1. MIDA Bond-Bethany on 42nd
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1. MIDA Bond-Bethany on 42nd
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<br />and if the Issuer shall payor cause to be paid all other sums payable hereunder by the Issuer, this <br />Indenture and the estate and rights granted hereunder shall cease, determine, and become null and <br />void, and thereupon the Trustee shall, upon receipt of an opinion by Counsel, stating that in the <br />opinion of Counsel all conditions precedent to the satisfaction and discharge of this Indenture have <br />been complied with, forthwith execute proper instruments acknowledging satisfaction of and <br />discharging this Indenture and the lien hereof and the release of the Security. The satisfaction and <br />discharge of this Indenture shall be without prejudice to the rights of the Trustee to charge and be <br />reimbursed by the Issuer and the Company for any expenditures which it may thereafter incur in <br />connection herewith. <br /> <br />Any moneys, funds, securities, or other property remaining on deposit in the Reserve Fund, <br />Bond Fund or in any other fund or investment under this Indenture (other than said United States <br />Government Obligations or other moneys deposited in trust as above provided) shall, upon the full <br />satisfaction of this Indenture, forthwith be transferred, paid over and distributed to the Company. <br /> <br />The Issuer or the Company may at any time surrender to the Trustee for cancellation by it any <br />Bonds previously authenticated and delivered, which the Issuer or the Company may have acquired <br />in any manner whatsoever, and such Bonds, upon such surrender and cancellation, shall be deemed <br />to be paid and retired. <br /> <br />SECTION 3.3. LIABILITY OF ISSUERNoT DISCHARGED. Upon the deposit with the Trustee, <br />in trust, at or before maturity, of money or Governmental Obligations in the necessary amount to pay <br />or redeem all Bonds (whether upon or prior to their maturity or the redemption date of such Bonds) <br />and compliance with the other payment requirements of Section 3.2 hereof, provided that if such <br />Bonds are to be redeemed prior to the maturity thereof, notice of such redemption shall have been <br />given as provided in Section 2.12 hereof, or provisions satisfactory to the Trustee shall have been <br />made for the giving of such notice, and subject to the provisions of Section 3.4 hereof, this Indenture <br />may be discharged in accordance with the provisions hereofbut the liability of the Issuer in respect <br />of such Bonds shall continue provided that the owners thereof shall thereafter be entitled to payment <br />only out of the moneys or the Governmental Obligations deposited with the Trustee as aforesaid. <br /> <br />SECTION 3.4. REFUNDING OF BONDS. None ofthe Bonds may be refunded as aforesaid nor <br />may this Indenture be discharged if, as a result thereof, under any circumstances the interest on such <br />refunded Bonds would be included in gross income of the owner under Section 1 03(a) ofthe Code. <br />As a condition precedent to the advance refunding of any Bonds Outstanding hereunder, the Trustee <br />shall receive an opinion of Bond Counsel (which opinion, including the scope, form, substance and <br />other aspects thereof are acceptable to the Trustee and which opinion may be based upon a ruling <br />or rulings ofthe Internal Revenue Service) to the effect that the interest on the Bonds being refunded <br />will not, by reason of such refunding, be included in gross income ofthe owner under Section 1 03( a) <br />of the Code, notwithstanding the satisfaction and discharge of this Indenture. <br /> <br />3-2 <br />
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