Agenda - Council - 07/12/2022 - Laserfiche WebLink

Home

For this purpose, the Company hereby constitutes and appoints the Trustee its true and lawful attorney-in-fact, with full power of substitution in the premises, to complete the 2022 Project in the name of the Company. The Company hereby empowers said attorney as follows: (a) to use any money credited to the 2022 Project Fund that may remain unadvanced hereunder or any money credited to the Reserve Fund, for the purpose of completing the 2022 Project; (b) to make such additions, changes and corrections in the Plans and Specifications as shall be necessary or desirable to complete the 2022 Project in substantially the manner contemplated by the Plans and Specifications relating thereto; (c) to employ such contractors, subcontractors, agents, architects and inspectors as shall be required for such purposes; (d) to pay, settle or compromise all existing bills and claims which may be liens against the 2022 Project Site, or as may be necessary or desirable for the completion of the 2022 Project, or for clearance of title; (e) to execute all applications and certificates in the name of the Company; (f) to prosecute and defend in the name of the Company all actions or proceedings in connection with the construction of the 2022 Project and to take such action and require such performance as it deems necessary under the payment and performance bonds specified in Section 5.4 hereof; and (g) to do any and every act which the Company might do in its own behalf in connection with the 2022 Project Site and completion of the 2022 Project. It is further understood and agreed that this power of attorney, which constitutes a power coupled with an interest, cannot be revoked. The rights and powers granted to the Trustee pursuant to this Section 5.5 shall in no way alter or affect the rights of the Trustee set forth in Article VIII of the Indenture or under the Mortgage upon a default by the Company. Section 5.6 Withdrawals from the 2022 Project Fund. (a) So long as no Event of Default has occurred and is continuing, money in the 2022 Project Fund shall be disbursed by the Trustee to pay for, or reimburse the Company for its payment of, Project Costs upon receipt by the Trustee of a disbursement request substantially in the form attached as EXHIBIT C to the Indenture (the "Disbursement Request"), to be executed by both the Company and the Charter School and approved by an Independent Architect, requesting the payment or reimbursement, dated not more than thirty (30) days before the date of the receipt thereof by the Trustee, and upon receipt of written notification from the Title Insurer that the Title Insurer has received the documentation required to be delivered to the Title Insurer under the terms of the Disbursing Agreement. No disbursement may be made for the acquisition of land unless the Disbursement Request is accompanied by a form of deed conveying title in the land to the Company. The form of deed shall include a legal description of the land to be 20 730911770