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HomeMy WebLinkAbout1251~t~~ ~ off! ~ ~~.3 cf any ;~at~t. of the n3c~rtgayed property ~s iri:~ur€tncc f:rc=_ C€Eii:: I rtiS?3 c'i:'~y ~rtS13rEI' OZ ~::G2'E ~7ro~~t;I`~j' ('sr F1'3 r©C~~N'tl'~s'Iti~ri frett3 ;,3~y rninici~Sal a: g~:`1~rttfl3~ntti at3thority acq~airint~ or :~33cPil~c~ °_•,.:c:h pI`c~perty. s1~ai1 t,~e ;~r~4d tc th,e 7r~:Ktee al~d !-geld as part of th+~ r~ortgbaed ~rrope:Ly tgrtd shoal, ugcsn ~ritte3t : ec~u~xt therefor, le rep~.id to th+~ Gorpnratiran t~~ re,tz:aur`se the Corl~orstirr: f•or ttst= rertsc•nc:ble cost of r!?pltiCill'~ or repair•itzg such ,property; upon I`~ceipt of n cF~rti; ic~ite si grad g~~. th.'- president a:-tci fire Lrprrsut•~r a; the CarpLratic.~n stat.ir?g that sueh repllzce:rf~tttg ar re=pairs ~ ai-. o„ ::s<~t431if'~ tt:~."r~~C3:`. t'-F1 C5 hrtve been rrrad~, the f-ict.3al cr,~„ ~.~.;~.~.._.~ _ 'w:~;ether, :end if s, in rrh%tt t°>Ssl;tyct 33nd to uhrit exter;#, rtt?}r ~fefsyut c exists hereunder'. rr;y b3iltrtce s~f $r3c2: r~;aney°s nt~t r•~1~a i d Ly t3: := 7 rust ee to t2:P rorroratio;~ ;~ithin t`<r~I~;e (I~i rr~or.t;t9 frost the date on vhict; rPCeis~c~s3 1yy thc.- i rust€e, or ~;itttin suct }?ericd tht'rc>iift€r as thr ~`r=ust<ae aiay a;to~, or` esriier at thw? request c~f the Corrgr~tion stZr~li Y,e €rp~~lied by the ~'rtaste? as si~o*} as ~-Unti°eni~nt, toptsther with any s~cneys a~;ailebl2 for the purpose, pursurtnt to Svctiar ?.•1 hereof : to th© ret i re:~ent of Yiortdg ref tY.e earliest ;~~turit t es then c•ut- standing fn t.hc ~i:?x;Zt'ser t'<rtd ~sith the eff~°ci s~;e.eif ied its Arti:.'ie i~ het•eof. Any suC?~ Ir3oneys equal to cr less than 1' i'je "Thc~ustr,td Dol tars i ~~,(~t?G,tJG) !r~ sny one case t'trty Le oaid tc? attd retai::eF.l ley Lhe rt~ri;r_sratiGn, and tt;~ Cori:~or-- ~tioti~c;re:;s :het it ails tssr~ the sa~tn fc3r the pur,~ose c?f =:-ef~si r°ing, rc~l;l~cir~g or a;iclir~g ts:• the ~origrtged r,rof,erty. ~~t rtr;~~ time ~+?ien _S ~-lefaul' es i sts hereunder tc~ the rrtp~- ledge of fete i rustee, the i r.~stee rt-tay in his aisc,retio3~ p~rr:ti ~ t.:~~ aye t2;~ira~ta 1 of cast; by, 4:~ tt;e payt~ent r,f insur- at,ee i>roceeds to, the Gcrrl?oration ~,ursrirtrtt to th? t>rcyisions of ±his section, Y~ut shall not 2'i~ rertuire4 sc; icy do. ~~C~tit331 ;. i`J. 3<: t::)IlG i~:3 aT~y ~~ri~'3 ~, ~1, C:, ~); ~s ~; u, ti; 1 ~ ~, 2{, i., ati~i; o;° N€ 2;otscts she 1 i rer.;a in outstrtndit,4, t'ri:z Gc~~l,i.~ratior; :rill ;-, :.t cre3~te +ar isst3e hereur{dtr arty bonds of any series h~i~ing rt ~;gt~{: ity d_ite ~:arlier than Jan~3a:y 1, i`~7~3< s:€ctio=`, ~. 16. TY~e Gt~cY=c,:°~€ ic~rt ~i i j Ext e', i ttr~e~3 ~r: in fail r~ppects cr,.zt~iy Frith the tars and crnditicns o: ~.t1Y instru~~;;tt s~cetrit~g or evid~i~citig ar~y i3~dei~t.e;iti~~.:.~~ cif the L:orport~tian a,..=3 e~f as~y r.ot~ttract or otati4ati~r; of th4 C~~rpnratior3~ ~,+~f;ter fc~r t'i~ pa~.~`~er.t of ~ontw} rir r,tt3erR ~i se, gnd c he r_.~rps~3`at i4rt :~i 3 pay a 11 i t.s d~L•Ls and at~l i gat ic;ns pr:,~pt ty as they Kati? r~, to the eE:d Ghat 3<0 tiefaUit 521$11 ~3C:t'13r ilt-a~E',r ~irly ~i:~ti iti~tt'tf3fil.itt3 t'ArltiEi;:t or oLligatiesn, and, if Ln~:i a:.- _trrt rss, tsny deft3ult ar:~l1 .-~=(J~