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Home My WebLink About1819 r . _.~..a..__ _ . . ~ . ~ _.,.,..a.~...a,.....-"•. . - . . . . - c . . . . _ , ~ ~ .r' ~ ~aS 18 f ~ ~~~•~'Q~, . ~ expendituree therefor, and whether, and if eo in whe?t re8peat and to what extent, any default eaciete here- • under; or i (b) a~ainst Property Additions, upon receipt of (1) a cartificate pursuant to Sectiote 12.05(1) evi- dencing s Gross Amount of Property Additione equal to the ~unount of euch moneys then to be paid to the Company and (2) an Officere' Certificate stating whether, itnd if eo in what r~epec:t i?nd to what extent, ar~y default exests herewxier. S , ~ Any balanoe of aueh monays not repaid by tha Trustea to the Company within 12 montha fmm the date at ~ which received by the Truatee, or within such period thereafter ae the Truatee may ellow, or earlier at the ~ t~equeat of the Company, sha11 t~e applied by the Trust,ee as scwn as conveniently may be to the retirement of bonde of the earliest maturitiea then outstanding at the redemption price thereof then in e~'eat and in the manner and with the effect apeaified in Artiele 4 hereof. Any euch moneye equal to or leee t6an i5,0(l0 in aqy ~ one case tn~y be paid to and retained by the Comp~qy, and the Company agrcee that it vvilt uee the eame for ` the gurpor~ of repairing, replacing or adding to the mortgeged property. At any time when a default eziste ~ ~ , hereunder to the knowledge of the Trustee, the Tnrstee may in its discr8tion permit the wit.hdrawa! of cash { , by, or tha payment of in$urance pra~eda to, the Company pureusut to the pmvisione of thie ~ection, but ~ . ~h~ll not be required so to do. . ~ { . ~ - t ; SECI'ION 3.18. The Compsny will carry and kecp cr will caeise General Development Corporation to keep ~ in force insurance with responsible insurers in sueh smount8 ae the Company ahall deem necessary to proteet the ~ Company againat liability by reason of tha death or injury of persona or damage to the property of othera occurring in Lhe operation of the Company's buaineae, and to ptotect the Com n ~ . P~ Y~inst lisbility arising f under any eo-c,~Iled woskmen'e compensation laws or eimilar lawe. All eueb insurance ehall be msde payAble to ~ the Company and any proceeda thereof shail be applied by the Company to the diseharge of the liability on ~ acr,ount of whieh such insur~nce pmc~eds vrere received, and the Trustee shall not be under say duEy with ~ respeet to the maintenance of any insurance of the character mentioned in thi$ eection or the eollec~ion or di~- position of the pmc.eeds thereof. A schedule of all sueh polieies of insurance ~ahall be filed with t~ Z~ustee. ~ ; ; ~ i SECriox 3.19. All ealsriea or other compensation p~id by the Company to officers and emptoyees of the ~ Company will be reasonable in relation to the value feo the Company of th~ eervices rendered by euCh peraon and se mea8w^ed by salaries peid for simitar eervices by other publio utility vom~nies of like size aad oharaeter. ~ The ~ompany will not mske anq loans to aqy of its offiaere and employeee except losns made in t,he ueasl oouree OI I~8 D1IB1I1~8. Ally iee~3 ~aiu iiuu8i &uj aa?wa,w6~~a,.......,.~......:~ - *r~.*+_?fanninnstl tarpit~ ~•,n~*~~ ; nr for e~ervic~ reAdered ~ by General Dcvelopment Corporation, shall be ret~nable ae meaeu~ed by the nature and extent of f,he eervicee ~ i performed and ahargee made for sunilar eervic~ to other compania of similar aise and aha?~euat~er. ` ; ; f ~,~crzox 3.2Q. The Company will not acquire any property subject to Prior Liens if the sggregate smount ~ ; of Priqr Lien Bonds outetanding after euch acquisition will j ~ ; ~ ; . (i) b~ in excess of 25% of the aggregats amount of bonda at the time outefanding hereunder, or ! , . . . . ('ri) exceed 60% of the coet or f~ir value of such pmpertq, ahichever ~ laee, unleee there ehall be ~ filed wif,h the Trustee a certific~te pureue~nt to $ection 22.Ob(1) evi~encing a Gmea Amount of Pmperty ~ ~ Additions in an am~unt nat leea than 166~§%a of euch excese sud all Pmperty Additione certified for such pur~ee ahsll cotu~titute Funded Propert~. ~ .o Y, - . i . . . . ' The Company will psy and retira All Prior Lien Bonde ai or before nnaturity, will eomply with ~Il oovenuats snd pmvieions of raortgag~e or other inetrumente ee~ouring euch Bonde and upon the msteuity of sll Bo~a : eec~tred bq euch mortgagea or otber inetrument~ it will aauee euah mortgagee or other i~tevmeate to be effeo- • tively eatis$ed sad dieaharged of reoord, e~nd the Company rvi11 not ieaue ~ny eiddi~ionat Pcior I.i~t Bonci. unckar . ` any wch mortga~e or other inatrument. • ~ . . , . . . - . _ ~ . . . } : 13 ~ ~ " ~ i ~ ; i~ . '=f~~.~~ .~.I . ~ i ~ ' ' . ji J` • ' . ~ ; - ' ~j j ~ . • ~ i . . . ~g. - ~ ' - -r.:.,4