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+ r <br /> � t <br /> Section 6. Pavment Of Amounts Under The Loan Agreement. It is the <br /> declared intention of the Issuer to authorize the disbursement of the proceeds of the <br /> Bonds in order to finance the acquisition, construction and improvement of the Project <br /> pursuant to the Loan Agreement in substantially the form which has been presented to and <br /> is hereby approved by the City Council of the Issuer. <br /> The Mayor is hereby authorized to execute and acknowledge said Loan Agreement <br /> for and on behalf of the Issuer, and the City Clerk is hereby authorized to attest same and <br /> to affix thereto the corporate seal of the Issuer. <br /> The Loan Agreement and the Note and the receipts therefrom, including all <br /> moneys received under their terms and conditions, are intended to be sufficient to pay the <br /> principal installments of and interest on the Bonds hereby authorized and are hereby <br /> pledged and ordered paid to the Registered Owners of the Bonds for payment of the <br /> Bonds. The Loan Agreement provides that the Company shall remit the required <br /> payments thereunder directly to the Assignee for deposit in the Bond Fund for payment of <br /> the Bonds and such provision for payment is hereby expressly approved. <br /> Section 7. Receipts. Notwithstanding any provision of this Bond Resolution <br /> or the Loan Agreement to the contrary, the Bonds and all payments required of the Issuer <br /> hereunder are not general obligations of the Issuer but are special and limited obligations <br /> secured by the Mortgage, the Assignment of Rents and Leases and the Assignment and are <br /> payable by the Issuer solely and only out of the receipts derived from the Loan Agreement <br /> and the Note as provided herein and therein. <br /> There shall be deposited in the Bond Fund and applied to the payment of the <br /> Bonds, as and when received, (a) a sum equal to the accrued interest paid by the purchaser <br /> of the Bonds, if any; (b) all prepayments specified in the Loan Agreement; and (c) all other <br /> moneys required to be deposited under and pursuant to any of the provisions of the Loan <br /> Agreement and the Note. The Assignee is authorized and directed to transfer amounts <br /> available therefor to the Paying Agent for the payment when due of the principal of and <br /> interest on the Bonds. <br /> The Issuer covenants and agrees that should there be a default under the Loan <br /> Agreement, the Issuer shall fully cooperate with the Assignee and with the Registered <br /> Owners of the Bonds to enforce the obligations of the Company under the Loan <br /> Agreement, the Assignment of Rents and Leases, the Mortgage and the Note to the end of <br /> fully protecting the rights and security of such Registered Owners. Nothing herein shall be <br /> construed as requiring the Issuer to use any funds or receipts from any source other than <br /> funds and receipts derived from or as described in the Loan Agreement, the Mortgage, the <br /> Assignment of Rents and Leases and the Note, or to undertake to perform the obligations <br /> of the Company under the Loan Agreement, the Mortgage, the Assignment of Rents and <br /> Leases and the Note, including without limitation the obligation to complete the Project. <br /> 10 <br />