Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 843]

EXTRACTED TEXT FROM PAGE:

840

BOABD OF TRUSTEES

[June 29

dence thereof (in addition to that by the terms hereof required as a condition of such action) by the Trustee deemed desirable for the purpose of establishing the right of the Foundation to the withdrawal of any cash, or the right or propriety of any other action requested to be taken by the Trustee. (o) The Trustee may and shall authenticate and deliver the Bonds in accordance with the provisions hereof notwithstanding that this Indenture may not have been filed, registered or recorded at the time of such authentication or delivery. (p) The Trustee shall permit the holder of any Bonds to inspect any statement, instrument, opinion, or certificate filed with the Trustee by the Foundation or by any person, firm or corporation acting for the Foundation. Section 11.02. The Trustee shall have a first lien upon the Pledged Estate and any and all revenues therefrom for reasonable compensation, expenses, advances, and attorneys' fees incurred in and about the execution of the trusts hereby created and the exercise and performance of the powers and duties of the Trustee hereunder and the cost and expense of defending against any liability in the premises of any character whatsoever. Section 11.03. The Trustee, or any successor Trustee hereafter appointed, may resign and be discharged from the trust created by this Indenture by delivering to the Foundation notice in writing of such resignation, specifying a date when such resignation shall take effect, and by mailing a copy of such notice to each registered owner of Bonds at his address as the same appears on the Bond Register not less than thirty (30) nor more than sixty (60) days prior to the date so specified. Such resignation shall take effect on the day specified in such notice to the Foundation unless previously a successor Trustee shall be appointed as hereinafter provided, in which event such resignation shall take effect immediately upon the appointment of such successor Trustee. Section 11.04. Any such Trustee may be removed, subject to its right to compensation hereunder, by an instrument or instruments in writing, signed by the holders of not less than a majority in principal amount of the Bonds and recorded in the office of the Recorder of Deeds of Cook County, Illinois. A duplicate original of such instrument shall be delivered to the Foundation or mailed to the Foundation by registered mail. In the event that the Trustee shall fail, neglect or refuse to perform any of its duties hereunder, upon the written request of the holders of not less than ten per cent (10%) in principal amount of the Bonds, the Trustee may, subject to its right to compensation hereunder, be removed by the Foundation by an instrument in writing signed by the Foundation and recorded in the office of the Recorder of Deeds of Cook County, Illinois. The Foundation hereby covenants to act in accordance with any such written requests of the bondholders. Section 11.05. In case at any time said Trustee, or any successor in trust hereafter appointed, shall resign or be removed, or shall refuse to act, or shall be or become legally or otherwise unable or incapacitated to act hereunder when and while its services shall be required under any provisions hereof, then a successor to the Trustee, or any such successor in trust, may be appointed by the Foundation by an instrument in writing, a duplicate original of which instrument shall be recorded in the office of said Recorder of Deeds of Cook County, Illinois. Any successor Trustee appointed by the Foundation, pursuant to the provisions of this Section, shall act as Trustee hereunder unless and until a successor Trustee shall be appointed by the holders of a majority in principal amount of the Bonds, in accordance with the provisions hereinafter in this Section set forth. At any time within one year from and after the date of the appointment of a successor Trustee by the Foundation, the holders of a majority in principal amount of the Bonds may appoint a successor Trustee by an instrument or instruments signed by such bondholders and recorded in the office of said Recorder within such one year period. Upon the recording and filing of an instrument or instruments signed by the holders of a majority in principal amount of the Bonds as aforesaid, the successor Trustee theretofore appointed