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1987-139
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1987-139
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9/2/2022 9:33:01 AM
Creation date
9/1/2022 9:39:10 AM
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Resolutions
Resolution Number
1987-139
Approved Date
11/24/1987
Resolution Type
INDUSTRIAL DEVELOPMENT REVENUE REFUNDING BONDS
Subject
financing the acquisition of a Health Care Facility by Fl. Convalescent Centers, Inc.,
consisting of an 91-bed Nursing Home providing for issuance by ORC
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s <br />ARTICLE VI <br />Concerning the Trustee <br />Section 6.01. Trustee Entitled to Indemnity. The Trustee shall be <br />under no obligation to institute any suit, or to undertake any proceeding <br />under this Indenture, or to enter any appearance or in any way defend in <br />any suit in which it may be made defendant, or to take any steps in the <br />execution of the trusts hereby created or in the enforcement of any <br />rights and powers hereunder, until it shall be indemnified to its <br />satisfaction against any and all costs and expenses, outlays and counsel <br />fees and other reasonable disbursements, and against all liability. The <br />Trustee may, nevertheless, begin suit, or appear in and defend suit, or do <br />anything else in its judgment proper to be done by it as the Trustee, <br />without indemnity, and in such case the Issuer shall reimburse the trustee <br />from the Revenues for all cost and expenses, outlays and counsel fees and <br />other reasonable disbursements properly incurred in connection therewith. <br />If the Issuer shall fail to make such reimbursement, the Trustee, upon at <br />least five (5) days' prior written notice to the Borrower, may reimburse <br />itself from any moneys in its possession under the provisions of this <br />Indenture (other than amounts on deposit in the Debt Service Fund so long <br />as the Credit Facility is in effect and the Credit Facility Provider has <br />not wrongfully failed to honor any demand for funds under the Credit <br />Facility) and shall be entitled to a preference therefor over any Bonds <br />Outstanding hereunder. <br />Section 6.02. Responsibilities of Trustee. The recitals contained <br />in this Indenture and in the Bonds shall be taken as the statements of the <br />Issuer or the Borrower (as the case may be) and the Trustee assumes no <br />responsibility for the correctness of the same. The Trustee makes no <br />representations as to the validity or sufficiency of this Indenture or of <br />the Bonds or in respect of the security afforded by this Indenture, and <br />the Trustee shall incur no liability in respect thereof. Except as <br />otherwise provided herein, the Trustee shall be under no responsibility or <br />duty with respect to: (i) the issuance of the Bonds for value; (ii) the <br />application of the proceeds thereof except to the extent that such <br />proceeds are received by it in its capacity as Trustee; or (iii) the <br />application of any moneys paid to the Issuer or others in accordance with <br />this Indenture except as to the application of any moneys paid to it in <br />its capacity as Trustee. <br />The duties and obligations of the Trustee shall be determined by <br />the express provisions of this Indenture, and the Trustee shall not be <br />liable except for the performance of such duties and obligations as are <br />specifically set forth in this Indenture. During the existence of any <br />Event of Default- that has not been cured the Trustee shall exercise any <br />of the rights and powers vested in it by this Indenture. At all times the <br />Trustee shall use the same degree of care and skill in their exercise as a <br />prudent man would exercise or use under the circumstances in the conduct <br />of his own affairs. <br />- 41 - <br />
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