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Agenda - 06-24-1986
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Agenda - 06-24-1986
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10/11/2016 2:43:46 PM
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BOCC
Date
6/24/1986
Meeting Type
Regular Meeting
Document Type
Agenda
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(b) Upon delivery of an opinion of Counsel to the effect <br /> that, by non-payment of any levy, tax, assessment or other <br /> charge, the lien of the Security Agreement as assigned under the <br /> Assignment or any part of the payments to be made under this <br /> Agreement or the Note will not be materially endangered and that <br /> the Project or any part thereof will not be subject to loss or <br /> forfeiture, the Company may, at its expense and upon notice to <br /> the Authority and the Holder , contest in good faith any such <br /> levy, tax, assessment or other charge and in such event may <br /> permit the items so contested to remain undischarged and <br /> unsatisfied during the period of such contest and any appeal <br /> therefrom. In the absence of such an opinion, the Company shall <br /> promptly pay or bond and cause to be satisfied or discharged all <br /> such unpaid items or furnish, at the expense of the Company, <br /> indemnity satisfactory to the Holder . The Authority, at the <br /> expense of the Company, will cooperate fully in any such contest . <br /> (c) The Company shall furnish the Authority and the Holder, <br /> upon request, with proof of payment of any taxes, governmental <br /> charges, utility charges, insurance premiums or other charges <br /> required to be paid by the Company under this Agreement . <br /> (d) The Company hereby authorizes the Authority and the <br /> Holder to make any payment required to be made by this Section, <br /> and any sums so advanced shall attach to and become part of the <br /> debt secured hereby, shall become payable at any time on demand <br /> therefor and, from the date of the advance to the date of <br /> repayment , any sum so advanced shall bear interest at a rate per <br /> annum equal to the Alternative Rate of Interest . <br /> 18 . <br />
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