65-217 Ordinance - Laserfiche WebLink

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. . ??-a?7 . _7_ . ? the entire amount of outstanding Bonds due and payable, ar.d nrocecd to ioreclose the Mortgage; but such provision shall bc sub ject to the condition that if at ar_y time after the principal of said Bor.ds may rave b°en so declared duc anu payable, and be:fore there siiall have been any sale of the proi cr-ties i?,ortgaged thcreunder, all sums payable under the MortGage, except the principal of Londs thereby aecvscci tirilich have no-t reaehed their raaturity dates, shall have been ciuly naici and a11 existing defaults shall h-ave been raade Good, then and in eve-ry such case such nayment snall constitute a wa3ver of such default and its consequonce-s; but no cuch waiver cha.ll extend to or affect any subsequent de-fault nor impair any }•i-hts consequent thereon. The blortgage shal.l contain the usual cover.ant:, ar:d p.roviUions a: to lore- clpsure and sale and as to other remedies or the Tructce and bondl:ol.ders, and sha11 provide for the appointrrwnt of a recciver wilth powers cu.;torna.ry in General equity cases to operate the Utility and to apply the rcvenucs thereof to the pa,yment of the Bonds and intercoi; thereon, in accoz•dance i-rii;h i;hir, ordinancc and the provisians of the Mortgage, in eve:,t oi' 1:i?ilcation involving tlle orx:ration or administration of the U-tility by the Muni::ipality or defaul.t by the Munici}ality in pc:rformance of the terms and conditions or this Ordinancc or of the Idortgage or the Bonds. The Mortgage sha11 also contain cove;ants as to prornpt and efricient construction o:f the Project, proper -,mintenance oF Utility propertiea andeffi- cient operation thereof, maintenance of title to such properties and of the priority of lien of the Mortgage, di'sposition of unneceSsary or worn out proper- ties, maintenance of adequate insurance upcn Utility properties, recordation of the Mortgage and any supplement theruto, coMpliance with applicable requirements of law, and such other covenants as may be neces:ar'y or appropriate for the due protection of the rights and security of the holders of the Bonds. Said Mortgage shall contain appropriai'le provisions vnereby t"'hie Munici- pality, by ordinance of its council and with the ,,•ritten consen"t of the holders of not less than 66-2/3% in aggregatc principa.l amo•ant oF outs -ltandir.g }3onds (excluding Bonds held or owned by the r•':ur:ic-Lpality), my mod:*Lf?, or amend any, covenant, condition or provision of the 2,?ortl-w,-,e or any supplem.ent tliereto so 7.ong as such action shall not result in char_,-ing the redemption provisions or interest and principal maturity dates nor reducing the prir.cinal a:.^.ount or modifying the rights or obligations oy the Trustee without its consent, nor reducin;the percentage herein specified, r.or imposing upon wny part of the properties or revenues of the Utility described in the P?`.ortgage or any supplement thereto any mortgage or lien ranking prior to the lien ol the Mortgage. In the event of the foreclosure of the Niort;age, the purchaser or pur- ? chasers at suchfbreclosure sale shall be entitled to opcrate the Utility as improved or e:tended under the ternis of the followin,; :?ranc:?ise, %•:hich is hereby ordained and established to take effect i=nediately upon the coni'iriiL.tion of such foreclosure sale, provided that in the event the procecdinr-s fo-r fore- closure of the Mortgage include foreclosure oi' the Prior idort;age, the purchaser shall operate the Utility under the franchise provided in Ordinance No. 3146 of the MunicipFZlity authorizing the Outstanding Issue LLTLleJJ said purchaser shall notify the 14unicipality in writin.g, prior to confirmation by the court of the sale upon toreclosure of the properties covered by said Mcrt,-aGe, that he intends to