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the ne~tt succeeding month or months and deposited in Zhe aforeeaid Sinking Ftitnd
Account.
S~CTION V: Ttiat in the event the Church shall fail to mske or cause to be mede
~~~af sufficient amou~ts into the Sinking ~nd Account as herein above
required, and as a result thereof default cccurs in the payment of anq bond aad
its accrued iaterest of this bond issue When due ar~d presented for payrtient~ then
the holders of 50i6 of the priacipal amount of the outstanding bonds of this bond
issue ahall have the right to declare all outstanding bor~ds of this bond issue
due and payable and to enforce the immediate payment thereof ia any lat~tlil aanner.
If any bond or t,onds of this bond issue, When matured or declared due and payable
as herein above provided, are placed ia the hands of any attorney for collectioa,
or if suit is filec3 ~,iiereon, tY,e Church agrees to reimburse the o~rner ur rnmera
of such bond or bonds for any reasonable attorney's fee rrhich said rnmer or
~mers may have incurred by reason thereof. ~
SECTION VI: That the ST. LUCIE OOUNTY BANK, Fort Pierce, Florida, is hereby named,
appo n e and designated the paying agent for this bond issue. Said Paying
Agent shall be furnfshed an authenticated copy of this resolution, including
copies of Exhibits A and B attached thereto. Said Paying Agent shall evidence
its acceptance of the duties and obiigations of Paying Agent hereunder in Writing.
~e Paying Agent shall create and establish iin the name of the Qiurch a Sinking
fl~nd Account, to Which Account the Paying Agent shall credit all deposits aiade
by the Treasurer or duly authorized Assistant Treasurer of the Church in eccord-
ance With SECTION V hereof and from which Account the Paying Agent shall pay all
bonds of this bond issue as the same shall come due and are presented for payinent.
Other than as hereinafter provided to the contrary, the Paying Agent shall not
pay out of such Account or a11oW the WithdraWal therefrom any swn or sums of
money except for the payment~ of the bonds of this bond issue until all of said
bonds shall have been p~id. .
After all of the ~S:~s issue~ hereunder shall have matured, the Paying Agent
shsll retain in the Sinking Fund Account a sum equal to the priucipal amount of
all outstanding bonds of this bond issue together ~rith accrued interest thereon
~ at maturity. Such sum shall be re~ained in such Account until all outstanding
• bonds of this issue shall have been paid or until the StaLute of Limitation
applicabie in this State to such obligations shall have run against such out-
standi~g bonds, at which time the remaining balance in such A~count shall be de-
livered to the Church, and the Paying Ageat shall thereupon be relieved of all
~ duties aad obligations as Paying Agent hereunder.
,
- ~e Paying Agent shall cancel and return to the Churct~ each bond as it is paid
out of the aforementioned account.
The Paying Agent shall advise the Church in Writing ~hen a sum equal to the
principal amount of all outstanding bonds of this bond issue and the accrued
interest thereon at maturity shall have been accumulated in the ~inking F~nd
Account.
When all of the bonds of this bond issue have been paid or Hhen the Statute of
Li,aitation applicable in this State to such obligations shall have run on any
unpaid bonds of this bond issue, the Paqing Agent shall thereupon ezecute in
recordable form a declaration of such facts and shall deliver the sa~ae to the
Chiu~ch.
The Payi~g Agent shall not be required to give any bond or security in respect
to the perfornrsnce of its duties and obligations hereunder.
The Paying Agent c~ay at any time resign from the duties and obligations imposed
upon it hereunder bq giving thirty (30) days notice ia writicg to the Church.
Such resignation shall take effect at the end of such thirty (30) days or upon
the earlier appointment of a successor Paying Agent. Every successor Payiag
Agent appointed hereunder shall execute, acknoWledge and deliver to its predeceesor
~and to the Church an instrument in writing acceptfng such appoint~aent hereunder
and shall thereupon become fully vested With and responsible for all of the
ciuties and obligations as Paying Agent hereunder. The Paying Agent egrees,
hatever, that if, after its resignation hereundsr, any bonds of this bond isaue
are presented to it for payment that it ~+ill fon?ard the same to the successor
Paying Agent or return such bonds to the person or persons presenting the sawe
trith a letter advising the name and address of the aucceseor Paying Agent.
'2' BOOK~~~ PAGE~~~
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