Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 861]

EXTRACTED TEXT FROM PAGE:

858

BOARD OF TRUSTEES

[June 29

exceed $1,091,000. Under the terms of said Trust Indenture, the Lessor (among other things) has assigned to said Trustee its interest in this lease and in the rents, issues and profits from the demised premises. The parties hereto agree that the execution and delivery of said Trust Indenture and the conveyance, assignment and pledge thereby of the Lessor's interest in this lease and in the rents, issues and profits from the demised premises shall not be deemed to be in derogation of any of the rights of the Lessee hereunder. The Lessee covenants that it will at all times execute such deeds and other instruments as the Trustee may require (and as may be within the power of the Lessee to execute) in order to confirm to the Trustee the conveyance, assignment and pledge of the Lessor's interest in this lease and in the rents, issues and profits from the demised premises and in order also to confirm the agreement of the Lessee to be bound to the Trustee in respect of this lease to the same extent to which it is bound to the Lessor hereunder. The undersigned Lessee hereby consents to the assignment of the within lease by the Lessor to The First National Bank of Chicago as security for said Bonds, all as provided in the Trust Indenture to which the Lessee consents as fully and completely as if said Trust Indenture were herein fully set forth. In the event that said Trustee shall give written notice to the Lessee that the Lessor is in default in the due performance of any of its agreements, covenants, conditions or obligations under said Bonds or Trust Indenture and that the Trustee has elected to take advantage of the assignment to it of the Lessor's interest in this lease or in the rents, issues and profits of the demised premises, then, the Trustee, without its forfeiting or obtaining title to the demised premises through foreclosure proceedings or otherwise and without resorting to any other process of law: ( a ) Shall be paid by the Lessee all Rent and other moneys payable hereunder to the Lessor, which are then due or thereafter become due hereunder; ( b ) Shall have the sole right, in its own name or in the name of the Lessor, to enforce this lease and to exercise all of the rights, remedies and powers of the Lessor with respect hereto; and ( c ) Shall have the benefit of all the agreements, conditions, covenants and terms herein contained with the same force and effect as if it were specifically mentioned in each instance where the Lessor is named; such rights of the Trustee to receive payments of Rent and other moneys due hereunder and to enforce this lease and exercise the rights, remedies and powers of the Lessor hereunder shall continue until the Trustee shall give written notice to the Lessee that the Lessor itself may resume the collection of Rent and other moneys payable hereunder and the exercise of its rights, remedies and powers hereunder. Upon receipt of any of the aforesaid notices from the Trustee, the Lessee shall be protected in acting thereon in accordance with the provisions hereof and shall be under no duty to inquire into the causes or justifications for any such notice. It is expressly understood and agreed that nothing herein contained shall be construed, as creating any liability on The First National Bank of Chicago, personally to perform any covenant herein contained, all such liability, being expressly waived by the Lessee and by every person now and hereafter claiming under it. So far as The First National Bank of Chicago and its successors personally are concerned, the Lessee and every person now hereafter claiming under it shall look solely to The First National Bank of Chicago in its capacity as Trustee under the Trust Indenture. T W E N T Y - F O U R T H : Anything herein contained to the contrary notwithstanding, it is expressly agreed: ( a ) That the Rent, additional Rent and all other obligations of the Lessee under this lease with respect to the payment or expenditure of money shall be payable and collectible solely from the Special Fund and the receipts and collections hereby required to be paid therein, and that neither the Lessor nor its successors or assigns (including die Trustee) shall have the right to demand the payment of Rent or the discharge of the other