|
Agreement to the Bonds and the Trustee shall be ineffective and neither the Trustee nor the Holders of any
<br /> of the Bonds shall thereafter have any rights hereunder,saving and excepting those that shall have heretofore
<br /> vested.
<br /> Section 8.04 Binding Effect. This Agreement shall inure to the benefit of and shall be
<br /> binding upon the City, the Borrower and their respective successors, heirs and assigns, and subject to the
<br /> further limitation that any obligation of the City created by or arising out of this Agreement shall not be a
<br /> general debt of the City but shall be payable solely out of the proceeds derived from this Agreement or the
<br /> sale of the Bonds. The Borrower shall not assign any of its rights in any this Agreement or any other Loan
<br /> Document except as contemplated in Sections 5.02 or 6.04.
<br /> Section 8.05 Amendments,Changes and Modifications. Except as otherwise provided in
<br /> this Agreement or in the Indenture, subsequent to the issuance of the Bonds and prior to payment of the
<br /> Bonds in full(or provision for the payment thereof having been made in accordance with the provisions of
<br /> the Indenture), this Agreement, the Indenture, Mortgage and the Subordinate Mortgage may not be
<br /> effectively amended, changed, modified, altered or terminated except as provided in the Indenture.
<br /> Section 8.06 Counterparts. This Agreement may be executed in several counterparts,each
<br /> of which shall be regarded as an original and all of which shall constitute but one and the same Loan
<br /> Agreement.
<br /> Section 8.07 Severability. In case any section or provision of this Agreement,or in case any
<br /> covenant,stipulation,obligation,agreement,act,or action,or part thereof,made,assumed,entered into,or
<br /> taken under this Agreement, or any application thereof, is for any reason held to be illegal or invalid,or is
<br /> at any time inoperable by reason of any law, or actions thereunder, such illegality or invalidity or
<br /> inoperability shall not affect this remainder thereof or any other section or provision of the Loan Agreement
<br /> or any other covenant, stipulation, obligation, agreement, act, or action, or part thereof, made, assumed,
<br /> entered into, or taken under this Agreement, which shall at the time be construed and enforced as if such
<br /> illegal or invalid or inoperable portion were not contained therein,nor shall such illegality or invalidity or
<br /> inoperability or any application thereof affect any legal and valid and operable application therefor from time
<br /> to time,and each such section,provision,covenant,stipulation,obligation,agreement,act,or action,or part
<br /> thereof,shall be deemed to be effective,operative,made,entered into or taken in the manner and to the full
<br /> extent from time to time permitted by law.
<br /> Section 8.08 Nonrecourse Liability of Borrower. Notwithstanding thstanding any provision or
<br /> obligation to the contrary set forth in any other Section of this Agreement(except Sections 4.03(b), 6.01,
<br /> 6.10, 6.22 and 8.10 to which the provisions of this Section do not apply), (i)the liability of the Borrower,
<br /> and the Sole Member,and any governor,manager,trustee,director,officer,employee,agent or shareholder
<br /> of the Borrower or the Sole Member(collectively,"Borrower Parties")under this Agreement shall be limited
<br /> to the Mortgaged Property or to such other security as may from time to time be given or have been given
<br /> for payment of the obligations under the Loan Documents or the Indenture(collectively,the "Collateral"),
<br /> and any judgment rendered against the Borrower Parties under any of the Loan Documents shall be limited
<br /> to the Collateral; and (ii) no deficiency or other personal judgment nor any order or decree of specific
<br /> performance shall be sought or rendered against the Borrower Parties,their successors,transferees or assigns,
<br /> in any action or proceeding arising out of the Loan Documents, or any judgment,order or decree rendered
<br /> pursuant to any such action or proceeding;provided,however,that nothing in the Loan Documents shall limit
<br /> the Trustee's ability to exercise any right or remedy that it may have with respect to any property pledged
<br /> or granted to the City or the Trustee,or both of them,or to exercise any right against the Borrower Parties
<br /> or any other person or entity on account of any damage caused by fraud or intentional misrepresentation by
<br /> the Borrower or any intentional damage of the property subject to the Mortgage. Furthermore,the Borrower
<br /> -56-
<br />
|