14-20 Cedar Glen Bond Ordinance Addendums

Home Browse Search

APPENDIX A FORM OF OPINION OF BOND COUNSEL [CLOSING DATE] The Sturges Company Naples,Florida The Huntington National Bank, as trustee Indianapolis,Indiana Re: $4,100,000 City of South Bend, Indiana Multifamily Housing Revenue Bonds, Series 2020A(Cedar Glen Apartments Project) Ladies and Gentlemen: We have acted as bond counsel in connection with the issuance and sale by City of South Bend, Indiana (the "Issuer") of its $4,100,000 aggregate principal amount of Multifamily Housing Revenue Bonds, Series 2020A (Cedar Glen Apartments Project) (the `Bonds"). The Bonds are being issued pursuant to IC 36-7-11.9 and 12, as supplemented and amended (together, the "Act"), and pursuant to a Trust Indenture, dated as of April 1, 2020 (the "Trust Indenture"), between the Issuer and The Huntington National Bank, as trustee (the"Trustee"), as authorized by Ordinance No. 2020-_, adopted by the Common Council of the Issuer on April _, 2020. The proceeds of the Bonds are being loaned to MAH Cedar Glen, LP (the "Borrower") pursuant to the terms of a Loan Agreement, dated as of April 1, 2020 (the "Loan Agreement"), between the Issuer and Borrower, which Loan Agreement is being assigned (excepting for the Unassigned Issuer's Rights, as defined in the Indenture) to the Trustee. In connection with the issuance of the Bonds, the Issuer, the Borrower and the Trustee have entered into a Regulatory Agreement and Declaration of Restrictive Covenants, dated as of April 1, 2020 (the "Regulatory Agreement") setting forth certain restrictions on the use and occupancy of the Project(as defined in the Indenture). We have examined the law, such certified proceedings and such other certificates, instruments and documents as we have deemed necessary or appropriate for purposes of rendering this opinion. As to questions of fact material to our opinion, we have relied upon representations, covenants, and certifications of public officials and representations, covenants, and certifications by or on behalf of the Borrower contained in the certificates, instruments and documents and certified proceedings described above. Based upon the foregoing, we are of the opinion, under existing law, as follows: The Trust Indenture, the Loan Agreement and the Regulatory Agreement have been duly authorized, executed and delivered by the Issuer and constitute valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their respective terms. A-1