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behalf of the Issuer for application by the Bank to the payment <br />of the principal installments of (whether at maturity, by <br />acceleration, upon redemption prior to maturity or otherwise), <br />premium, if any, and interest on the Bond, and such provision is <br />hereby expressly approved. <br />REVENUES <br />Section 7. The Bond and all payments required of the <br />Issuer hereunder are not general obligations of the Issuer, but <br />are special, limited obligations secured by an assignment and <br />pledge of the right, title and interest of the Issuer in and to <br />the Agreement, the Note and the Mortgage (except certain expense <br />and indemnification payments), pursuant to the Assignment, and <br />shall be payable by the Issuer solely and only out of the <br />revenues and income derived from the Agreement and the Note and <br />as otherwise provided herein. <br />The Bank is authorized and directed to apply all <br />amounts available for payment of the principal installments of, <br />premium, if any, and interest on the Bond to the direct payment <br />when due of the principal installments of (whether at maturity, <br />by acceleration, upon redemption prior to maturity or otherwise), <br />premium, if any, and interest on the Bond, including without <br />limitation payments as follows: (a) any amount remaining in the <br />Construction Fund to the extent provided in Section 3.4 of the <br />Agreement; (b) all payments made on the Note; (c) all prepayments <br />of principal installments of the Note (or a portion thereof) as <br />specified in Article VII of the Agreement; and (d) all other <br />moneys received by the Bank under and pursuant to any of the <br />provisions of the Agreement, the Note, the Mortgage or the <br />Assignment which are required or are accompanied by directions <br />that such moneys are to be applied to the payment of the <br />principal installments of, premium, if any, and interest on the <br />Bond. <br />The Issuer covenants and agrees that should there be a <br />default under the Agreement, the Issuer shall fully cooperate <br />with the Bank, as the owner of the Bond, or any other owner of <br />the Bond to the end of fully protecting the rights and security <br />of the Bank or such other owner of the Bond. Nothing herein <br />shall be construed as requiring the Issuer to operate the Project <br />or to use any funds or revenues from any source other than funds <br />and revenues derived from the Agreement and the Note (except as <br />otherwise provided herein). <br />Any amounts remaining in any fund or paid to the Bank <br />under the Agreement, the Note, the Mortgage or the Assignment, <br />after payment in full of the principal installments of, premium, <br />-24- <br />