or damaged, and such negligence, failure or refusal shall continue for one hundred twenty (120) days, the Trustee, upon receipt of the insurance moneys, shall (unless the Trustee proceeds to make the repairs or replacements of the destroyed or damage property as above provided) transfer such proceeds to the Sinking Fund. Sec. 6.09. If, at any time, the Project is totally or substantially destroyed and the amount of insurance money received on account thereof by the Trustee is sufficient to redeem all of the then outstanding Bonds hereunder and such Bonds are then subject to redemption, the Authority, with the written approval of the Commission, may direct the Trustee to use said moneys for the purpose of calling for redemption all of the Bonds issued and then outstanding under this Agreement at the then current Redemption Price. Sec. 6.10. In the event of any reconstruction of all or a portion of the Project after substantially total destruction of all or a portion thereof, a new building, buildings or improvements • or portions thereof may be constructed on the site by the Authority in accordance with plans and specifications which must be satisfactory to the Trustee and the Lessee of such Project, and such new building or buildings or improvements or portions thereof may be wholly different in design or construction. Sec. 6.11. The Trustee may accept the statements, affidavits and certificates hereinabove in this Article VI provided to be filed with the Trustee, as conclusive evidence of the facts therein stated,.but the Trustee (although under no obligation so to do) may, at the expense of the Authority, require further or other evidence of such matters and may rely on the report or opinion of such architect, engineer, other person, or counsel, as it may select for the purpose of making an investigation thereof. ARTICLE VII. Remedies in Case of Default Sec. 7.01. If any of the following events occurs, it is hereby defined as and is declared to be and to constitute an "event of default ": • -32-