RES 94045A - Laserfiche WebLink

Trust Agreement, and the Trustee shall not be answerable for the default or misconduct of any such attorney, agent, or receiver selected by i[ with reasonable care. The Trustee shall be fully reimbursed by the City for reasonable expenses incurced in hiring attorneys, agents or receivers in connection with the performance of its obligations under the Trust Agreement. Before taking any action hereunder the Trustee may require that a satisfactory indemnity bond or other indemnity satisfactory to the Trustee be furnished for the reimbursement of all expenses to which it may be put and [o protect it against all liability, except liability which is adjudicated to have resulted from its negligence or willful miswnduct; provided, however, the Trustee shall not seek such indemnity prior to making payments on the Bonds other than payments on the Bonds made after an event of default has occurred and is continuing under the Lease Agreement. The Trustee, prior to the occurrence of an event of default, and after the curing of all events of default which may have occurred, undertakes to perform only such duties as are specifically set forth in this Tmst Agreement. The Trustee shall, during the existence of any event of default (which has not been cured), exercise such of the rights and powers vested in it by this Trust Agreement, and use the same degree of care and skill in their exercise, as a pmdent person would exercise or use in the conduct of such person's own affairs. The Tnstee shall not be deemed to have knowledge of an event of default under the Lease Agreement until it has actual knowledge thereof, or until notified in writing of such event of default. Section 404. Payment from Trust Estate Only. All payments to be made by the Tmstee under and pursuant to this Agreement shall be made only from the corpus, income and proceeds of the Tmst Estate and only to the extent that the Trustee shall have received sufficient contribution, income and proceeds in accordance with the terms of this Trust Agreement. Section 405. Merger or Consolidation. Any company into which the Trustee may be merged or converted or with which it may be consolidated or any company resulting from any merger, conversion or consolidation to which it shall be a party or any company to which the Trustee may sell or transfer all or substantially all of its corporate trust business, provided that such company shall be eligible under Section 401 hereof, shall be the successor to the Trustee without the execution or filing of any paper or further act, anything herein to the contrary notwithstanding. 9406901M.LAl IS