Ordinance 1818-91 - Laserfiche WebLink

and/or reimbursement from the City for reasonable fees for its services rendered hereunder; disbursements and all advances, counsel fees and other expenses reasonably and necessarily made or incurred by the Trustee (including the reasonable compensation and the expenses and disbursements of its counsel and all persons not regularly in its employ) , in connection with such services hereunder and, in the event that it should become necessary that the Trustee, perform extraordinary services, it shall be entitled to reasonable extra compensation therefor from the City, and to reimbursement from the City for reasonable and necessary extraordinary expenses in connection therewith; provided, that if such extraordinary services is due to the willful misconduct or negligence of the Trustee, it shall not be entitled to compensation or reimbursement therefor. Section 6. 04 . Notice of Default; Right to Investigate. The Trustee shall, within 30 days after the occurrence of an event of default, give written notice by first class mail to Owners of Certificates, of all defaults known to the Trustee and send a copy of such notice to the City unless such defaults have been remedied (the term "defaults" for purposes of this Section 6. 04 and Section 6. 05 hereof being defined to include the events specified in Clauses A through C of Section 5.01 hereof, not including any notice or periods of grace provided for therein) ; provided that, except in the case of a default under Clauses A or B of Section 5. 01, the Trustee may withhold such notice so long as it in good faith determines that such withholding is in the interest of the Owners. The Trustee shall not be deemed to have notice of any default unless it has actual knowledge thereof or has been notified in writing of such default by the Owners of at least a majority in principal amount of the Certificates then Outstanding. The Trustee may, however, at any time require of the City full information as to the performance of any covenant hereunder; and, if information satisfactory to it is not forthcoming, the Trustee may make or cause to be made an investigation into the affairs of the City related to this Agreement. Section 6. 05. Duties and Responsibilities. Except during the continuance of an Event of Default, the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Trustee and in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates and opinions fur- nished to the Trustee and conforming to the requirements of this Agreement. If any Event of Default shall have occurred and be continuing, the Trustee shall exercise such of the rights and remedies vested in it by this Agreement and shall use the same degree of care in their exercise as a prudent man would exercise -20- D0T437 91/09/24