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provisions of Article VI of the Agreement (after payment of the <br />costs and expenses of the proceedings resulting in the collection <br />of such moneys and of the expenses, liabilities and advances <br />incurred or made by the Issuer or the Bank or any other owner of <br />the Bond) or under the Assignment or the Mortgage, and all moneys <br />in the Construction Fund at the time of the occurrence of an <br />event of default hereunder, shall be paid to the Bank on behalf <br />of the Issuer, and shall be applied to the payment of the prin- <br />cipal installments, premium, if any, and interest due and unpaid <br />upon the Bond to the person or persons entitled thereto. <br />Whenever moneys are to be applied pursuant to the pro- <br />visions of -this Section 11, such moneys shall be applied to the <br />payment of the principal installments of, premium, if any, or <br />interest on the Bond upon payment of such moneys to the Bank. <br />Whenever all principal installments of, premium, if <br />any, and interest on the Bond have been paid under the provisions <br />of this Section 11 and all expenses of the Bank and the Issuer <br />have been paid, any amounts paid to the Bank and not so applied <br />shall be paid to the Company pursuant to Section 9.5 of the <br />Agreement. <br />The Bank (or any other owner of the Bond) may in its <br />discretion waive any event of default hereunder and its con- <br />sequences and rescind any declaration of acceleration of <br />principal, and in cases of any such waiver or rescission, or in <br />case any proceeding taken by the Bank on account of any such <br />event of default shall have been discontinued or abandoned or <br />determined adversely, then and in every such case the Issuer, the <br />Company, the Bank and any other owner of the Bond shall be <br />restored to their former positions and rights hereunder, <br />respectively, but no such waiver or rescission shall extend to <br />any subsequent or other event of default hereunder, or impair any <br />right consequent thereon. <br />With regard to any default concerning which notice is <br />given to the Company under the provisions of this Section 11, the <br />Issuer hereby grants the Company full authority for account of <br />the Issuer to perform or observe any covenant or obligation <br />alleged in said notice not to have been performed or observed, in <br />the name and stead of the Issuer with full power to do any and <br />all things and acts to the same extent that the Issuer could do <br />in order to remedy such default. <br />-29- <br />