HomeMy WebLinkAbout0098 whether the Trustee shall be protected in relying on any
such demand, request, direction, consent or waiver only Bonds
which the Trustee knows to be so owned shall be disregarded.
Bonds so owned which have been pledged in good faith may
be regarded as outstanding for the purposes of this Section
if the pZedgee shall establish to the satisfaction of the
Trustee the pledgee's right to vote such Bonds and that the
pledgee is not a person directly or indirectly controllinq f
or co~trolled by or under common controZ with the Company
or any other obligor on the Bonds or guarantor thereof or i
of the perfvrmance of this Agreement. In case of a dispute
as to such right, any decision by the Trustee taken upon ;
the advice of counsel shall be full protection to the Trustee.
Section 9.20. AGREEMENT APPLIES EQUALLY TO RESOLUTION.
All rights~, immunities, privileges and li.mitations on liability
set forth as to the Trustee under this Agreement apply equally
to the Trustee's responsibility under the Resolution.
ARTICLE X
CONCERNING THE MORTGAGED PROPERTY
~ Section 10.01. VESTING OF INTEREST IN ISSUER. The
Company agrees and covenants that this Agreement, when executed
and delivered, will create in and vest in the Issuer an interest
in the Mortgaged Property not o~ less dignity than a leasehold
interest, and'such interest, estate, rights and title in
the Mortgaged Property described in Exhibit A attached hereto
and the Project situated thereon will enable the Issuer to ~
issue the Bonds, secure the repayment of the Bonds, cause
to be constructed the Project, and se11 the Issuer's rights, _
title and interest in the Mortgaged Property and the Project
to the Company on an instal].ment purchase agreement in the
manner provided by, and in full compliance with, the Act.
So long as this Agreement is in effect the interest of the
Issuer in the Mortgaged Property described in Exhibit A shall
always be paramount, senior, and superior to the interest
of the Company and all persons or corporations claiming by
or through the Company subject, however, to the Company's
rights under~the terms of this Agreement so long as the Company '
is not~in default under the terms of the Agreement.
Section 10.02. ADDITIONALLY SECURED BY MORTGAGE;
FORM THEREOF. The repayment of the $1,000,000 St. I,ucie
County Pollution Control Revenue Bonds (TreeSweet Products
Co. Project) Series 1972, and the repayment of the Concurrent
Parity Bonds, the interest and the applicable redemption
premium of each issue, if any, the payrient of the purchase
price specified in Section 3.03 hereof and the purchase price
specified in the various documents of the Concurrent Parity
Bonds,~the payment of all sums of money required to be paid
by the Company or the Issuer or either of them under both ;
issues, and the performance of all obligations imposed by -
this Installment Purchase Trust Agreement upon the Company
or the Issuer and the performance of all obligations imposed
by the various documents of the Concurrent Parity Bonds upon
the Company or the Issuer are additionally secured by a first
mortgage encumbering the Mortgaged Property and the Project
including the land, buildings, structures and improvements
thereon and made a part thereof, and machinery, equipment,
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