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Mortgage to the Trustee to secure payment of the Bonds, the
terms of such trust being defined in, and the Issuer's interest
in the Mortgaged Property being subject to the rights of the
bondholders and of the Company pursuant to the provisions of,
this Agreement. •
_ The Issuer has determined that the purpose of the Act
will ~e more effectively served by the Company's constructing
the Project as provided in Section 159.32 of the Act and the
Issuer hereby authorizes the Company to construct and equip
the Project on the Mortgaged Property described in Exhibit A
substantially according to the description of the wark contained
in the plans constituting the Project currently on file with
the Issuer, or any final plans and speci£ications which sha11
be approved by the Issuer and the Company, a copy of which
shall be on file in the office of the Clerk of the Board of
County Comr.iissioners of the Issuer, and in furtherance thereof ;
to award construction and other contracts upon a competitive . F
or negotiated basis as will best facilitate the ti.mely and ~
economical construction of the Project. It is recognized
that certain of the work necessary for construction of the
Project has been or will be completed prior to the issuance
of the.Bonds, and that such work and the results thereof shall
be considered as much a part of the Project as if it had been
completed subsequent to the issuance of the Bonds. The Company
is authorized to employ such engineers, architects, builders
and other contractors and construction personnel as may be ?
necessary for the construction of said Project and all of
such expenses shall be reir.ibursed to the contractor by the
Trustee or paid by the Trustee in the manner provided in this
Agreement. The Company agrees to construct and equip the =
Project substantially in accordance with such plans and specifications. '
The Company sha1Z obtain aZl necessary approvals from ;
any and all governmental agencies requisite to the constructing
- and equipping of the Project, and the Project shall be constructed
and equipped by the Company in compliance with existing laws,
ordinances and regulations applicable thereto. Upon completion
of the Project the Company shall obtain a11 occupancy permits
and authorizations from appropriate authorities which may be
required for its occupancy and uses of the Project for the
purposes contemplated. ~
' The Company agrees to complete the construction of the
Project as promptly as practicable a~ter receipt by the Trustee
' of proceeds from the sale of the Bonds with all reasonable
I dispatch and to use its best efforts to cause the said con-
! struction to be completed as soon thereafter as may be practicable,
~i but if such construction is not promptly completed there sha21
~ be no resultinq abatement, diminution or deZay in the payments
; of the installments upon the purchase price of the Project
required hereby to be paid to the Trustee by the Company.
Section 2.02. INSURANCE DURING CONSTRUCTION. The
Company shall maintain or cause to be maintained in full force
and effect at all ti.mes during the construction and equipping
of the Project the following insurance on the ~iortgaged Property
and the Project (except that such insurance provisions do
not apply to that construction campleted prior to the adoption
of the Resolution by the Sssuer):
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