HomeMy WebLinkAbout0063 ARTICLE II
CONSTRUCTION OF PROJECT
Section 2.01. DELIVERY OF MORTGAGE: CONSTRUCTION
BY COMPANY. Prior to or upon receipt by the Trustee of the
proceeds fxom the sale of the Bonds, the ~ompany will execute
and deliver to the Issuer the Mortgage encumbering the property
described in Exhibit A attached hereto, which Mortgage is
set forth in Exhibit B attached hereto, and the Issuer will
assign said 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 be 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 an~
equip the Project on the Mortgaged Property described in Exhibit A
substantially according to the description of the work contained
in the plans constituting the Project currently, or prior
to the issuance of the Bonds will be, on file with the Issuer,
or any final plans and specifications which shall 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 Commissioners
of the Issuer, and in furtherance thereof to award construction
and other contracts upon a competitive or negotiated basis
as will best facilitate the timely 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
i to employ such engineers, architects, builders and other
; contractors and construction personnel as may be necessary
j for the construction of said Project and all of such expenses
shall be reimbursed to the contractor by the Trustee or paid
by the Trustee in the manner provided in this Agreement.
The Conpany agrees to construct and equip the Project sub-
stantially in accordance with such plans and specifications.
The Company shall obtain all necessary approvals from
any and all governmental agencies (and particularly the Department
of Pollution Control of the State of Florida) requisite to
the constructing and equipping of the Project, and the Project
that 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 all occupancy permits and authorizations from
appropriate authorities which may be required for its occupancy
and uses of the Project for the purposes contemplated.
M
~ The Company agrees to complete the construction of
~ the Project as promptly as practicable after receipt by the
~ Trustee of proceeds from the sale of the Bonds with all reasonable
dispatch and to use its best efforts to cause the said con-
struction to be completed as soon thereafter as may be practicable,
but if such construction is not promptly completed there
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