1985-078 - Laserfiche WebLink

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ments of this resolution and any supplemental resolution; and ® (2) may sell, lease or otherwise dispose of any portion of the properties of the Project which shall have become unserviceable, ®� inadequate, obsolete, worn out or unfit to be used in the opera- tion of the Project or no longer necessary, material to, or use- ful in such operation. 1. INSURANCE. The Issuer. shall carry insurance on the properties comprising the Project of the kinds, against such risks, accidents or casulaties, and in at least the amounts, which are usually and customarily carried upon similar properties, including, without limiting the generality of the foregoing, fire, extended coverage and general liability, and also all additional insurance covering such risks as shall be deemed necessary or desirable by the Issucr; provided, however, that in lieu of carrying such insurance, the Issuer may self - insure to the extent customary with like properties. In the event of any loss or damage to the properties of the Project covered by insurance, the Issuer shall with respect to each such loss, promptly repair and reconstruct to the extent necessary for the proper conduct of the operations of the Project, the lost or damaged portion thereof, and shall apply the proceeds of any insurance policy or policies covering such loss or damage for that purpose to the extent required therefor, unless such repair and reconstruction is not necessary for the efficient operation of the Project. J. ADDITIONAL OBLIGATIONS. Except as provided below, the Issuer hereby covenants and agrees not to incur any other obligations or indebtedness, except refunding obligations, payable from the same source, or any portion thereof, as the Bonds, unless such obligations contain an express statement that such obligations are junior and subordinate in all respects to the Bonds herein authorized as to lien on and source and security for payment from the Pledged Funds, or the applicable portion thereof. -28-