HomeMy WebLinkAbout0074 and governmental charges of any kind whatsoever that may
at any time be lawfully assessed or levied against or with
respect to the Aiortgaged Property and the Project, the interest
of the Company under this Agreement, the lands described
in Exhibit A and any additional lands subsequently made a -
part of the Mortgaged Property and the Project, or any machinery,
equipment or other property installed or brought by the Company
therein~~or thereon (including, without limiting.the generality
of the foregoing, all ad valorem taxes lawfully assessed
upon the real and persanal property constituting the Mortgaged ~
Property and the Project, all utility and other charges incurred
in the operation, maintenance, use, occupancy and upkeep
of the Mortgaged Property and the Project and all assessments
and charges lawfully made by any governmental body for public
improvements that may be secured by a lien on the Mortgaged
Property and the Project, and any taxes which may lawfully
be levied upon or with respect to the revenues or receipts
of the Company, except that with respect to special assess~ents
or other governmental charges that may lawfully be paid in ~
installments over a period of years, the Company shall be
obligated to pay only such installments as are current and
required to be paid while any of the Bonds sha11 remain outstand-
ing). Only that proportion of the above charges, taxes and
assessments which are applicable and apportionable to th~
Project shall be paid from Proceeds or be considered part
of the cost of the Project. -
If the Compariy shall first notify the Trustee of its
intention so to do, the Company may in good faith contest
any such taxes, assessments and other charges and, in the
event of any~such contest, may permit the taxes, assessments ~
or other charges so contested to remain unpaid~during the
period of such contest and during the applicable appeal period
or the conduct of an appeal therefrom unless the Trustee
shall notify the Company that, in the opinion of its counsel,
by non-payment of any such items the Mortgaged Property or
the Project or any part thereof will be subject to ir.~mediate
loss or forfeiture, in which event such taxes, assessments
or charges shall be promptly paid by the Company. The Issuer
and the Trustee will cooperate with the Company in any such
contest, provided that the contest is not adverse to the .
interests of the Issuer or the Trustee, and further provided
that the Company shall advance all costs and expenses reasonably
~ expected to be incurred by the Trustee or the Issuer against
any risk, claims or liabilities arising out of any such efforts. ~
The Issuer and the Trustee agree that any tax credi.ts
or tax deductions to which the Company may be entitled under
~ the Internal Revenue Code or any applicable rules or regulations
of the Internal Revenue Service with respect to any part
~ of the Mortgaged Property or the Project shall be made available
to the Company, and the Issuer and Trustee will cooperate
caith the Company in any effort by the Company to avail itself
` of any such tax credits or tax deductions, but neither the
` Issuer nor the Trustee shall have any responsibility or liabil-
ity for the Company's failure to receive any such tax credits
or deductions.
Section 4.06. ENFORCEMENT BY ISSUER AND TRUSTEE.
In the event the Company shall fail to (A) keep the Mortgaged
,
Property and the Project in as reasonably safe conditions
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