Resolution No 16-2024 - Related to Property Conveyance to McCormick Company Lathrop St.

Home Browse Search

®& • • 17 if the Lessee shall so notify the Lessor, the Lessee may, in its own name or in the name of the Lessor, prosecute or defend any action or proceeding or take any other action involving any such contractor, subcontractor or surety which the Lessee deems reasonably necessary; and in such event, the Lessor hereby agrees to cooperate fully with the Lessee and to take all action necessary to effect the substitution of the Lessee for the Lessor in any such action or proceedings. Any amounts recovered by way of damages, refunds, adjustments or otherwise in connection with the foregoing (a) if lessee has corrected, at its own expense, the matter which gave rise to such default or breach, shall be paid to the Lessee, or (b) if Lessee has not corrected, at its own expense, the matter which gave rise to such default or breach, shall be paid into the Project Fund unless recovered after the Completion Date and full disposal of the Project Fund in accordance with Section 4.3(i) hereof, in which case thev shall be paid into the Bond Fund. Section 4.9. Investment of Project Fund and Bond Fund Moneys Permitted. Any moneys held as a part of the Project Fend and Bond Fund shall at the written request of the Authorized Lessee Representative, be invested or reinvested by the Trustee, to the extent permitted by law in direct obligations of the United States of America or in other investments permitted by law. Without limiting the generality of the foregoing, it is understood that the investments permitted hereunder include: (i) obligations issued or guaranteed by the United States; (ii) obligations issued or guaranteed by any person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by the Congress of the United States; (iii) obligations issued or guaranteed by any state of the United States, or the District of Columbia, or any political subdivision of any such state or District; (iv) interest bearing accounts or certificates of deposit issued by any bank, trust company or national banking association (including those issued by the Trustee) which is a member 'of the Federal Reserve System or is insured by the Federal Deposit Insurance Corporation; (v) prime commercial paper; (vi) prime finance company paper; (vii) bankers acceptances drawn on and accepted by commercial banks; and (viii) repurchase agreements fully secured by obligations of the type specified in (i) or (ii) above. The Trustee may make any and all such investments through its own bond department. The investment or reinvestment shall be made so that none of the funds shall be invested in any securities the maturity or redemption date of which is later than the time IV-8