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0rdir»?llce <br />#he operaticn or admin3stration of the Ut3:litp bg tlie lrbunicipality vi° detault bq <br />the Municipality in per°!"ormance of t}Le terse and conditions of thia thaclinance <br />or of the Moi°tgage or the Bonds o <br />?hs Nox°tgage ehall also aontaiu cairensnta aa to p:°oApt and ttt ic3est <br />conatruation at t.hs Pr+oject' proper sainterAnce of Util3ty p=^opsrtiea and att'i- <br />cient operation thareof, artinterntace ot° title to eucti properties and of t?he <br />pi°iority of lien ot° the Morbgage, dispoaition of r?scessary or morn out prvperm <br />tiea, muinEen4zice of adequtoe fnsuranae upAU tttility properties, recoxlatian of <br />the 1Kortgage and aV supplement thereto, c.carpliance with applicable requiramente <br />of lax, and $uch other covenants as meyr be necea8ary or appropri.ate t'or tha due <br />protection of the rights and aecurity of the holders of the Bonde. <br />Said Moi*tgage shall contain appropriate provisions whereby the Munici- <br />pality, by orditsattce of its council and xith the written consent of the hold*ra <br />of not leaa t.han 66-2/3% in aggregate principsl amount of outstarrdirg Hotxls <br />(esclnding Bonda held or owned by the Municipality), may modify or amAd ary <br />coveritnt, cosrdition or proviaion of the Mortgage or anq, aupplemer?t thereto ea <br />long ae such action shall not reault in changing thq redempticm pravisions ar <br />iatereat sud principal matu:°ity dsfi,ea nor radncing the principal aanaunt br <br />modifyiag bhe righta or obligation$ of the Trvstee without ita cons6rrt, nor <br />x°edncing the percentage herein epecified, nor impwaing upon aW part of t.hs <br />properties or revenues of the Utility deacribed in the Nbrtgage or &W~supplernt <br />thereto anpr mortgage ox° lien ranking prior to the lien of the Mortgage. <br />In the'event of the foz°eclosure of the Mortgage, the purchaeer or pur- <br />chasers at snch foreclosure sale shall be entitled to operate the IItility as <br />improved ox° extended uncier the tertas of the following franchiae, which ia 2ereby <br />orciained arA establi:ahed to t,ake effect iaraediately upon the confirmstion of <br />such t'ore c7.oant2°e setle9 to wit e <br />FRAHCHISE TO CONSTRUCT, MAINTAat ANID OPERATE A PUBLIC <br />UTILITY 1N JIND FC3ft 2aE MtJNICIPALIT7fs, UAN, AIANG AND <br />` tRiDER THE 3TRUl3, IA1+1?3, AI+LBYS, AVMFS AND OTHEEt <br />PUBI.IC TfIE?ROUGHFAM OF TRB MEIl1I1CIPALITY, AND TO 1rI7C <br />uNn"'.TREScx? TIM 7EM aND cormrrioits vxxnER wHIcK <br />UM OMATION . SHALL HE COMUCTBD.a <br />Section As Hereaftar when the word "graatee" appeara in thia tranch3ae, <br />it ehall be held to aean and isiclnde the pamhaaor or purchasmrs at ajwticisl <br />sale upon Yareclasure of the mort,ga;ge on t.he municipal Utility reterrad to. io <br />the Ordiasnce grsrttiag thia Yranchise and anp?;pei°aon, aaaoc3stion of persomr, <br />partn+erahip or corporatiQa who slyall, upoaa auch forecloanre, beemae the *Nqrr <br />of sai,d public utility by aaisigtAwnt lroA aaird purchaser; and thU franchisip <br />shall itwre to the benetlit of auck peraon, asaociatiotts partnerahip or corpora- <br />tioA mid their heira, executara, adminiatratora, auccesaors and asaigaeo <br />2.j <br />?'