Common use of Mortgaging of Project by Board Clause in Contracts

Mortgaging of Project by Board. The Board may mortgage the Project to the Trustee as security for the payment of the Bonds, subject to this Lease Agreement (which shall be superior to the Mortgage), all as provided in the Mortgage, and may assign its interest in and pledge any monies receivable under this Lease Agreement to the Trustee as security for payment of the principal of and the interest on the Bonds. The Board may in the Mortgage obligate itself to follow the instructions of the Trustee or the holders of the Bonds or a certain percentage thereof in the election or pursuit of any remedies herein vested in it. In the event the Board's interest in this Lease Agreement is so assigned and pledged to the Trustee, the Trustee shall have all rights and remedies herein accorded the Board and any reference herein to the Board shall be deemed, with the necessary changes in detail, to include the Trustee, and the Trustee and the holders of the Bonds shall be deemed to be third party beneficiaries of the covenants and agreements of the Company herein contained. Subsequent to the issuance of the Bonds and prior to their payment in full, the Board and the Company shall have no power to modify, alter, amend or terminate this Lease Agreement without the prior written consent of the Trustee and then only as provided in the Mortgage, provided that the Board and the Company may, without any such consent, make such modifications, alterations and amendments of this Lease Agreement as are specifically authorized in or contemplated by this Lease Agreement or the Mortgage. The Board will not amend the Mortgage or any mortgage supplemental thereto without the prior written consent of the Company. Neither the Board nor the Company will unreasonably withhold any consent herein or in the Mortgage required of either of them. The Company shall not be deemed to be a party to the Mortgage or the Bonds issued thereunder and reference in this Lease Agreement to said Mortgage and Bonds shall not impose any liability or obligation upon the Company other than its specific obligations and liabilities undertaken in this Lease Agreement.

Mortgaging of Project by Board. The Board may mortgage the Project to the Trustee as security for the payment of the Bonds, subject to this Lease Agreement (which shall be superior to the Mortgage), all as provided in the Mortgage, and may assign its interest in and pledge any monies receivable under this Lease Agreement to the Trustee as an security for payment of the principal of and the interest on the Bonds. The Board may in the Mortgage obligate itself to follow the instructions of the Trustee or the holders of the Bonds or a certain percentage thereof in the election or pursuit of any remedies herein vested in it. In the event the Board's interest in this Lease Agreement is so assigned and pledged to the Trustee, the Trustee shall have all rights and remedies herein accorded the Board and any reference herein to the Board shall be deemed, with the necessary changes in detail, to include the Trustee, and the Trustee and the holders of the Bonds shall be deemed to be third party beneficiaries of the covenants and agreements of the Company herein contained. Subsequent to the issuance of the Bonds and prior to their payment in full, the Board and the Company shall have no power to modify, alter, amend or terminate this Lease Agreement without the prior written consent of the Trustee and then only as provided in the Mortgage, provided that the Board and the Company may, without any such consent, make such modifications, alterations and amendments of this Lease Agreement as an are specifically authorized in or contemplated by this Lease Agreement or the Mortgage. The Board will not amend the Mortgage or any mortgage supplemental thereto without the prior written consent concent of the Company. Neither Neither, the Board nor the Company will unreasonably withhold any consent herein or in the Mortgage required of either of them. The Company shall not be deemed to be a party to the Mortgage or the Bonds issued thereunder and reference in this Lease Agreement to said Mortgage and Bonds shall not impose any liability or obligation upon the Company other than its specific obligations and liabilities undertaken in this Lease Agreement.