HomeMy WebLinkAbout0057BooK ~ ~ 7.3
ST. LUCIE COUNTY. FLA.
See. 5.5 (6)
purchase price to the extent of the proportionate share of the Net Pro-
ceeds of sale represented by said Bonds; and, in the event the Trustee
is the purchaser as provided in subparagraph (4) of this section, it
may apply, as a credit on the purchase price to the extent of the Net
Proceeds, all Outstanding Bonds, together with matured interest there-
on, ratably and to the extent necessary to pay the amount of the
purchase price in full; ,
(7) Any such sale shall operate to divest The Company of all
right, title, interest, claim and demand, either at law or in equity, in
and to the Property sold, and shall be a perpetual bar against The
Company, its successors and assigns;
(8) The receipt of the Trustee (or other person authorized to
receive the same) for the purchase money shall be a sufficient dis-
charge 'therefor to any purchaser of the Property cr any part thereof
sold as aforesaid; and no such purchaser, after paying such purchase
money and receiving such receipt, shall be bound to see to the applica-
tion of such purchase money upon or for any trust or purpose of this
Indenture, or in any manner whatsoever be answerable for any loss,
misapplication or non-application of any such purchase money, or be
bound to inquire as to the authorization, necessity, expediency or
regularity of any such sale.
Sec. 5.6 The Company will not at any time claim or take any benefit
or advantage of any law now or hereafter in force providing for a stay or
extension of any suit to enforce any right or power hereunder, or of any
sale of the Iliortgaged Properties, or any part thereof, to be made pursuant
to any provision contained in this Indenture or to the decree of any court
of competent jurisdiction, or any such law providing for the valuation or
appraisement of the Mortgaged Properties prior thereto; nor after any
such sale will it claim or exercise any right conferred by any statute, or
otherwise, to redeem the Property so sold, or any part thereof ; and it
hereby expressly waives all benefit and advantage of any such law or
laws, and covenants that it will not hinder, delay or impede the execution of
any power herein granted and delegated to the Trustee, but that it will
suffer and permit the execution of every such power as though no ci~rh
law or laws had been made or enacted.
Sec. 5.7 All revenues, rents, earnings, income, issues and profits
received by the Trustee on account of, or from the operation of the
Mortgaged Properties, after deducting the costs, expenses and compensa-
tion of the Trustee and all operating expenses, taxes, assessments, rents
and other income charges, and expenditures for Capital purposes as herein
authorized (herein called "Proceeds of Operation"), if there be no Default
in the payment of the principal of any of the Bonds, shall be applied, first,
to the payment of Matured Prior Obligations, and then to the payment of
interest in default in the order of Matui~ty of the installments of such
interest, with interest thereon at the same rates, ratably to the Persons
e~ititled thereto without discrimination or preference.
If there be a Default in the Payment of the principal of any of the
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