HomeMy WebLinkAbout0065 fees properly incurred prior to the delivery of the Bonds
to the purchasers thereof or during the period of the construction
of the Project. The cost of the Project, as that expression
is used in this Agreement, shall include all costs and expenses,
regardless of whether such costs and expenses are made prior
to or subsequent to the execution of this Agreement, reasonably
related to the completion of the Projec.t and all costs and
expenses incidental thereto including,~,without limitation,
the following:
(A) All amounts paid by the Company in discharge
of its obligations under Sections 2.01, 2.02 and 2.04 hereof,
including without limitation all amounts paid in the acquisition
of the Project, the cost of an attorney's title opinion or
certificate of insurance with respect to the rights of the
Mortgagee and its assigns as to the property being mortgaged,
all amounts, if any, paid for insurance during construction, .
all amounts paid under all construction, engineering, architectural ~
or other contracts, all payments incurred in acquiring machinery
and equipment and installing the same, and the cost of completion
and performance bonds;
(B) All amounts paid by the Company for reasonable
changes and substitutions under said plans and specifications; •
(C) All amounts necessary to reimburse the Issuer
and the Company for any work performed, materials purchased
or expenditures incurred pertaining to or in connection with
the Project or its operation prior to completion, including,
but without limiting the generality of the foregoing, the
charges of any architects or engineers for plans and speci-
fications for the Project, the cost of architectural or other
supervisory personnel in connection with the constructing
and equipping of the Project, the charges of any surveyors
or engineers employed to make plans or conduct tests or analyses
with respect to the Project. -
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~ Section 2.04. ACTION TO ENSURE COMPLETION OF PROJECT.
The Company covenants that it will ~ake such action and institute
~ such proceedings reasonably available to it as shall be necessary
to cause and require all contractors and material suppliers
to complete their contracts diligently in accordance with
the terms of said contracts, including without limitation
the correcting of any defective work, with all expenses incurred
by the Company in connection. with the ~performance_ of its
obligations under this Section to be considered part of the
cost of the Project, and the Issuer and the Trustee agree
that the Company may, from time to time, in the Issuer's
name, the Company's name or in the name of the Issuer and
the Company, take such action as may be necessary or advisable,
as determined by the Company, to ensure the construction
of the Project in accordance with said plans and specifications
and the installation of machinery and eguipment in accordance
with applicable contracts pertaining thereto, and to insure
the performance by the Company of all its covenants and obligations
~ under this Agreement, with all costs and expenses incurred
~ by the Company in this connection to be considered a part
of the cost of the Project. The Trustee and the Issuer will
~ cooperate with the Company during any efforts by the Company
to remedy a default by any contractor or subcontractor, provided
~ that the Company shall advance all costs and expenses reasonably
.
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