HomeMy WebLinkAbout0075 as its operating conditions will permit or keep the equipment
in good repair and good operating condition, (B) pay or cause
to be satisfied and discharged or removed any mechanics'
or other liens filed or established against the Mortgaged
Property or the Project, (C) pay any lawful taxes, assessments
or other governmental or utility charges, or (D) maintain
the required insurance or provide evidence of renewal of ~
such insurance thirty (30) days before expiration thereof, ~
the zssuer or the Trustee may (but shall be under no obligation
to) take such action as ~ay be necessary to cure such failure,
including the advancement of amounts of money, and all amounts
so advanced therefor by the Issuer or the Trustee shall become
an additional obligation of the Company to the one making
the advance, which amounts together with interest thereon
at the same rate as that applicable to the Bonds, from the
respective dates of the making of such advances, the Company
agrees to pay on deMand, and which obligations shall be secured
- by the Mortgage and have priority over the Bonds and the '
Concurrent Parity Bonds. .
Section 4.07. RELEASE AND INDEMNIFICATION COVENANTS.
The Company releases the Trustee, the Issuer, the Board of
County Commissioners of the Issuer and each individual member
thereof from and covenants and agrees that the Trustee, the
Issuer, the Board of County Commissioners of the Issuer,
and each individual member thereof shall not be liable for,
and the Company agrees to indemnify and hold the Trustee,
the Issuer, the Board of County Commissioners of the Issuer
and each individual member thereof harmless against, any
liability, loss or damage to property or any injury to or ;
death of any person occurring on or about, or resulting from
the construction or operation of the Project or the Mortgaged
Property or the use thereof or any defect in, the Mortgaged
Property, the buildings, the equipment or the other improvements
on the Mortgaged Property, provided, that the indemnity provided
in this sentence shall be effective only ta the extent of
any loss that may be sustained by the Trustee, the Issuer,
the Board of County Commissioriers of the Issuer and each
individual member thereof in excess of the Net Proceeds received
from any insurance carried ~aith respect to the loss sustained,
and provided further, that the indemnity shall not be effective ;
for damages that result from gross negligence or intentional '
wrongdoing on the part of the Trustee, the Issuer, the Board~
of County Commissioners of the Issuer and each individual
member thereof nor their agents or empZoyees. To this end,
the Company will arovide for and insure, in the public liability
policies required herein, not only its own liability in respect
of the matters there mentioned but also the liability herein
! assumed to the extent that such insurance is obtainable.
ARTICLE V
DA'IAGE, DEST?2UCTION AND CONDEMNATIOIJ ±
Section 5.01. OBLIGATION IN EVENT OF DArSAGE OR DESTRUCTION.
So long as any of the Bonds remain outstanding under the
terms of the Resolution, if the Mortgaged Property or the
Project or any of the equipment is destroyed (in whole or
in part) or is damaged by fire or other casualty, the Company
shall be obligated to continue to pay the~installments upon
the purchase price as specified in Section 3.03 hereof.
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