RES 94045A - Laserfiche WebLink

indemnification and to the repayment of advances andthe payment of fees and expenses as provided in Sections 507 and 804 of the Lease Agreement. Section 603. Action In the Event of Non-Payment of Lease Payments. Upon failure by the City [o pay any Lease Payment due on or prior to the Due Date pertaining to such Lease Payment, the Trustee shall transfer the unpaid amount of such Lease Payment from the Reserve Fund to the Payment Fund, as provided in Sections 301(c) and 304(a) hereof, and if necessary, the Tnrstee may exercise the Authority's remedies under the Lease Agreement, and any other remedies which Trustee may have by contract or by law The Trustee shall terminate the Lease Agreement at the written discretion of the Authority and in accordance with Section 402 of the Lease Agreement. Section 604. No Obligation by City to Owners. Except for the payment of Lease Payments when due in accordance with the Lease Agreement and [he performance of the other covenants and agreements of [he City contained in said Lease Agreement and the Trust Agreement, the City shall have no obligation or liability to any of the other parties or to the Owners of the Bonds with respect hereto or the terms, execution, delivery or transfer of the Bonds, or the distribution of Lease Payments to the Owners by the Trustee. Section 605. No Obligation for Performance by Trustee. Neither the Authority nor the City shall have any obligation or liability to any of the other parties or to [he Owners of the Bonds with respect to [he performance by the Trustee of arty duty imposed upon it under the Tmst Agreement. Section 606. No Liability to Owners for Payment. Except as provided in the Trust Agreement, neither the Authority nor the Trustee shall have any obligation or liability to the Owners of the Bonds with respect to the payment of the Lease Payments by the City when due, or with respect to the performance by the City of any other covenant made by them in the Lease Agreement. Section 607. No Responsibility for Sufficiency. The Trustee shall not be responsible for the sufficiency or validity of the Lease Agreement or for the sufficiency of the Trust Agreement or the Bonds, the assignment made to it of rights to receive moneys pursuant to said Agreement, or the value of or title to the Project. The Trustee shall not be responsible or liable for any loss suffered in connection with any investment of funds made 6y it under the terms of and in accordance with the Trust Agreement. 30 94a6901M.LA1