Agenda - 11-16-1993 - VIII-A (2)

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ARTICLE VII GENERAL COVENANTS Section 7.01. Payment of Revenues and Principal and Interest, Pledge of Trust Estate; Limited Liability. The Corporation covenants that it will promptly pay to the Trustee the Revenues and to.the Owners the principal and interest represented by every Bond executed and delivered under this Indenture at the place, on the dates and in the manner provided herein and in the Bonds, provided that the principal, premium, if any, and interest are payable by the Corporation solely from the Trust Estate, and nothing in the Bonds or this Indenture will be considered as assigning or pledging any other funds or assets of the Corporation or the County other than the Trust Estate. The Trust Estate is hereby pledged and assigned as security for the equal and ratable payment of the Bonds and will be used for no other purpose than to pay the principal of, premium, if any, and interest on the Bonds, except as may be otherwise expressly authorized in this Indenture or the Contract. No recourse will be had for the payment of the principal or interest represented by any of the Bonds or for any claim based thereon or on any obligation, representation, covenant, agreement or warranty contained in this Indenture, against any past,present or future officer, employee or agent of the Corporation, or any successor corporation, as such, either directly or through the Corporation or any successor corporation, under any rule of law or equity, statute or constitution or by the enforcement of any assessment or penalty or otherwise, and all such liability of any such officer, employee or agent as such is hereby expressly waived and released as a condition of and in consideration of execution of this Indenture and the execution and delivery of the Bonds. Section 7.02. Complete the Project and any Improvements. The Corporation covenants and agrees that it will cause to be diligently carried out and continued to completion in a sound and economical manner, with all practicable dispatch, the construction of the Project and any Improvements financed with the proceeds of Additional Bonds. Section 7.03. Use of Proceeds, Ownership, Management and Operation of Properties. The Corporation covenants and agrees that the proceeds of the sale of the Bonds will be deposited and used as provided in this Indenture; that it has, or will have as to the Project or any Improvements, title in fee simple to the Site; and that it will cause to be managed, maintained and operated all properties owned by it comprising any part of the Project or any Improvements in a sound and businesslike manner and that all necessary repairs, renewals and replacements thereto will be made. Section 7.04. No Priority. The Corporation covenants and agrees that it will not issue any obligations payable, either as to principal or interest, from the Net Revenues which have any lien on the Revenues prior or superior to the lien established under this Indenture and it will not issue any obligations payable as to principal or interest from the Net Revenues, which have any lien on the Revenues on a parity with the Bonds except as authorized herein. Section 7.05. Punctual Payment. The Corporation covenants and agrees that it will duly and punctually pay or cause to be paid the principal of and interest on each of the Bonds on the date, at the place and in the manner provided in the Bonds. Section 7.06. Payment of Taxes and Other Charges. The Corporation covenants and agrees that it will from time to time pay and discharge, or cause to be paid and discharged, all payments in lieu of taxes, service charges, assessments or other governmental charges which may lawfully be imposed on the Corporation or any portion of the Project or any Improvements, or on the Revenues from it, and will 24