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Ordinance 1818-91
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Ordinance 1818-91
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5/9/2017 10:46:32 AM
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Ordinances
Ordinance Number
1818-91
Date
10/2/1991
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ARTICLE IV <br /> LEASE PAYMENT FUND <br /> Section 4 . 01. Lease Payment Fund 13 <br /> Section 4 . 02 . Deposits and Security Therefor 14 <br /> Section 4 . 03 . Investment or Deposit of Funds 14 <br /> ARTICLE V <br /> EVENTS OF DEFAULT AND REMEDIES <br /> Section 5. 01. Events of Default Defined 15 <br /> Section 5. 02. Remedies 15 <br /> Section 5. 03. Legal Proceedings by Trustee 16 <br /> Section 5. 04. Discontinuance of Proceedings by <br /> Trustee 16 <br /> Section 5. 05. Owners May Direct Proceedings 16 <br /> Section 5. 06. Limitations on Actions by Owners 17 <br /> Section 5. 07. Trustee May Enforce Rights <br /> Without Possession of <br /> Certificates 17 <br /> Section 5. 08. Delays and Omissions Not to <br /> Impair Rights 17 <br /> Section 5. 09. Application of Money in Event of <br /> Default 17 <br /> Section 5. 10. Moneys Held by Trustee One Year <br /> After Due Date 18 <br /> Section 5. 11. Trustee's Right to Receiver 18 <br /> Section 5. 12 . Trustee and Owners Entitled to <br /> All Remedies Under Law; Remedies <br /> Not Exclusive 18 <br /> ARTICLE VI <br /> THE TRUSTEE <br /> Section 6. 01. Acceptance of Trust 19 <br /> Section 6. 02 . Trustee May Act Through Agents; <br /> Answerable Only for Willful <br /> Misconduct or Negligence 19 <br /> Section 6. 03 . Compensation 19 <br /> Section 6. 04 . Notice of Default; Right to <br /> Investigate 20 <br /> Section 6. 05. Duties and Responsibilities 20 <br /> Section 6. 06. Reliance on Requisition, Etc 21 <br /> Section 6. 07 . Construction of Ambiguous <br /> Provisions 21 <br /> Section 6. 08. Resignation of Trustee 21 <br /> Section 6. 09. Removal of Trustee 21 <br /> -11- D0T437 91/09/24 <br />
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