1982-140 - Laserfiche WebLink

Home Browse Search

66 or material furnished prior to the date of the requested payment for the Improvements. The Depository shall be entitled to rely conclusively upon the information stated in a requisition or certificate, and the Depository shall not have any responsibility to make any inspection of the Project, to confirm the information set forth in any requi- sition or to inquire as to the application of Bond proceeds. A copy of each such requisition and certificate shall be mailed by the Proprietor to the County on or before the dates on which the Proprietor presents the same to the Depository. Any money or other assets remiining in the Project Fund at the Completion Date (as defined in the Loan Agreement) shall be applied by the Depository, on behalf of the County, as provided in Section 12 hereof, to the prepayment of the Bond pursuant to its terms. Section 10. Ownership; Instruments of Further Assurance. (a) The County and the Proprietor each covenant that as and when properly requested in accordance with the respective terms thereof, they will do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered such further acts, instruments, conveyances and transfers as may reasonably be required for the better assuring, transferring, conveying, mortgaging, pledging, assigning and confirming to the Bondholder all and singular the rights and security assigned to the Bondholder to assure the payment of the principal of and interest on the Bond. (b) The Proprietor covenants and agrees that, except as provided or contemplated herein and in the Loan Agreement, it will not create or grant any other security interest in the Chattels or lien on the Mortgaged Property and will not sell, assign, convey, mortgage, encumber or otherwise dispose of any part of the Chattels. (c) The County covenants and agrees that, except as pro- vided or contemplated herein or in the Assignment of Rights, the Mortgage and Security Agreement, and the Loan Agreement, it will not sell, assign, convey, mortgage, encumber or otherwise dispose of the revenues and receipts from, or its other rights under, the Loan Agreement, the Company Guaranty, the Personal Guaranty, the Assignment of Rights, the Lease, the Lease Assignment, or the Mortgage and Security Agreement. Section 11. Investment of Project Fund and Other Money. Any money held as any part of the Project Fund or other special -13-