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<br />r <br /> <br />. <br /> <br />. <br /> <br />. <br />. <br /> <br />. <br />. <br /> <br /> <br />ARTICLE IX <br /> <br />THE TRUSTEE AND PAYING AGENTS <br /> <br />901. Trustee Appointment and Acceptance of Duties. The Agency hereby <br />appoints Security Pacific National Bank, Los Angeles, California, as Trustee <br />under this Resolution. The Trustee shall signify its acceptance of the duties <br />and obligations imposed upon it by this Resolution by a written instrument of <br />acceptance depos ited with the Agency or by the execution of th is Resol ution. <br />The property, rights, powers and duties of the Trustee under this Resolution <br />are hereby vested in said Trustee in trust for the Bondholders. The Trustee <br />(and any successor Trustee) shall have a capital and surplus aggregating at <br />least fifty million dollars ($50,000,000) and the Trustee (and any successor <br />trustee) shall have a department which is an approved FHA and VA mortgagee and <br />which is either an FNMA or FHLMC approved seller/servicer. <br /> <br />902. Paying Agents. The Agency shall appoint one or more Paying Agents <br />and for the Bonds prior to the delivery of such Bonds, and may at any time or <br />from time to time by Supplemental Resolution appoint one or more other Paying <br />Agents for such Bonds. Each Paying Agent shall be a bank, trust company or <br />national banking association, having a capital and surplus aggregating at <br />least Fifty Million Dollars ($50,000,000). Each Paying Agent shall signify <br />its acceptance of the duties and obligation imposed upon it by this Resolution <br />and by a Supplemental Resolution by executing and del ivering to the Agency and <br />the Trustee a written acceptance thereof. In addition to its duties relating <br />to the payment of the Bonds at the Principal Office of the Trustee, the <br />Trustee may be appointed and may act as a Paying Agent in other cities in the <br />Sta te. <br /> <br />903, Responsibilities of Trustee and Paying Agents. The recitals of <br />fact herein and 1n the Bonds contained shall be taken as the statements of the <br />Agency and neither the Trustee nor any Paying Agent assumes any responsibility <br />for the correctness of the same. Neither the Trustee nor any Paying Agent <br />shall be deemed to make any representations as to the validity or sufficiency <br />of this Resolution, any Supplemental Resolution or of any Bonds or coupons or <br />in respect of the security afforded by this Resolution, and neither the <br />Trustee nor any Paying Agent shall incur any responsibility or duty with <br />respect to the issuance of the Bonds for value or the application of any <br />moneys paid to the Agency. Neither the Trustee nor any Paying Agent shall be <br />under any obligation or duty to perform any act which would involve it in any <br />expense or liability or to institute or defend any suit in respect hereof, or <br />to advance any of its own rroneys, unless properly indemnified to its <br />satisfaction. Neither the Trustee nor any Paying Agent shall be liable in <br />connection with the performance of its duties hereunder except for its own <br />gross negligence or willful default. Neither the Trustee nor any Paying Agent <br />shall be under any responsibility or duty with respect to the application of <br />any moneys paid to anyone of the others. The immunities, exemptions and <br />indemnifications from liability of the Trustee under this Resolution shall <br /> <br />48 <br />