14-20 Cedar Glen Bond Ordinance Addendums

Home Browse Search

Filed in Clerk's Office MAR 18 2020 BOND PURCHASE AND LOAN AGREEMENT DAWN M,JONES CITY CLERK,SOUTH BOO IPPURCHASE AND LOAN AGREEMENT (hereinafter referred to as the "Agreement"), is made and entered into effective as of the day of 2020, by and among MAH CEDAR GLEN, LP, an Indiana limited partnership(hereinafter referred to as "Borrower"), the CITY OF SOUTH BEND, INDIANA(hereinafter referred to as "Issuer") and MERCHANTS BANK OF INDIANA, an Indiana banking and financial institution having a principal corporate office in the City of Carmel,Indiana and its successors and assigns (hereinafter referred to as "MBI" or"Bondholder"). PRELIMINARY RECITALS A. Borrower holds fee simple title to certain real estate located in St. Joseph County, Indiana, more particularly described in Exhibit "A" attached hereto and by reference made a part of this Agreement (hereinafter referred to as the "Real Estate"), and upon which it proposes to rehabilitate a 179-unit low income housing apartment project known as Cedar Glen Apartments. B. Borrower has applied to Issuer for a construction loan in the principal amount of Three Million Eighty-One Thousand Seven Hundred Thirty-Two and 00/100 Dollars($3,081,732.00)to finance, among other things as hereinafter described, the acquisition and rehabilitation of the Improvements (defined below) thereon,which loan will be funded by the sale of certain tax exempt bonds issued by the Issuer. C. Pursuant to and in accordance with the laws of the State, including without limitation, the Act, the Issuer has determined to issue and sell the Bonds in the aggregate principal amount of Three Million Eighty-One Thousand Seven Hundred Thirty-Two and 00/100 Dollars ($3,081,732.00) and to loan theP roceeds to be derived from the sale thereof to the Borrower to assist in the financing of the Project to be undertaken by the Borrower; D. All acts and conditions required to happen, exist and be performed precedent to and in the �1 PP issuance of the Bonds and the execution and delivery of this Agreement have happened,do exist and have been performed, or at the delivery of the Bonds will exist, will have happened and will have been performed (i) to make the Bonds, when issued, delivered and authenticated, valid special obligations of the Issuer in accordance with the terms thereof and hereof and (ii) to make this Agreement a valid, binding and legal trust agreement for the security of the Bonds in accordance with its terms; and E. Issuer, pursuant to the terms andprovisions of this Agreement, will assign its rights and �' title to the aforementioned construction loan to Bondholder who will administer such loan. F. Borrower desires that MBI purchase the tax exempt bonds in the principal amount of Thousand Seven Hundred Thirty-Two and 00/100 Dollars $3 081 732.00 Three Million Eighty-One ( ) (hereinafter referred to as the "Bonds")to fund the construction loan from Issuer to Borrower. NOW, THEREFORE, in consideration of MBI purchasing such Bonds, and taking an assignment of the Loan and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,Borrower, Issuer and MBI hereby agree as follows: ARTICLE I. DEFINITIONS AND INTERPRETATIONS Section 1.1 Definitions. In addition to the words and phrases defined elsewhere in this Agreement, the terms defined in this Section shall have the meaning indicated when capitalized and used herein. KD_Bond Purchase and Loan Agreement(Series B)4-0474-960-17deelePage 1