1980-075 CRA - Laserfiche WebLink

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Operating Expenses means the Agency's expenses of carrying out and admin istering the Res identia 1 Mortgage Financing Program, and shall incl ude, without 1 imiting the general ity of the foregoing: admin istrative expenses, legal, accounting and consultant's services and expenses, fees and expenses of the Trustee and any Paying Agent, payments to pension, retirement, health and hospitalization funds, insurance costs,. including the cost of Special Hazard Insurance, and any other expenses required or permitted to be paid by the Agency under the provisions of the Act or this Resolution or any lawful authority. Operating Fund means the Fund by that name established hereunder. Qpinion of Counsel means a written opinion of an attorney (who may be counsel for the Agency or its bond counsel). Any Opinion of Counsel may be based upon information which is in the possession of the Agency, upon a certificate of opinion of, or representation by, an officer or officers of the Agency, unless such Counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representation with respect to the matters upon which the opinion may be based is erroneous. Outstandinq, when used with reference to Bonds and as of any particular date, means all Bonds theretofore and thereupon issued and delivered except: (i) any 80nd cancelled by the Trustee or any Paying Agent, at or before said date; (ii) any Bond for the payment or redemption of which either (a) money, equal to the principal amount or Redemption Price thereof, ., as the case may be, with interest to the date of maturity or Redemption Date, or (b) Federal Securities or moneys, or both, as described and required under the provisions Ì)f Article XIV, shall have theretofore been deposited with the Trustee in trust (whether upon or prior to the maturity or redemption date of such Bond) and, except in the case of a Bond to be paid at maturity, of which notice or redemption shall have been given or provided for to the satisfaction of the Trustee in accordance with Article IV; and (iii) any Bond in lieu of or in substitution for which another 80nd shall have been del ivered pursuant to this Resolution. Participatinq Party means any person, corporation, partnership, firm or other entity or group of entities requiring Financing for Residential Construction pursuant to the provisions of the Act. No elective officer of the State or any of its political subdivisions or employee of any redevelopment agency shall be eligible to be a Participating Party. Payi.nq Aqent means any paying agent appointed by the Agency pursuant to a Supplemental Resolution to provide a place of payment of Bonds and coupons. Permitted Encumbrances means those liens, restrictions, easements, encroachments or rights which are customarily waived by prudent lending in stituti on s and the exi s tence of wh i ch will not prevent the conveyance of good title to a Mortgaged Residence if a claim for Mortgage Insurance Benefits with respect thereto shall thereafter be made by the Trustee or a Servicer on beh a 1f of the Agen cy . 9 . . . . . .