1983-102 - Laserfiche WebLink

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Representative, shall be filed with the Trustee and unless such revision and the expenditure of money from the Project Pund to pay the Cost of the Project in accordance with such revision will not impair the exemption of interest on Outstanding Oonds from federal income taxation and would not result in a material change in the nature or quality of construction of the Project. The Borrower shal l cause construct.ion anj equipment •~f the Project to be performed under a construction contract or contracts with reputable contractors licenseJ to do business in the State. Any anJ all amounts rece~veJ by the Oorrower from any of the construction contractors or other suppliers of mat erials and equipment, by way of damages for breach of contract, refunds or adjust~ents, shall become part of and be Jepositetl in the Project Fund , Section 3.3 Disbursements from the Project Fund. From the proceeds derived from the sale of the Bonds and herein loaned to the Borrower, and other funds available therefor, the Oorrower ...,ill pay the Cost of the Project in accordance with this Agree- ment. The Issuer has, in the Indenture, authorized ann directed the Trustee to use the money in the Project Funci for the payment of the Cost of the Project. Each such payment shall be made only in accordance with Section 4.3 of the Indenture and the Construction Loan Agreement. Section 3.4 Warranty of Suitability by Borrower; Borrower Required to Complete Pro ject in Certain Events. The 13orrower recognizes that since the Plans and Specifications for constructing and equipping the Project are furnished by it, and since the items of personal property are selected by it and are to be installed in accordance with i.ts directions, the 13orrower warrants the Project will be suitable for the purposes intendeu, and that the proceeds derived fro1n the sal':! of the 13onL1s will be applied in full to pay Project Costs. 1n the event the proceeds derived from the sale of the Bonds including proceeus, if any, from Additional Bonds, are insufficient to pay in full all Project Costs, the Borrower shall be obligated to complete t-.he Project at its own eKpense and the □orrower shall pay any such deficiency anJ shall save the Issuer dhole and harmldss from any obli 3 ation to pay such deficiency. 'rhe l3orrowor shall not by r~ason of the payment of such defici,~ncy from its own fumls be entitlell to any ,liminution or postponement or abatement of the Loan Payments hereunrler, nor shall the Borrower be entitled to any reimbursement from the Trustee or the holders or owners of ;my of the i3onds for c1ny such payment. Section J.5 Dorro~er to Pursue Remedies Aq~inst Con- tract.ors and Subcontractors and Their Sureties. In the event -17-