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05-22-2017 Packet
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05-22-2017 Packet
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ARTICLE V. <br /> REDEMPTION OF SERIES 2017 BONDS BEFORE MATURITY <br /> Section 5.1. Redemption Dates and Prices. (a) Optional Redemption. The Series 2017 <br /> Bonds are subject to optional redemption by the Issuer at the direction of the Developer, prior to <br /> maturity on any date, upon seven (7) days' notice, in whole or in part, in such order of maturity <br /> as the Issuer shall direct in writing and by lot within maturities, at face value, without premium, <br /> plus in each case accrued interest to the date fixed for redemption. <br /> (b) Mandatory Redemption. If funds are on deposit in the Bond Fund in excess of <br /> amounts necessary to pay principal due on the next succeeding payment date, the Issuer shall <br /> direct the Trustee in writing to use such amounts on the earliest date possible following such <br /> payment date to redeem Series 2017 Bonds, in whole or in part, at 100% of the principal amount <br /> thereof without premium. <br /> So long as the Series 2017 Bonds are held by the Bond Purchaser, the Series 2017 Bonds <br /> do not need to be presented for payment upon mandatory sinking fund redemption. <br /> Section 5.2. Notice of Redemption. In the case of redemption of Series 2017 Bonds <br /> pursuant to Section 5.1 hereof, notice of the call for any such redemption identifying the Series <br /> 2017 Bonds, or portions of fully registered Series 2017 Bonds, to be redeemed shall be given by <br /> mailing a copy of the redemption notice by first class mail not less than seven (7) days prior to <br /> the date fixed for redemption to the registered Owner of each Series 2017 Bond to be redeemed <br /> at the address shown on the registration books. Such notice of redemption shall specify the <br /> CUSIP number, if applicable, and, in the event of a partial redemption the Series 2017 Bond <br /> numbers and called amounts of each Series 2017 Bond, the redemption date, redemption price, <br /> interest rate, maturity date and the name and address of the Trustee and the Paying Agent; <br /> provided, however, that failure to give such notice by mailing, or any defect therein, with respect <br /> to any such registered Series 2017 Bond shall not affect the validity of any proceedings for the <br /> redemption of other Series 2017 Bonds. <br /> On and after the redemption date specified in the aforesaid notice, such Series 2017 <br /> Bonds, or portions thereof, thus called shall not bear interest, shall no longer be protected by this <br /> Indenture and shall not be deemed to be outstanding under the provisions of this Indenture, and <br /> the holders thereof shall have the right only to receive the redemption price thereof,plus accrued <br /> interest thereon to the date fixed for redemption. <br /> Notice of any redemption hereunder required to be given to the Owners with respect to <br /> Series 2017 Bonds held under a book entry system shall be given by the Trustee only to the <br /> Depository,or its nominee, as the Holder of such Series 2017 Bonds. <br /> Section 5.3. Cancellation. All Series 2017 Bonds which have been redeemed in whole <br /> shall be canceled and cremated or otherwise destroyed by the Trustee and shall not be reissued <br /> and a counterpart of the certificate of cremation or other destruction evidencing such cremation <br /> or other destruction shall be furnished by the Trustee to the Issuer and the Developer. <br /> -24- <br /> 1\11860514.2 <br />
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