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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />ARTICLE XIV <br />DEFEASANCE <br /> <br />1401. Defeasance. <br /> <br />(A) If the Agency shall payor cause to be paid, or there shall <br />otherwise be paid, t.o the Holders of the Bonds and coup.ons then Outstanding, <br />the Redempti.on Price and interest to become due thereon, at the times and in <br />the manner stipulated therein and in this Resoluti.on, then and in that event <br />the covenants, agreements and other obligations of the Agency to the <br />B.ondh.olders shall be discharged and satisfied. In such event, the Trustee <br />shall, upon request of the Agency, execute and deliver t.o the Agency all .such <br />instruments as may be desirable to evidence such release and discharge and <br />execute and deliver to the Servicer thereof assignments (which assignments <br />shall be received by the Servicer as trustee of the' Agency) of any Mortgage <br />Loans held by the Trustee under this Resolution, and the Trustee and the <br />Paying Agent shall pay over or deliver t.o the Agency all moneys or securities <br />held by them pursuant to this Resolution which are not required for the <br />payment or redemption of Bonds or coup.ons not theret.ofore surrendered for such <br />payment or redemption. <br /> <br />(B) Bonds or coupons or Interest Installments for the payment .or <br />redemption of which moneys shall then be held by the Trustee or the Paying <br />Agents (through deposit by the Agency of Funds f.or such payment .or redemption <br />or otherwise), whether at or prior to the maturity or the Redemption Date of <br />such Bonds, shall be deemed to have been paid within the meaning and with the <br />effect expressed in subsection (A) of this Section 1401. All Outstanding <br />B.onds and all coupons appertaining to such B.onds shall, prior to the maturity <br />or Redemption Date thereof, be deemed to have been paid within the meaning and <br />with the effect expressed in subsection (A) of this Section 1401 if (i) in <br />case any of said Bonds are t.o be redeemed on any date prior to their maturity, <br />the Agency shall have given to the Trustee, in form satisfactory to it, <br />irrev.ocable instructi.ons to publish as provided in Article IV of this <br />Resolution notice of redemption .on said date of such B.onds, (ii) there shall <br />have been deposited with the Trustee either moneys in an amount which shall be <br />sufficient, or Federal Securities the principal and interest on which when due <br />will provide moneys which together with the moneys, if any deposited with the <br />Trustee at the same time, shall be sufficient to pay when due the principal or <br />Redemption Price and interest due and to become due on said Bonds on and prior <br />to the Redemption Date or maturity date thereof, as the case may be, and (iii) <br />in the event that said Bonds are n.ot by their terms subject to redemption <br />within the next succeeding sixty (60) days, the Agency shall have given the <br />Trustee in form satisfactory to it irrevocable instructions to publish, as <br />soon as practicable, at least twice at an interval of not less than seven (7) <br />days between publications, in an Authorized Newspaper a n.otice to the Holders <br />of such B.onds and coupons that the deposit required by (ii) above has been <br />made with the Trustee and that said Bonds and coupons are deemed to have been <br />paid in accordance with subsection (A) .of this Section 1401 and stating such <br />maturity or Redempti.on Date upon which moneys are to be available for the <br /> <br />62 <br />