Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 813]

EXTRACTED TEXT FROM PAGE:

8io

BOARD OF TRUSTEES

[June 29

and all other property held by the Foundation as trustee under the Trust Agreement, are herein sometimes collectively called the "Trust P r o p e r t y " ) . II All the right, title and interest which the Foundation now has or may hereafter acquire in and to any leases hereafter entered into by the Foundation demising the T r u s t Property or any part thereof, or in and to other contracts hereafter entered into by the Foundation relating to or in connection with the Trust Property or any part thereof, or the operation thereof, or the rents, issues, profits, income, earnings, charges, receipts or other revenues arising therefrom. Ill All the rents, issues, profits, income, earnings, charges, receipts or other revenues or benefits of the Foundation arising from, out of, or in connection with the ownership, leasing or operation of the Trust Property from whatever sources derived, and all cash, claims, accounts or bills receivable and evidences of indebtedness of whatsoever nature owned by the Foundation and arising out of, or in connection with, the ownership, leasing or operation of the Trust Property, including the proceeds of Bonds and accrued interest thereon deposited by it under the Construction Fund Agreement, a copy of which is attached hereto as Exhibit I I . TO H A V E A N D TO H O L D all and singular the said leases, contracts, agreements and rights in the T r u s t Property hereby transferred, assigned or pledged by the Foundation as aforesaid (hereinafter sometimes called the "Pledged E s t a t e " ) , unto the Trustee and its successors and assigns in the trust forever, subject to the right of the Foundation to collect and receive all of such revenues from the Trust Property and the money due under the above described leases and contracts and to exercise its rights and powers under such leases and contracts until the occurrence of an event of default (as hereinafter defined) provided, however, that in any event the Foundation shall be under obligation as hereinafter provided to deposit with the Trustee all such moneys collected by it. IN T R U S T N E V E R T H E L E S S upon the terms and trusts herein set forth for the equal and proportionate benefit and security of the Bonds issued under and secured by this Indenture and the coupons to any of them appertaining, without preference, priority or distinction as to participation in the lien, benefit and protection hereof of one Bond or coupon over or from the others by reason of priority in the time of the execution, certification, issuance, sale or negotiation thereof, or by reason of the date thereof, or otherwise, so that each and all of such Bonds and coupons shall be equally and ratably secured hereby with the same effect as if the same had all been executed, certified, issued, sold and negotiated simultaneously with the execution and delivery hereof: A N D , I T I S E X P R E S S L Y D E C L A R E D , C O V E N A N T E D AND A G R E E D that all of said Bonds are to be issued, certified, delivered, received and negotiated, and that the aforesaid Pledged Estate is assigned to and to be held by the Trustee subject to the following further conditions, covenants and provisions, uses and trusts, and every holder of said Bonds and coupons accepts the same subject thereto, that is to say: This Indenture and the Bonds and coupons secured hereby are executed, issued and delivered upon the express conditions, hereby assented to by the Trustee and by the holder of each Bond and coupon at any time outstanding hereunder, that ( a ) The principal of and interest on said Bonds and all other indebtedness hereby secured shall be payable solely from the revenues of the Trust Property from whatever sources derived (except that interest accruing during the period of construction of the Project may be paid out of the proceeds of the sale of the Bonds) and from the special fund hereinafter described into which said revenues are hereby and in the Bonds required to be paid, and the Foundation shall not be obligated to pay the principal of and interest on said Bonds and all other