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<br />the entire amount o? outstanding Eoncis due ?.;?d pay?.ble, ar.d proceed ?o ?orec' osc
<br />? the Pdortgage; but such prov3sion shall be subject to the condit:.or; that iz' at a.r.y
<br />tim after the principa,l of said Bor.ds r.^,ay have been so declared duc and payable,
<br />and bc:fore there ,:iall have bcen any sale of the propertie:, raortLaCed tncreu:ldcr, all
<br />U'.?,,nG pa;fable under the Mortgage, except the principal oF Donds ;;lzereby z;ecu-red which
<br />have not reAChed their rnaturity dates, shnll hwve bee:: duly na,ici and al.l cr.istir.;;
<br />defaults shall 'nave been mde C;ood, then and in evcinj cucli casc suc.-: pa,,rmcnt shall
<br />COi.1s:,1tUtG aiaaiver Oi such deiaLLZ.t ?:,I:a :i.'ri COT!:;GCUCriCCS; i?il:']O ^1?.i'?`i ?:`,LVGY' .^,r2,^.,].1.
<br />cs L-end to or aj°1'ec t; yany cubsequent dc,' _ui t :zor :l - a? _ ?;.?:o:.;cc?uena.
<br />? tnc:rcon.
<br />Thc Mori;-a,re sha11 contain tlic u;;ual covcna:.6a ar.cl, to rore-
<br />cloGure and salc and as to other z•r2c;cdic;, oi i::ie Truc:,,cc ?.n:? :bor:df.olcier;;, -.rid
<br />Provide for tl:e ?,ppoini:r?.c:nt ci' :? rcceivcr tirit;:z r,o?.re, s cu„ LG?;?+I' ir. ?encr. al
<br />equity caaas to apcrate the a?:d ;,o anp;- thc rc,Yen;ic:; trereof ±;o the
<br />PaYmnt o.C the i3onci;; aiZCl i::tc,•,_::-t -, accorciance i.ri_i;n t:i:is oruinar.cc and the
<br />provi;;ions of the Mortga,"e, in eve:,t, r,i .1 L.,;1--ation involviri; tiec oAera",;ion or
<br />adrninistration of: the U•tility by ?hc :?nior defaul.'Ll b;; the iiuniciPal:Cty
<br />in performa.nce of the terms and conditio.:_, of' thio Ordinwncc or of the Morteage
<br />or the Bonds.
<br />The Mortgage sha,ll also contain --ove .ants az to prcr:lp-L- azid ef:Cicic::zt
<br />construction of the Pro,ject, proper ::aintcnance ol L'tility properties ai:deffi-
<br />cient operation thereof, m3,intena,nce of title 1;o such propertics and of the
<br />priority of licn of the Mortgage, d-?spositior. of u.necessa:cf or worn out proper-
<br />ties, r:aintenance of adequate insurance uror. Utility properties, recoruation of
<br />the Mortgage and any supplemnt thereto, coMpliar:ce with applicabie requiremnts
<br />of la,w, and such other cove:la,nts as may be necestiary or appronriate for the due
<br />protection of the rights and security of the holders of the Bonds.
<br />Said Mortgage shall con-tain appropriate provisions whereby the Munici-
<br />pa,lity, by ordinance of its council and with the written consent of the holders
<br />of not less than 66-213y6 i,n aggregate prircipal a,mount of outstand? .zg Iionds
<br />(excluding Bonds held or owned by the ?dunicipality), may modifly or amend any,
<br />covenant, condition or provisior? of the AZor;,gage or any supplernent t.iereto so
<br />long as such action shall not result in chan,ing the redemption prDv3.sions or
<br />interest and princijoa,l ma,turity dates nor reducini-, the pri :ci??a.l cr,ount or
<br />modiflying the rights or oblfgations ol the Trustee taithout its consent, nor
<br />reducing the percentage herein specified, nor imposing upon any part of the
<br />properties or revenues of the Utility described in the :nortgage or any supplemant
<br />thereto any mortgaae or lien ranlsing prior to the lien of the Mortgag+e.
<br />In the event of the foreclosu..?e of the Nlortoage, the purchaser or pur-
<br />chasers at such foreclosure sale shall be entitled to operate the Uti].itf as
<br />improved or eYtended unaer the ter:n, of the foll.owing franchise, which is hereby
<br />ordained and established to take el'I"ect immediately upon the caniirma,tion of
<br />such i'oreclo;ure salE, provided that in the eve,lt the proceedin;;s fo-r -`.'ore-
<br />closure or the Mortgage include forecloyure of the Prior Mort;wge, the purchaser
<br />sha17. operate the Utility under the fra,nchise provided in Ord.ina:zce 110. 3146 of
<br />the Municipality authorizing the OutstandinC Is-ue aLn,j,CJJ said purchaser shall
<br />notify the Municipa,lity in writinr,, prior to confir?:..tion by the court of the sale
<br />upon foreclo3ure of the propertics covered by said :fcrt.-a;;e, that he intends to
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